Thanks to a little sleuthing through old company and government files plus a bit of follow-up sampling, MetalCORP (MTC-V) has added a substantive molybdenum-silver project near Hemlo, Ont., to its mineral asset portfolio.
Based in Thunder Bay, Ont., MetalCORP is already active in the Hemlo area at its wholly owned Big Lake copper-zinc-silver-gold-cobalt project, 10 km southeast of Marathon on the north shore of Lake Superior, where a drilling campaign is ongoing.
The company’s new, wholly owned moly-silver project, named Playter, is situated 20 km southwest of the Hemlo gold mines.
MetalCORP describes the moly-silver mineralization at Playter as being hosted in a quartz vein averaging 4 metres wide and having been traced by drilling for 500 metres. Additional quartz veining extending 1.2 km is associated with a granodiorite porphyry.
Drilling at Playter, totalling 20 holes was completed by Citadel Mines and Galex Mines from 1969-71, and tested the vein to 90 metres depth.
MetalCORP says all 20 holes intersected the moly-bearing quartz vein, with the best intersection yielding 0.26% Mo over 8.2 metres.
Ontario Geological Survey geologists returned to the site in 1988 and described a 6-metre-wide crack-seal quartz vein exposed in trenches for more than 400 metres. Two OGS grab samples yielded 5.36% and 1.27% moly.
MetalCORP’s own recent grab sampling of the large quartz vein has confirmed the presence of moly and has also returned nice silver values up to 112 grams per tonne.
MetalCORP plans to immediately drill-test this moly-silver-bearing quartz vein down to 200 metres depth. It’ll be the first drilling at the site since the 1970s.
The market responded favourably to news of MetalCORP’s new moly prospect, driving shares up to $1.51 at presstime, from $1.30 prior to the news.
MetalCORP has 44 million shares outstanding, $14 million in cash and no debt.
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