Metco Resources Inc.
COMPANY DATA | INTRODUCTION
| PROJECTS IN HAND | MANAGEMENT
NEWS UPDATE | CHINESE
| Address: | 1155 University, Suite 812 Montreal, Quebec Canada H3B 3A7 |
| Tel No.: | (514) 875-6279 |
| Fax No.: | (514) 954-9673 |
| Web Site: | www.metco.ca |
| Corporate Email: | info@metco.ca |
| Contact Person: | Florent Gauthier |
| Position: | President |
| Traded Market: | TSX-V |
| Traded Symbol: | MKO |
| Outstanding Shares: | 51,889,900 |
| Public Float: | 50,345,857 |
| 52 Week High: | $ 0.15 |
| 52 Week Low: | $ 0.075 |
| Present Price: | Click Here |
INTRODUCTION
Metco Resources Inc. is a public junior exploration company engaged in acquiring, exploring and developing base metal
and gold-silver properties in Canada, particularly in the mining camps of Lebel-sur-Quevillon, Matagami, Rouyn-Noranda, Chibougamau and Schefferville in Quebec. Metco's joint venture partners in these mining camps are Breakwater Resources Ltd., Cambior Inc., Falconbridge Limited (formerly Noranda Inc.) and SOQUEM Inc.
PROJECTS IN HAND
Lebel-sur-Quevillon Project
Metco holds interests in four properties totalling 3,162 hectares in the base metal camp of Lebel-sur-Quevillon namely the Fancamp Property, Grevet A Property, Orphee-Mountain A Property and Mountain B Property. Orphee-Mountain A
Property contains the Orphee zone with an inferred resource of 1.83 million tonnes grading 4.2% zinc, 0.5% copper and 12.0 grams of silver per tonne.
These properties occupy 16 kilometres of strike length over the favourable geology of a mineralized corridor with massive sulphide potential that contains the Langlois mine with measured, indicated and inferred resources of 9.56 million tonnes grading 10.81% zinc, 0.76% copper, 51.4 grams of silver per tonne and 0.1 grams of gold per tonne and the Grevet B zone with a measured resource of 306,000 tonnes grading 9.92% zinc, 0.52% copper, 22.8 grams of silver per tonne and 0.07 grams of gold per tonne.
Matagami Project
Metco holds interests in four properties totalling 9,402 hectares in the Matagami mining camp namely the Caber Property that includes the Caber deposit with 515,000 tonnes of indicated resources grading 11.7% zinc, 1.0% copper, 14.4 grams of silver per tonne and 0.14 grams of gold per tonne plus 285,000 tonnes of inferred resources grading 8.5% zinc, 0.8%
copper, 11.6 grams of silver per tonne and 0.14 grams of gold per tonne and the Caber North deposit with 2.6 million tonnes grading 4.3% zinc, 1.6% copper and 21.2 grams of silver per tonne; Du Dome-Matagami Property; Galinee Property that contains the Lynx-Yellowknife deposit with 204,000 tonnes grading 1.6% copper and 0.35% zinc; and La Gauchetiere Property.
The Galinee anticline is the most prominent structure in the Matagami mining camp. Since 1963, the north and south limbs of the Galinee anticline have been the sites for ten different zinc-copper-silver-gold VMS mines. Significant volcanogenic mineralization also exists on the southwest limb of the anticline that hosts the Caber and Caber North deposits as well as the Lynx-Yellowknife deposit.
Rouyn-Noranda Project
Metco holds a 100% interest in three properties totalling 1,815 hectares in the Rouyn-Noranda mining camp namely the
Rouyn Property, d'Alembert Property and Lake Dufault Property that the Company has optioned to Falconbridge Limited (formerly Noranda Inc.) on December 22, 2003 except for the West and East blocks of the Lake Dufault Property, which comprise 12 claims totalling 218 hectares.
Rouyn-Noranda is a major mining camp in Quebec with historical production of 2.4 million tonnes of copper, 1.9 million tonnes of zinc, 19.5 million ounces of gold and 94.4 million ounces of silver. Rouyn-Noranda's geological environment is favourable for the discovery of deposits such as the Horne (59.2 Mt) and the Quemont (13.8 Mt).
OTHER PROPERTIES
Chibougamau Mining Camp
Metco holds a 100% interest in the Eau Jaune Gold Property which consists of 36 claims totalling 735 hectares in the Chibougamau mining camp. The property hosts strong mineral showings including the Robinson showing, which had returned grab samples of 201.0 grams of gold per tonne, 94.3 grams of gold per tonne and 48.7 grams of gold per tonne. Previous exploration work carried out on the property consisted of 93 drill holes totalling 11,263 metres but the property was generally tested to a depth of less than 100 metres. The gold values found are concentrated in quartz veins within the shear zones in volcanic rocks and related genetically to the Musocho granodiorite stock.
