MTC MetalCorp Limited

MetalCorp Limited ("MetalCorp") (TSX VENTURE:MTC) and Sage Gold Inc. (TSX
VENTURE:SGX) are pleased to announce that they have signed an option agreement
giving MetalCorp the right and option to acquire a 70% interest in the Solomon's
Pillars property near Beardmore, Ontario.


Under the terms of the agreement, MetalCorp can acquire 70% of the property over
the next 3 years by paying $145,000 in cash, $145,000 worth of stock and
incurring exploration expenditures totaling $1,750,000. Parts of the property
are subject to existing royalties - 1% on 4 leases and 3% for precious metals on
18 leases (which can be reduced to 2% on payment of $1,500,000) requiring
advance royalties of $25,000 per year.


The Solomon's Pillars property is comprised of 22 leased claims and 4 staked
claims located within the central metasedimentary package of the Beardmore -
Geraldton Greenstone Belt. Over 4 million ounces of gold were produced from this
sedimentary package which hosted the Leitch Mine near Beardmore (one of the
richest gold producers in Canada having produced 861,982 ounces of gold at an
average grade of 0.92 ounces per ton), and the MacLeod-Cockshutt mine (1,457,728
oz gold at 0.14 ounces per ton).


Historical work on the property has yielded gold grades from channel samples up
to 351.58 g/t over 1.28 meters, and from drill core up to 25 g/t over 1 meter,
with wide intercepts of up to 8.5 g/t over 6.92 meters. Work to date indicates
an overall trend length of 560 meters, and the trend is open in all directions.
As part of the work done on the property, a shaft was sunk to 300 feet (91.4 m)
and more than 200 drill holes have been completed to date.


Based upon results of their drilling campaign of 1974/75, the Canadian Nickel
Company estimated a resource of 100,000 tons at 0.25 oz/ton gold (90,718 tonnes
at 8.6 grams/tonne gold) in the area of the shaft. (As a qualified person (as
that term is defined in National Instrument 43-101) has not done sufficient work
to classify the historical estimate as current mineral resources, MetalCorp is
not treating the historical estimate as current mineral resources and the
historical estimate should not be relied upon.)


"Based on the recent success of companies active in the Beardmore-Geraldton
camp, it is clear that this is an area of considerable merit that deserves
greater exploration attention. We believe that this is Ontario's most
underdeveloped gold belt and look forward to being part of the developing story
and to moving this project forward as soon as possible," says Chris Dougherty,
President of MetalCorp.


Nigel Lees, President and CEO of Sage Gold Inc. stated- "We are pleased to
option the Solomon Pillars properties. While Sage's primary focus is the Clavos
Property in Timmins where the Company' is completing a new 43-101 and economic
study in preparation for a production decision, Sage has an extensive portfolio
of properties in the Beardmore-Geraldton mining camp including Lynx, a high
grade polymetallic deposit with compliant resources and several other highly
prospective previous metal properties."


MetalCorp will be establishing an information tab on the Solomon Pillars project
at its website at www.metalcorp.ca, where maps of the area, significant results
of historical drilling and surface sampling, and pictures from a recent site
visit will be presented.


The technical information in this news release has been reviewed and approved by
Jim Garber, P.Geo., Manager of Explorations, a "Qualified Person" within the
meaning of National Instrument 43-101.


MetalCorp is a mineral exploration company based in Thunder Bay, Ontario, with
gold and base metal projects in the Canadian Shield of Northern Ontario, Canada,
one of the most prolific mineral districts in the world. To find out more about
MetalCorp visit its website at www.metalcorp.ca.


Sage is a mineral exploration and development company which has primary
interests in near-term production and exploration properties in Ontario. Its
main properties are the Clavos Gold mine in Timmins and the Lynx deposit and
other exploration properties in the Beardmore-Geraldton Gold Camp. Technical
reports and information relating to the properties can be obtained from the
System for Electronic Document Analysis and Retrieval (SEDAR) website at
www.sedar.com and www.sagegoldinc.com.


Except for statements of historical fact contained herein, information in this
press release may constitute "forward-looking information" within the meaning of
Canadian securities laws. Other than statements of historical fact, all
statements that involve various known and unknown risks, uncertainties and other
factors are "forward-looking statements". There can be no assurance that such
statements will prove accurate. Results and future events could differ
materially from those anticipated in such statements. Readers of this news
release are cautioned not to place undue reliance on these "forward-looking
statements". Except as otherwise required by applicable securities statutes or
regulation, the Company expressly disclaims any intention or obligation to
update publicly any forward-looking information, whether as a result of new
information, future events or otherwise. Historical data mentioned in this press
release have not been verified. A qualified person has not done sufficient work
on the historical resource estimates to classify them as current resources;
MetalCorp is not treating the historical resource estimates as current resources
and the historical estimate should not be relied upon.

MetalCorp (TSXV:MTC)
過去 株価チャート
から 11 2024 まで 12 2024

MetalCorp (TSXV:MTC)
過去 株価チャート
から 12 2023 まで 12 2024