MERC COMMENCED DRILLING ON NWT GOLD PROPERTIES
24 Mars 2011 - 1:17PM
PR Newswire (Canada)
TORONTO, March 24 /CNW/ -- TORONTO, March 24 /CNW/ - Merc
International Minerals Inc. (TSX-V:MRK) ("Merc") announced today
that it has commenced a 7,000 metre diamond drill program on its
Indin Lake area gold properties located approximately 200
kilometres north of Yellowknife, Northwest Territories ("NWT").
Drilling recently began with one rig on the Treasure Island
property and a second rig is expected to commence drilling shortly
at the Diversified and North Inca deposits. "Merc's recently
consolidated land package, resides within an underexplored
structural corridor that historically produced several million
ounces of gold," said Merc President and CEO, David Wiley. "After
our recent financing Merc is well-funded and affords investors a
unique opportunity to participate in a large area gold play
containing multiple, prospective targets supported by high-grade
historical data within a land package comprising approximately
61,000 acres. The potential compares well to other major
regional structures that host gold camps, such as the
Destour-Porcupine Fault Zone and Kirkland Larder Lake Break. The
combination of high-grade gold mineralization derived from
historical data; the fact the mineralization has yet to be tested
at depth and along strike; and the untested potential that several
more mineralized vein systems may exist within this broad
structural corridor is why we believe this is one of Canada's most
underexplored gold camps." Located north-east of the past producing
Colomac gold mine, the Treasure Island mineralized corridor
represents a 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 grams per tonne
gold ("g/t Au") up to 12.6 g/t Au. Zones remain open in all
dimensions. The style of mineralization is similar to typical
Archean lode gold camps such as Timmins, Red Lake, and Kirkland
Lake. Drilling is now in progress on the Treasure Island main
deposit targeting sub-vertical stacked gold zones. Mineralization
in a quartz feldspar dyke represents the closest gold zone to the
main formational contact. All zones run parallel to the mafic
volcanic/sedimentary rock contact within this regional deformation
zone. Initial drilling will involve one rig (2,000 metres) focused
on confirming historical high-grade intercepts, stacked zone
morphology, potential for expansion of zones along strike and to
depth, and for the discovery of new zones. Mineralization similar
to Treasure Island's main zone has been reported to the east and
west (historical drill intercepts of 34.0 g/t Au over 1.1 metres,
and surface trench samples up to 73.2 g/t Au), highlighting the
opportunities available within the corridor. A second drill has
been moved to the Diversified and North Inca deposits and will
begin a 5,000 metre drill program within the next week. The
two deposits lie along the northern portion of the West Bay - Indin
Lake fault corridor, a 200 kilometre long structure that hosts the
past producing Giant and Con gold mines (13 million ounce gold
production) to the south, and the Colomac gold mine (500,000 ounce
gold production), North Inca, and Diversified deposits which lie
within its northern extent. Several other notable gold deposits are
located within the core of this structure including the Lexindin,
Echo Indin, Cass, Kim, and Treasure Island deposits. The North
Inca, Diversified, and Lexindin deposits were discovered and
developed in the late nineteen forties and early nineteen fifties
and are characterized by numerous high-grade vein systems developed
within a 6.5 kilometre portion of the West Bay-Indin Lake Fault
(Diversified Mineralized Corridor). Deposits lie within a highly
altered shear zone up to 400 metres wide hosting both parallel and
extension vein systems open in all dimensions. The last
exploration program in the area was in 1988. In order to maximize
Merc's opportunity for drilling strategic lake (ice) setups, the
Treasure Island drill will be relocated to the Diversified Mine
upon completion of the initial Treasure Island program. Fuel
has already been stored at the Diversified site to facilitate the
continuation of drilling into late summer. About Merc International
Minerals Inc. 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. 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.
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. To view this news release in HTML formatting,
please use the following URL:
http://www.newswire.ca/en/releases/archive/March2011/24/c6080.html
p bDavid Wiley, President and CEO/bbr/ Merc International Minerals
Inc.br/ (647) 260-1247br/ (416) 363-4567 (FAX)br/ Email: ua
href="mailto:dwiley@mercinternational.ca"dwiley@mercinternational.ca /a/u
/p p align="justify" bMehdi Azodi, Vice President Investor
Relations /bbr/ Merc International Minerals Inc.br/ (416)
779-3268br/ (416) 363-4567 (FAX)br/ Email: ua
href="mailto:mazodi@mercinternational.ca"mazodi@mercinternational.ca/a/u
/p
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