MetalCORP Limited announced assay results from its recently completed prospecting exploration program on the Fearless Property. The 100% owned property is located 20 kilometers east of the Playter Molybdenum, Rhenium deposit on the Big Lake property or 350 kilometers east of Thunder Bay in Ontario.
This initial exploration work on the Fearless property resulted in the discovery of several new molybdenum and rhenium zones occurring in pegmatitic intrusive rocks up to several meters wide.
Mr Aubrey Eveleigh VP exploration & COO of MetalCORP Limited said that "These are very high grade molybdenum and rhenium values over an extensive area from grab samples of surface outcrops. It is important, at this point, to determine the full extent of the mineralization by carrying out additional exploration in the form of trenching and drilling. The company is extremely pleased with these results considering the fact that it is a first phase exploration program. MetalCORP has established a molybdenum and rhenium deposit on the Big Lake property and now made additional discoveries of these key minerals at the Fearless property. The company believes it has discovered a region that is highly favorable for molybdenum and rhenium bearing deposits."
Molybdenum is used as an alloying agent in steel to enhance strength and resistance to wear and corrosion. It is also used in lubricants developed for high temperature and pressure applications. There are no known substitutes for molybdenum's unique properties, which is used in most of the present day super alloys. The price of molybdenum oxide has increased from USD 3 per pound to USD 35 per pound over the last couple of years due to the strong demand and short supply.
Rhenium is a rare metal with unique characteristics, including an ultra high melting point and is becoming a vital part of the aerospace industry. Demand for Rhenium continues to grow as environmentally friendly airplane engines become more popular. The metal is mainly used in high temperature super-alloy turbine blades in jet engines, land based gas powered turbines and petroleum-reforming Platinum-Rhenium catalysts.
Recently, the United States of America Department of Defense has deemed Rhenium to be a strategic and critical mineral because of its use in the high temperature jet engines used in the stealth aircraft. The price of the rhenium has increased from USD 500 per pound to USD 6000 per pound in the last couple of years due to short supply and strong demand.
