MetalCorp and Cava Resources Announce Results of Recent Drilling at Gouda Lake Zone on Hemlo East Property


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TSX.V:CVA
02/27/2013 [ACCESSWIRE]

THUNDER BAY, ONTARIO, CANADA (February 27, 2013) - MetalCorp Limited ("MetalCorp") (TSX-V:MTC) and Cava Resources Ltd. ("Cava") (TSX-V:CVA) are pleased to announce that they have received all of the assay results from the recently completed diamond drill program on the Gouda Lake Zone in Metalcorp's Hemlo East Property, located approximately 12 kilometres southeast of the Hemlo Gold Mines near Marathon, Ontario.

In late 2012, Metalcorp drilled 5 holes (HEGZ-12-30 to 34) totalling 1056 metres to test a portion of the Gouda Lake Zone which was discovered by Lac Minerals in 1988. The Gouda Lake Zone is hosted within a 20-metre thick quartz-sericite schist unit containing disseminated to semi massive sulphides (pyrite+/-sphalerite with minor amounts of chalcopyrite and galena). The zone has been traced by historic diamond drilling for over 350 metres along strike.

In 1996, a previous operator estimated a resource of 168,000 tonnes @ 3.5 gpt gold plus silver and zinc credits for the Gouda Lake Zone (This historical estimate pre-dated NI 43-101 and, accordingly, is not compliant with the requirements of NI-43-101. A 'qualified person' as defined in NI 43-101 has not done sufficient work to classify the historical work as current mineral resources or reserves. As a result, the historical estimate cannot be relied upon. Metalcorp and Cava are not treating the historical resource estimate as current mineral resources or mineral reserves.).

The Gouda Lake Zone is co-incident with an AeroTEM anomaly indentified in and an airborne geophysics survey flown by Aeroquest International Ltd. for Metalcorp in 2008. In addition to the conductor co-incident with the Gouda Lake Zone, the survey indentified 7 other priority untested electromagnetic anomalies along the Gouda Lake Trend including one area where surface channel samples returned values up to 0.74 gpt gold and 4.1% zinc..

In 2010, Metalcorp diamond drilled 29 holes totalling 3,650 metres on the Gouda Lake Zone. Assay results included 19.7 g/t gold and 155 g/t silver over 1.2 meters in hole HEGZ-10-16, 11.4 g/t and 253 g/t silver over 1.34 meters in HEGZ 10-20, and 11.15 g/t and 200 g/t silver over 1.5 meters in HEGZ 10-24.

Significant assays from the current drill program are summarized below.


 --------------------------------------------------------------------
 |Hemlo East Property Gouda Lake Zone Assay Results from 2012       |
 |Drilling Campaign                                                 |
 |------------------------------------------------------------------|
 |Hole No.  |From (m)|To (m)  |Length (m)|Au (gpt)|Ag (gpt)|Zn (%)  |
 |------------------------------------------------------------------|
 |HEGZ 12-32|225.00  |227.00  |2.00      |0.31    |22.8    |1.69    |
 |------------------------------------------------------------------|
 |HEGZ 12-33|213.00  |214.00  |1.00      |1.33    |40.0    |0.13    |
 |------------------------------------------------------------------|
 |HEGZ 12-34|216.00  |217.00  |1.00      |0.02    |98.8    |1.05    |
 |------------------------------------------------------------------|
 |HEGZ 12-34|222.25  |223.00  |0.75      |2.42    |23      |0.02    |
 --------------------------------------------------------------------

Note: true widths are currently estimated at 80 to 90% of drilled widths

In late 2012, Cava entered into an Option Agreement with Metalcorp pursuant to which Cava can earn a fifty percent interest in 40 mineral exploration claims in MetalCorp's Hemlo East Property near Marathon, Ontario (see press release dated December 4th, 2012).

