Merc Announces Initial NI 43-101 Resource of 1.446 Million Ounces Gold at Colomac
22 Février 2012 - 1:00PM
PR Newswire (Canada)
www.mercinternational.ca TORONTO, Feb. 22, 2012 /CNW/ - Merc
International Minerals Inc. ("Merc") is pleased to announce an
initial NI 43-101 Inferred Mineral Resource estimate of 1.446
million ounces gold ("oz Au") at its 100% owned Colomac property
("Colomac Gold Project") in the Northwest Territories
("NWT"). Colomac's five known gold deposits are represented
in this mineral resource estimate: Colomac Dyke, Goldcrest, Dyke
Lake, Grizzly Bear, and 24/27, all of which remain open laterally
and to depth. Highlights: -- Total Inferred Mineral Resources are
estimated to be 42.65 million tonnes with an average grade of 1.05
grams per tonne gold ("g/t Au") for 1.446 million oz Au; -- Limited
historical drilling discovered a high grade shoot below the main
deposit tracing it to a depth of 1,000 metres. This shoot is not
included in the current resource estimate. The potential for
additional high-grade shoots exists over the Colomac Dyke's seven
kilometre strike length; and -- Colomac's tonnage and contained
ounces are expected to increase due to the deposits' significant
exploration prospects. Potential high grade shoots, if delineated,
may lead to an increase the average grade. David Wiley, Merc
President and CEO, remarked, "We see this initial 1.446 million
ounce inferred gold resource as a significant starting position,
and we believe that we will be able to expand and upgrade the
resource over the coming months through our 2012 drilling program.
The acquisition of the Colomac property materially changes the
profile of Merc, and Colomac now represents the backbone of the
Company's combined projects within our existing 234,000 acre
property package." Merc has two drills on site and expects to
initiate a winter drill program by mid-March. Drilling will
focus on two resource expansion opportunities at the Colomac Dyke,
near surface mineralization along strike and to depth, and the
high-grade plunging shoots to depth. An expanded summer drill
program is anticipated to incorporate drilling at Colomac's other
four gold deposits and to continue to advance our Indin Lake
Project portfolio. 2012 Resource Estimate The currently defined
Colomac Gold Project mineralized zones are considered low grade
bulk tonnage style deposits. Resources were defined using a block
cut-off grade of 0.6 g/t Au. The 2012 Resource Estimate utilizes
historical diamond drilling results from approximately 896 holes;
most completed between 1987 and 1997. Despite the number of holes,
all resources have been assigned to the Inferred category because
of the historic nature of the data and the need for verification
work, which is yet to be completed by Merc. Total Inferred Mineral
Resources are estimated to be 42.65 million tonnes with an average
grade of 1.05 g/t Au for 1.446 million oz Au. Historically mined
volumes of the Colomac Dyke mineralization have been deleted from
the current resource model. Colomac Gold Project Inferred Mineral
Resources by Zone (using Block Model Cut-off Grade of 0.6 g/t Au)
Zone Tonnes g/t Au Oz Au Colomac Dyke North 8,127,000 0.95 248,000
Colomac Dyke Central 21,896,000 1.10 771,000 Colomac Dyke South
8,830,000 1.01 287,000 Dyke Lake (Goldcrest North) 998,000 1.03
33,000 Goldcrest 1,075,000 1.32 46,000 Grizzly Bear 807,000 1.04
27,000 27 528,000 1.21 20,000 24 390,000 0.96 12,000 Total
42,650,000 1.05 1,446,000 Notes: 1. A block cut-off value of 0.6
g/t Au was applied to all resource blocks. 2. Tonnes and ounces
have been rounded to reflect the relative accuracy of the mineral
resource estimate; therefore numbers may not total correctly. 3.
Mineral Resources were calculated with commercial mining software.
Drill holes traces showing lithology and gold grade were reviewed
in plan and cross section to generate 16 mineralised domains.
Assays with each domain were top cut to 31 g/t and then composited
to regular 5ft intervals. Block model grade interpolation was
undertaken using Multiple Indicator Kriging (MIK). 4. The resource
estimate was prepared by Leon McGarry, B.Sc., Geologist, ACA Howe
and supervised by Felix N. Lee, B.Sc., P.Geo., Senior Geologist,
ACA Howe. 5. Gold price is US$1400 per ounce. 6. A default average
specific gravity (SG) value of 2.7 has been used. 7. Mineral
Resource tonnes quoted are not diluted. 8. No Measured or Indicated
Resources or Mineral Reserves of any category are identified. 9.
