Goldcorp joins Metalcorp at Black Bear

Goldcorp (G-T) has agreed to take up to a 70% interest in Metalcorp‘s (MTC-V) 4.3-sq.-km Black Bear property covering the northeast extension of the East Bay deformation zone in the Red Lake gold camp.

Under the proposed deal, Goldcorp can earn a half-interest in the property by spending $1.8 million on exploration and paying Metalcorp $120,000 in cash over 4 years. Goldcorp can up its stake to 70% by spending another $1.8 million over 3 years. In either case, a joint venture will be formed between the two following Goldcorp’s earn-in. Metalcorp will act as operator for the first two years of the agreement, or until $750,000 has been spent.

Metalcorp says the property covers a favourable portion of the deformation zone. Some 3 km to the southwest, Placer Dome (PDG-T) and Wolfden Resources (WLF-T) have begun drilling to test for extensions of the GAZ gold horizon on the East Bay property.

The holes are being sunk some 500 metres along strike to the northeast of intersections cut during drilling last winter. Those holes were highlighted by 26.6 grams gold per tonne over 2.35 metres in the G1 horizon; 16 grams gold over 2.1 metres and 12.9 grams across 6.1 metres in the G1a horizon; and 15.3 grams over 11 metres and 22.6 grams over 4.3 metres in the G2 horizon.

The current drilling program will also test targets identified during the 2003 field program. Wolfden can earn a 50% interest in East Bay by spending $2 million on exploration over 3 years.

Goldcorp and Metalcorp will begin work on Black Bear once they ink a final agreement.

Some 4 km to the north of Black Bear, Goldcorp is teamed with Planet Exploration (PXI-V) on the Sidace Lake property. Initial results from a 2,150-metre drill program there extended known mineralization down-dip. Goldcorp can earn 50% interest in the property by spending $2.55 million over three years.