Schefferville Mining Camp
The Schefferville properties form a group of 133 claims totalling 5,519 hectares straddling the Quebec/Labrador border. Metco holds a 100% interest in both the Lac La Touche (gold-silver-copper) Property, located in Quebec, which is comprised of 98 claims totalling 4,869 hectares and the Gauthier Lake Property, located in Newfoundland and Labrador, which comprises 35 claims totalling approximately 650 hectares.
MANAGEMENT
Metco Resources Inc. has a well management team with experience in different areas.
Florent J. Gauthier, Chairman, President and Director
Mr. Gauthier has been President of Metco since its creation in 1999. He is also a Consultant for his own consulting
company, BURMEX Inc., where he has been involved as a Project Manager of many mining projects around the world including the evaluation of Geca mines in Zaire; bringing into production the Valdez Creek gold placer deposit in Alaska; the elaboration of the mining concept of the Essakan gold mine in Burkina Faso; a feasibility study of the Ganesh-Himal zinc-lead deposit in Nepal and the elaboration of the Mining Development Plan of Morocco. Prior to joining Metco he was the Superintendent of Mines for the Noranda Group, Project Manager for SOQUEM Inc. and Manager-Engineering for the Patino Group in Toronto. Mr. Gauthier graduated in geological engineering from Laval University.
Michel Rathe, Secretary-Treasurer
Mr. Rathe is a Chartered Accountant with over 15 years of experience in the natural resources sector. Prior to joining Metco, he was with the firms Arthur Andersen and Price Waterhouse. In addition, in 1993 he founded SOGECAP Inc., a company specializing in the financial management of companies listed on the TSX, TSX Venture Exchange and NASDAQ. Mr. Rathe is a director and officer of Sulliden Exploration Inc., Birim Goldfields Inc., Osisko Exploration Ltd., Continental Resources Ltd. and of Amex Exploration Inc. and a graduate from the University of Sherbrooke.
Andre Audet, Director
Mr. Audet is also the Chairman and Chief Executive Officer of Everton Resources Inc. and Chairman and Chief Executive Officer of Majescor Resources Inc. He has held the positions of Account Manager for Royal Bank, Retail Broker at Midland Doherty and Royal Trust and Vice President at Nesbitt Burns/BMO. Mr. Audet holds a Bachelor in Commerce from the University of Ottawa.
Jacques Bonneau, Director
Mr. Bonneau is a geologist with over 25 years of experience in the mining industry with such companies as SOQUEM Inc., Falconbridge Copper Corporation, Groupe Vior-Mazarin and Mineraux Sequoia Inc., which amalgamated with Cambior Inc., where he was actively involved in the acquisition, discovery and/or reactivation of many projects and mineral deposits. He currently serves as Chairman of the Board of Exploration Azimut Inc. and Fonds Explor-Action. Mr. Bonneau graduated as a geological engineer and also holds a M.Sc. from Laval University.
Richard W. Brissenden, Director
Mr. Brissenden is a Chartered Accountant and is currently the Chairman of Excellon Resources Inc. and Vice President of William G. Brissenden Inc., a private investment holding company. Mr. Brissenden has served on the board of a number of exploration companies and is currently a Director of Corona Gold Corporation, Lexam Explorations Inc. as well as several other public companies.
Al C. Gourley, Director
Mr. Gourley is a lawyer and Partner with Fasken Martineau DuMoulin LLP, where he advises many foreign mining companies on financings and joint ventures. Previously, he was a Partner with Macleod Dixon LLP. Mr. Gourley is well known in the mining community, has written extensively in the area of mining law and serves on the Prospectors and Developers Association of Canada.
Consultants
Gerard Lambert, P.Eng.
Yvan Bussieres
Donald Theberge, P.Eng., MBA
NEWS UPDATE
On February 06, 2006, Metco Resources Inc. announced the results of the last two (2) holes drilled on Rouyn property. These holes have obtained two (2) new intersections of the Horne type rhyolite which have implications on the geological interpretation of the mining camp at the regional level. This exploration work is being conducted by Falconbridge Limited. Drilling on new targets will resume in March 2006.
On January 26, 2006, Metco Resources Inc. announced that it will resume drilling within a week for a 6,000 m to 9,000 m program on the Orphee-Mountain A property held 50:50 with Breakwater Resources Ltd. This work program totalling $1,076,000 conducted under Metco's management, is financed at 50:50 between the two partners.
On January 20, 2006, Metco Resources Inc. announced the results of the drilling programme of six (6) holes recently completed under the direction and management of Cambior Inc. and totalling 1,960 m on the Galinee Property in Matagami. Metco also announced that drilling will resume towards mid-February. A program of more than 3,000 m will begin as soon as the freeze-up conditions are adequate for drilling in swampy ground. The main target area covers a large and strong magnetic anomaly coinciding with the presumed extension of the Key Tuffite and with the interface between the volcanic rocks of the Watson Lake Group and of the Wabassee Group. This horizon contains almost all the deposits of the Matagami mining camp including the Lynx deposit.
