Merc International Minerals Inc. (TSXV:MRK)
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TORONTO, Jan. 20 /CNW/ --
TORONTO, Jan. 20 /CNW/ - Merc International Minerals Inc. ("Merc") (TSXV: MRK) announced today that it has staked an additional 28
mining claims (45,473 acres or 18,403 hectares) in the Northwest
Territories as part of its expanded gold exploration program. The newly
staked ground consists of several gold showings and forms a buffer
linking the properties Merc recently optioned from Ursa Polaris
Developments Corporation. (See January 10, 2011 news release.)
Through this staking initiative, Merc has consolidated much of the Indin
Lake Gold Camp's ground encompassing the contact region between the
volcanic rocks and sedimentary rocks (contact zone). With these newly
staked claims, Merc has assembled over 50 kilometres of contact zone
that also hosts the Colomac Gold Mine, the Treasure Island and Laurie
Lake gold deposits, the Echo-Indin gold showing, the North Inca gold
deposit, the Diversified gold deposit, the Lexindon gold deposit, and
the Kim gold deposit.
"With these additional claims, we continue to expand our land package
and establish a regional presence in a historic gold camp in the
Northwest Territories that remains underexplored," said David Wiley,
President and CEO of Merc. "We have two drill rigs on site and will now
focus on drilling many of these targets through a program that is
expected to commence in the near future."
To view a map of the Indin Lake property, please go to http://files.newswire.ca/926/Merc_Indin_Lake.doc.
Property Highlights
Spider Lake Area Properties
JPK Gold Property
The property is located just east of the Treasure Island gold deposit
and lies within an iron formation, geologically similar to Merc's
Damoti Lake Gold property, the Colomac Gold deposit, and the past
producing Lupin Gold Mine. Historical surface sampling along a 550
metre section of the JPK iron formation returned assays ranging from
5.04 g/t Au to 15.63 g/t Au. No drilling has been reported for this
area, and as such, JPK represents a primary target to be tested in
2011.
Pop Gold Showing
The Pop showing (contact zone) is located 1 kilometre south of Laurie
Lake and is interpreted to lie within the same stratigraphic horizon as
the Treasure Island and Laurie Lake deposits. Historic sampling of Pop
surface trenches yielded results including 8.7 metres of 13.91 g/t Au,
9.6 metres of 10.88 g/t Au, 11.20 metres of 5.73 g/t Au, and 7.0 metres
of 4.76 g/t Au. Additional work is planned in 2011 prior to drilling.
Nautilus Lake Area Properties
Swamp Gold Showing
The Swamp showing is located 1.5 kilometres west of Nautilus Lake and 10
kilometres southwest of the Treasure Island deposit along the contact
zone where it is exposed in several trenches over 150 metres within a
northeast trending shear zone. Prospecting in the 1940s involved
trenching that was re-sampled in the 1980s and returned assay results
with highs of 17.47 g/t Au, 14.64 g/t Au, and 13.20 g/t Au. Drilling
will be contingent upon the results of the 2011 summer work program.
McMeekan Gold Showing
The McMeekan showing, located 600 metres east of the south end of Nautilus Lake, consists of
quartz stock-work mineralization within gabbro. Assay results from
historical trenching and surface sampling warrant further exploration
as the showing has yet to be drilled. Historic trench samples report
several 1.0 metre intervals of 1.00 g/t to 5.00 g/t Au, 2.0 metres of
10.05 g/t Au, 0.35 metres of 23.95 g/t Au, 1.5 metres of 302.51 g/t Au,
and 1.5 metres of 1,268.92 g/t Au. Drilling will be contingent upon the
results of the 2011 summer work program.
Schwerdt Lake Area Properties
Echo-Indin Gold Property
Historical work at Echo-Indin included channel samples from trenches
that returned anomalous gold values, the best being 31.54 g/t Au.
Thirty-one holes were also drilled intersecting two quartz stock-work
mineralized zones with an average grade of 9.26 g/t Au.
In 1988, re-sampling of five old trenches exposed a north trending
mineralized zone roughly 100 metres by 30 metres. Assay highlights
included channel samples over 1.0 metre returning values less than
detection to 7.00 g/t Au with higher grades of 17.42 g/t Au and 11.14
g/t Au over 1.0 metre intervals reported. Field work is planned for the
summer of 2011 on this high priority target area that will include
surface prospecting, mapping, locating historic drill collars, and
building a geological model as a base for future drilling.
Lucky Lake and Goose Lake Gold Showings
Both the Lucky Lake and Goose Lake showings occur within a 1.0 metre to
8.0 metres shear zone that appears to be the northward extension of the
Echo-Indin property from the Lex Fault to Schwerdt Lake.
Quartz-carbonate veins and veinlets containing pyrrhotite, arsenopyrite
and pyrite are hosted in contact zone related silicified basalt.
Cross-fractures of flat lying quartz veins were also noted. Additional
exploration work is needed to advance this area to the drill stage.
About Merc International Minerals
Merc is a Canadian-based exploration company focused on acquiring and
developing gold mineral properties in the Northwest Territories. The
company's flagship asset is the Damoti Lake Gold property, located 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 standards.
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/January2011/20/c3941.html
pbDavid Wiley, 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 Azodi, 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 br/