Mineral resources are not mineral reserves and by definition do not
demonstrate economic viability. This mineral resource estimate
includes inferred mineral resources that are normally considered
too speculative geologically to have economic considerations
applied to them that would enable them to be categorized as mineral
reserves. There is also no certainty that these inferred mineral
resources will be converted to the measured and indicated resource
categories through further drilling, or into mineral reserves, once
economic considerations are applied. 10. 1 troy ounce equals
31.10348 grams. The Inferred Mineral Resources are sensitive to the
block model cut-off grade as shown in the following sensitivity
table: Colomac Gold Project Global Block Model Cut-off Grade
Sensitivity Table Block Model Cut- Block Model Avg. Block Model
Total Oz Au off Value g/t Au Grade g/t Au Tonnage (Mt) 1.0 1.43
18.22 837,000 0.8 1.24 28.25 1,124,000 0.6 1.05 42.65 1,446,000 0.5
0.97 51.31 1,599,000 0.4 0.89 60.10 1,726,000 Note: The reader is
cautioned that the figures in this table are not a Mineral Resource
Statement. The figures are only presented to show the sensitivity
of the block model estimates to the selection of cut-off grade.
About The Colomac Gold Project The Colomac Gold Project lies within
the central portion of Merc's 234,013 acre Indin Lake Gold
Property, 220 kilometres northwest of Yellowknife, NWT. Access is
by winter road from Yellowknife or year round by chartered aircraft
to a 5,000 foot airstrip at the former Colomac Gold Mine site. Merc
has secured a contiguous land position fully surrounding the
Colomac Gold Project by consolidating more than 90% of the Indin
Lake Greenstone Belt including the related Indin Lake Gold Camp.
The Colomac Gold Project contains at least five separate gold
deposits open in all dimensions (Colomac Dyke, Grizzly Bear,
Goldcrest, Dyke Lake, and 24/27), only one of which, the Colomac
Dyke Deposit, was historically mined. Intermittent mining from 1990
to1997 was limited to three shallow open pits developed on a
steeply dipping quartz-feldspar porphyry intrusion (Colomac Dyke).
Historical production is reported to be 527,908 oz Au with an
average head grade of 1.66 g/t Au. Mining activities impacted only
a small portion of the dyke's 7 kilometre mineralized strike
length. All mining and processing equipment and
infrastructure have been removed from the Colomac Property. About
Merc International Minerals Inc. Merc is a Canadian-based
exploration company focused on acquiring and developing gold
mineral properties in the NWT. Its primary land position covers
234,013 acres or 94,701 hectares in the Indin Lake Gold Camp,
located approximately 220 kilometres north of Yellowknife, NWT and
includes an NI 43-101 Inferred Mineral Resource totalling 1.446
million oz Au with an average grade of 1.05 g/t Au using a block
cut-off grade of 0.6 g/t Au. The technical aspects of this press
release have been reviewed by Michael Byron, Ph.D., P.Geol., Chief
Geologist and Director for Merc, who is the "Qualified Person" as
defined by NI 43-101 for this project. Technical information
related to the 2012 Colomac Gold Project Resource Estimate
contained in this news release has been reviewed and approved by
Felix N. Lee, B.Sc., P.Geo., a Senior Geologist with A.C.A. Howe
International Limited, who is an independent Qualified Person as
defined by NI 43-101, with the ability and authority to verify the
authenticity and validity of this data. The technical report
supporting 2012 Colomac Gold Project Resource Estimate will be
filed on SEDAR within 45 days. An Inferred Mineral Resource as
defined by the CIM Standing Committee is "that part of a Mineral
Resource for which quantity and grade or quality can be estimated
on the basis of geological evidence and limited sampling and
reasonably assumed, but not verified, geological and grade
continuity. The estimate is based on limited information and
sampling gathered through appropriate techniques from locations
such as outcrops, trenches, pits, working and drill holes." 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,
including, but not limited to, the timing of future drilling, the
expansion of the mineralization, and the remediation of historic
reclamation sites. 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. Merc International
Minerals Inc. CONTACT: David Wiley, President and CEO Merc
International Minerals Inc.(647) 260-1247(416) 363-4567 (FAX)Email:
dwiley@mercinternational.caDaniel Boase, Investor RelationsFirst
Canadian Capital Corp.(416) 742-5600 ext 232 Email:
dboase@firstcanadiancapital.com
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