To earn a 50% interest, Cava must incur $1,500,000 of exploration expenditures on the property and issue 3,250,000 shares to MetalCorp. Of the expenditures, $250,000 must be incurred by December 31, 2012 (which has now been completed), a further $500,000 by December 31, 2013 and the balance by December 31, 2014. Of the shares, 500,000 must be issued within 7 days after the commencement of a drilling program (which have been issued to MetalCorp), 750,000 by December 31, 2013 and 2,000,000 by December 31, 2014. During the term of the option agreement, MetalCorp will act as operator. On completion of the option, the two companies will form a joint venture and MetalCorp will retain a 2% net smelter returns royalty, half of which may be purchased by Cava for $2,000,000.

Cava and MetalCorp have also agreed to a two kilometre area of interest from the outer boundary of the current optioned property, excluding any claims currently held by MetalCorp.

The optioned property covers an area of approximately 5470 hectares or 54.7 square kilometres. The property is located approximately 12 kms east of the Hemlo Gold Mines which to date has produced over 23.0 million ounces of gold. A sketch showing the location of the optioned property is posted on Cava's website at www.cavaresources.com, and at MetalCorp's website www.metalcorp.ca.

Sample Preparation, Analyses and Security

The assay and sample information as well as geological descriptions are taken from drill logs as prepared by the project geologist for the drill program. All drill cores are NQ in size and assays are completed on sawed half-cores, with the second half of the core kept for future reference. The samples are put into rice bags which are sealed with security locks for shipping directly to Accurassay Laboratories, an accredited assay laboratory, in Thunder Bay, Ontario. The samples are analysed using standard fire assay procedures with an AA/ICP finish. The samples were also run for multi-element geochemical analysis using an Aqua Regia Digestion with an ICP-OES finish. For samples containing a concentration of greater than 10,000 ppb of any element is re-analysed for an "ore grade" assay for that element(s). The assay procedure is similar to the geochemical procedure but uses a greater sample size. In addition to the standard quality control of the laboratory, a series of blanks and standards are inserted in every shipment for quality control purposes.

Qualified Person

Exploration programs on the Gouda Lake Project are carried out under the supervision of Mr. Scott Franko, P. Geo. Mr. Franko, a professional geologist, has reviewed and verified the technical content of the information contained in this release and qualifies under the definition of "Qualified Person" set out in National Instrument 43-101.

About Cava Resources

Cava Resources Inc. (TSX-V:CVA) is a junior exploration company. The company previously carried on business as Sea Green Capital Corp. and on July 24, 2012, it changed its name to Cava Resources Inc. and consolidated its shares on a one for five basis. There are currently 20,484,114 common shares issued and outstanding.

In addition to the Hemlo East property being optioned from Metalcorp, Cava is also exploring for precious metals on its Casa Berardi Property which consists of two non contiguous claim groups comprising 63 square kilometres located in the Casa Berardi area of northwestern Quebec. Cava currently holds a 70% interest in the properties in Joint Venture with Explorers Alliance Corporation ("Explorers"). In late 2011 Cava flew a VTEM Plus Airborne Survey over the Casa North Property which hosts the historic "Glen Auden Gold Zone".

Results from the 2012 drill program conducted by Cava were highlighted by the discovery of a potential new gold zone (the "Conductor 1410 Zone") located approximately 250 metres east and along strike of the Glen Auden Gold Zone. The Conductor 1410 Zone was tested by two drill holes, CAS-12-04 and 05 which both encountered anomalous gold values within an altered sercite-fuchsite schist. Significant assay results include 1.4 metres of 5.0 g/t gold and 1.5 metres of 6.11 g/t gold in hole CAS-12-05.

Further diamond drilling on the Conductor 1410 Zone as well as the Glen Auden Gold Zone is planned for 2013.

About MetalCorp Limited

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.

For further information, please contact:

Chris Dougherty, P.Eng.,

President, MetalCorp Limited

Phone: (807) 683-1731

or

R. Brian Murray

Director, Cava Resources Ltd.

(416) 985-7810

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, each of Metalcorp and Cava 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 resource estimates mentioned in this press release are not NI 43-101 compliant and should not be relied upon.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy, accuracy or contents of this news release.

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