Merc International Minerals Inc. (TSXV:MRK)
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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