MERC RECEIVES LAND USE PERMITS FOR NWT GOLD PROPERTIES DRILLING TO COMMENCE EARLY MARCH
08 Février 2011 - 1:00PM
PR Newswire (Canada)
TORONTO, Feb. 8 /CNW/ -- TORONTO, Feb. 8 /CNW/ - Merc International
Minerals Inc. (TSX-V:MRK) ("Merc") announced today that it has
received all government permits necessary to begin drilling its
recently acquired Treasure Island Gold Project located
approximately 230 kilometres north of Yellowknife, Northwest
Territories. The permits are valid until 2016 and cover
Merc's entire land position within the Indin Lake Gold Camp
(approximately 61,000 acres or 25,000 hectares). Merc is
currently constructing a drill camp at Treasure Island and
estimates it will be operational by late February. Two
diamond drills and fuel are currently on site, which will allow the
drilling of the gold targets at Treasure Island to begin in early
March. "We are extremely pleased with the milestones we have
achieved at Merc over the past two quarters. Over that period
we have added exceptional people to our team, focused Merc's
efforts on a Northwest Territories regional gold play, and grown
our footprint in the region 16 fold from approximately 3,810 acres
or 1,287 hectares to a little over 61,000 acres or 25,000
hectares. Merc has methodically increased its number of gold
targets via acquisition and staking in areas where there is an
abundance of historic data including former mining and drill data
from the 1940's, the 1980's, and the 1990's. With our permits in
hand, we can now focus on executing an aggressive exploration
program with drilling expected to commence within the next 30
days. We look forward to sharing the results," said David
Wiley, President and CEO of Merc. Located 35 kilometres
northeast of the Damoti Lake Gold Project, the Treasure Island
mineralized corridor represents a high priority target for Merc as
it contains the Treasure Island gold deposit as well as several
additional gold showings along its 6 kilometre strike length. The
main deposit is made up of at least five parallel, mineralized gold
zones within a highly altered and silicified 200 metre wide
envelope, up to 230 metres in strike with a reported historical
grade from 5.2 g/t up to 12.6 g/t. Zones remain open in all
dimensions. The style of mineralization is analogous to
typical Archean lode gold camps such as Timmins, Red Lake, and
Kirkland Lake. Mineralization similar to Treasure Island's main
zone (historical drill intercepts of 34.0 g/t over 1.1 metres and
surface trench samples up to 73.2 g/t) has been reported to the
east and west highlighting the opportunities available within the
corridor. Additionally, Merc is currently working on
advancing its other regional targets towards the drill stage; some
of which are described below. Other High Priority Targets The North
Inca and Diversified Gold Deposits Both deposits, 1.2 kilometres
apart, lie within a 6.5 kilometre shear zone. A shaft was sunk on
each with some exploratory lateral development along the
mineralized shear. Gold is mainly associated with quartz-carbonate
veining parallel to the main shear, while higher grade
mineralization is reported over narrow widths in tension
fractures. Merc is currently compiling the historical data
and building a geological model. Target areas have been identified
showing the potential to develop a resource that links the two
mines along strike. The mineralization is also open at depth as
historical drilling below 300 metres intersected comparable
mineralization and grades. JPK Gold Property The property lies east
of Treasure Island within an iron formation, similar to Merc's
Damoti Lake Gold deposit, and the former producing Lupin Gold
Mine. Historical surface sampling along a 550 metre section
of the iron formation returned assays ranging from 5.0 g/t Au to
15.6 g/t Au. No drilling has been reported for this area, and as
such, JPK represents a primary target to be tested in 2011.
Echo-Indin Gold Property Historical work at Echo-Indin included
channel samples from trenches that returned gold values up to 31.5
g/t Au. Thirty-one historical holes were drilled intersecting two
quartz stock-work mineralized zones with an average grade of 9.3
g/t Au. In 1988, re-sampling of five trenches exposed a north
trending mineralized zone roughly 100 metres by 30 metres. Assay
highlights include channel samples over 1.0 metre returning values
up to 7.0 g/t Au with higher grades of 17.4 g/t Au and 11.1 g/t Au
over 1.0 metre intervals reported. About Merc International
Mining Merc is a Canadian-based exploration company focused on
acquiring and developing gold mineral properties in the Northwest
Territories. Its primary land position covers approximately 61,000
acres or 25,000 hectares in the Indin Lake Gold Camp, located
approximately 200 kilometres north of Yellowknife, Northwest
Territories. The technical information in this news release was
reviewed and approved by Merc Director, Dr. Michael J. Byron, a
Qualified Person under NI 43-101. Forward-Looking Statements
Certain information set forth in this news release may contain
forward-looking statements that involve substantial known and
unknown risks and uncertainties. These forward-looking statements
are subject to numerous risks and uncertainties, certain of which
are beyond the control of Merc, including, but not limited to, the
impact of general economic conditions, industry conditions,
volatility of commodity prices, risks associated with the
uncertainty of exploration results and estimates, currency
fluctuations, dependency upon regulatory approvals, the uncertainty
of obtaining additional financing and exploration risk. Readers are
cautioned that the assumptions used in the preparation of such
information, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements. This press
release is not, and is not to be construed in any way as, an offer
to buy or sell securities in the United States. 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 or accuracy of this release. To
view this news release in HTML formatting, please use the following
URL:
http://www.newswire.ca/en/releases/archive/February2011/08/c8755.html
pbDavid/bbWiley, President and CEO/bbr/ Merc International Minerals
Inc. br/ (647) 260-1247br/ (416) 363-4567 (FAX) br/
Email: a
href="mailto:dwiley@mercinternational.ca"dwiley@mercinternational.ca/a/p
pb- or -/b/p pbMehdi Azo/bbdi, Vice President Investor
Relations /bbr/ Merc International Minerals Inc. br/
(416) 779-3268 br/ (416) 363-4567 (FAX) br/ Email: a
href="mailto:mazodi@mercinternational.ca"mazodi@mercinternational.ca/a/p
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