On December 16, 2005, Metco Resources Inc. announced that it has just realized a first closing for a total amount of $1,232,000 being 1,232 units A, within a prospectus dated November 15th, 2005, for a maximum of up to $2,790,000. The proceeds of this financing will be mainly allocated to exploration geophysics and diamond drilling on its base metal properties in Quebec. Metco announced also a second closing and that the ultimate date for reservations for the Unit A for this second and last closing, is December 23rd 2005 at noon (12h00).
On November 23, 2005, Metco Resources Inc. announced that the lithogeochemical assays of the 1st hole, the F-04-03 drilled to the depth of 816 m on Rouyn Property have well confirmed the presence of the "Horne Type" rhyolite. The 2nd hole is now announced to be drilled at 500 m to the east of hole F-05-03 for a depth of 1,000 m. A 3rd hole to be drilled down to 800 m is also announced to test the South Bay exhalite in an alteration zone of the northern part of the property. After drilling hole F-04-03, the drill rig was demobilized while awaiting the results of the lithogeochemical assays. Presently, two (2) drills are being mobilized in order to drill concurrently the 2nd and 3rd holes, the F-04-04 and F-05-05.
On November 10, 2005, Metco Resources Inc. announced six (6) mineralized intersections of copper and zinc and a significant and deep Titan 24 (MT) anomaly on its Lake Dufault Property. This work was conducted and thoroughly reviewed by Falconbridge Limited in partnership with Alexis Minerals Corp.
The best assay (assays conducted by ALS Chemex - Chimitec laboratory of Val d'Or, Que.) intervals from the hole D-05-01 are as follows:
0.94% Zn over 17.35 metres (269.4 to 286.75 m) incl. 1.49% Zn over 8.25 m (277.0 to 285.25 m);
1.35% Zn over 12.1 m (336.7 to 348.8 m);
0.80% Cu over 2.3 m (401.7 to 404.0 m);
0.42% Cu over 2.4 m (410.5 to 412.9 m);
0.45% Cu over 4.8 m (554.1 to 558.9 m);
0.19% Cu over 17.5 m (570.6 to 588.1 m).
On November 08, 2005, Metco Resources Inc. announced that drilling was resumed on November 7th, on its Du Dome-Matagami Property. The programme totalling 2,500 m within 3 drill holes will be concentrated on the Eastern Block of the property where high alteration indices are prevailing and where the tuffite horizon having favourable characteristics for the formation of deposits has already been intersected six (6) times. This Phase I of the 2005-06 program consists essentially in three (3) drill holes, amongst which two (2) with more than 1,000 m in length each, accompanied with geophysical in the hole InfinitTem surveys.
On October 17, 2005, Metco Resources Inc. announced the filing on October 14th of a Preliminary Prospectus and the granting on the same day of a Preliminary Visa from the Autorit des Marche Financiers du Qubec, to raise with Desjardins Securities inc., as Agent, a minimum of $645,000 and a maximum of $2,790,000 namely $2,290,000 of A units, consisting of 80% flow-through shares, 20% common shares and half-warrants, $200,000 of B units consisting of common shares and warrants and $300,000 of C units consisting of common shares and warrants, these latter units reserved for financing institutions. The proceeds of this financing will be used to carry on exploration mainly on Metco's Matagami and Lebel-sur-Quevillon properties, and for its working capital.
On September 22, 2005, Metco Resources Inc. announced that Falconbridge Limited in partnership with Alexis Minerals Corporation, started a drilling programme totalling 2,000 m on the Horne Type rhyolite horizon in Rouyn property. Four (4) other identified targets are presently undergoing further work and could result in about 1,500 m of additional drilling before the end of 2005.
On August 31, 2005, Metco Resources Inc. announced that the drilling results of its 2004-05 programme on Du Dome-Matagami property. This programme totalling 5,378 m in 13 drill holes has allowed to intersect the tuffite four new times (for a cumulative total to-date of six tuffite intersections) with grades varying from 0.18 to 0.82% for Zn, 0.01 to 0.04% for Cu, traces to 1.4 g/t for Ag over widths varying from 0.5 m to 10.0 m with interpreted true widths from 0.45 m to 7.9 m (assays conducted at ALS Chemex Laboratories in Val d'Or and SOQUEM Inc.'s quality control).
These results require a follow-up with additional drilling of a similar magnitude as of the last programme. The drill holes shall be concentrated on the sectors where the tuffite is present with characteristics favourable to the formation of deposits, and associated with high alteration indices which are prevailing in the eastern part of the Du Dome-Matagami Property, and in the central part of the Caber Property.
The work programme was conducted under the supervision and management of SOQUEM Inc., Metco's 50:50 partner in Du Dome-Matagami and Caber properties (except for Caber and Caber North deposits, held 100% by Metco).