Mt Isa Metals Limited (ASX:MET) Announce Final Phase 2 Drilling Results At The Barbara Copper Prospect

Brisbane, Dec 23, 2009 AEST (ABN Newswire) - Mt Isa Metals Limited (ASX:MET) is pleased to advise that all remaining assay results have now been received from the phase two drilling program at the Barbara Copper Prospect (North Lode). The results include high grade intersections which continue to support the potential to define an open-pittable sulphide copper deposit.

The Barbara Copper Prospect is located approximately 50km north-east of Mt Isa and forms part of the Company's broader Leichardt Exploration Project area. The Barbara Copper Prospect - North Lode is held in joint venture between Mt Isa Metals Limited (49%) and Syndicated Metals Limited (51% and manager).

The recently completed RC drilling program at the Barbara North Lode was designed to follow up the initial results by testing the mineralised structure to a vertical depth of around 150 metres.

One deeper hole was also planned to test an interpreted TEM anomaly below the North Lode at a depth of approximately 250 metres.

Previous results from the phase 2 North Lode drilling program were released to the ASX on October 22 (holes BARC024 to BARC026) and November 23 (holes BARC027 to BARC031 and BARC035 to BARC044).

BARC045 intersected 9 metres at 1.21% Cu from 121 metres down hole. BARC046 was abandoned before target depth due to equipment problems. BARC047, a re-drill of abandoned hole BARC046, intersected a broad zone of low-grade copper mineralisation between 131 metres and 146 metres down hole depth.

BARC048 targeted the TEM conductor at 250 metres depth. A zone of strong sulphide (mostly pyrite and pyrrhotite) was intersected between 241 metres and 310 metres containing elevated cobalt (including 3 metres of 0.12% Co from 280 metres and 5 metres of 0.10% Co from 299 metres). This intersection shows similarities to the elevated cobalt values intercepted in BARC043 located 200 metres up-plunge of BARC048 and which intersected the mineralised zone about 50m metres down dip of BARC038 (7 metres @ 3.97% Cu). It is interpreted that BARC048 may also have drilled below the plunge of the high grade copper lode.

Down-hole EM surveys were completed in holes BARC047 and BARC048. Both holes generated moderate to strong DHEM responses enabling resolution of the surface TEM survey anomaly into two separate south plunging conductive plates.

As noted in the previous announcement the drilling at North Lode is progressively outlining what is believed to be a south plunging lode with higher grade copper intercepts at its centre. The Company is confident a potentially open-pittable deposit can be defined from the higher grade (+1% Cu) intersections. The high grades at the core of the lode also provide encouragement that the North Lode has potential for underground mining if continuity at depth can be demonstrated with further drilling.

All intersections reported to date from Barbara North Lode occur in the primary sulphide zone below an oxidized cap which is limited to approximately 10 to 15 metres depth.

A maiden resource estimate for Barbara North Lode is now expected to be announced early in 2010.

The Green Zone - Potential New Mineralised Structure Surface mapping and channel sampling has also commenced over various copper anomalies identified by the previously reported Barbara soil sampling program.

The "Green Zone" anomaly, located about 400 metres northwest of the Barbara North Lode returned highly encouraging channel sampling results from a north striking mineralised shear zone up to 20 metres wide over a sampled strike length of 400 metres.

Channel samples were collected at one metre intervals at right angles to the strike of the shear zone. Results include 10 metres at 1.0% Cu and 15 metres at 0.63% Cu. Individual rock chips from this zone returned copper values up to 2.9% Cu.

Follow-up of this target and other soil anomalies within the Barbara joint venture tenement (EPM 16112) will form part of the forward exploration program planned to commence in early 2010.

Contact

Mr Peter Spiers Managing Director Ph: +61-7-3303-0624 Mob: +61-409-407-265 Mr Duncan Cornish Company Secretary Ph: +61-7-3303-0624 Mob: +61-407-623-302 Email: info@mtisametals.com.au Website www.mtisametals.com.au