Merc Staking Program Expands NWT Land Package by 241%
April 26, 2011
TORONTO, April 26 /CNW/ – Merc International Minerals Inc. (TSXV: MRK) (“Merc“) announced today that it has successfully staked an additional 79 mining claims (148,318 acres or 60,022 hectares), achieving another significant milestone in its consolidation of the prolific Indin Lake Gold Camp located in the Northwest Territories. Merc now controls the majority of the prospective Indin Lake Greenstone belt in this historic gold camp with a total ground position now comprising 209,763 acres or 84,888 hectares. The newly staked ground consists of several new gold prospects incremental to Merc’s previously reported acquisitions (see news releases January 10, 2011 and January 20, 2011), some of which lie contiguous to the former producing Colomac Gold Mine and host similar geological and deposit characteristics. Merc’s land position now includes the Diversified, North Inca, Lexindin, Treasure Island, Damoti Lake, Echo Indin, and Fishhook gold deposits as well as ten additional historic gold showings. Merc is actively drilling the Diversified, North Inca, Lexindin and Treasure Island deposits, and as part of the on-going approximately 7,000 metre drill program, will expand activities to explore its additional deposits in the near future.
The newly staked ground has significantly expanded Merc’s gold exploration targets within an area that lies along the West Bay – Indin Lake Fault Zone, a regional structure that extends over 200 km from the shores of Great Slave Lake to areas north of the Indin Lake Belt. This fault zone contains both the Giant and Con gold mines (approximately 13 million ounces of production) to the south and the Colomac Gold Mine (approximately 500,000 ounces production) within its northern extent. Merc believes this structure has played a major role in the development and localization of Indin Lake gold mineralization; much the same role as that of other large regional fault zones, such as the Destor-Porcupine Fault’s influence on gold deposit formation within the Timmins Gold Camp. The Indin Lake Greenstone belt remains one of the few under-explored historic gold camps in Canada.
To view a map of the Indin Lake property, please go to http://files.newswire.ca/926/merc_0426.pdf
The Fishook property is located 11 kilometres southwest of the Damoti Lake gold deposit. The geological setting is similar to that of the Damoti Lake deposit consisting of folded, sulphidized, banded iron formation within a sedimentary stratigraphy. Gold is reported from twelve separate occurrences within the area, of which a number have been previously drilled. The majority of the holes were laid out to test shallow (less than 100 meters) mineralization. Drill intersection highlights include: 13.6 metres of 6.70 grams gold per tonne, 13.9 metres of 5.02 grams gold per tonne, 6.3 metres of 8.07 grams gold per tonne, 3.0 metres of 13.93 grams gold per tonne, and 1.6 metres of 19.78 grams gold per tonne. Merc is planning a surface mapping and prospecting program this summer and drilling will be contingent upon the results of that work.
Andy Lake Property
The property is located northwest of Damoti Lake and just east of Indin Lake. Historic work was limited to surface sampling of quartz stockwork veins in shear zones between volcanic rocks and granite intrusions where assays up 8.05 grams gold per tonne were reported. No drilling has been conducted in this area. Merc intends to prospect the showing as part of this summer’s field program.
West Cass Property
Located at the west end of Indin Lake, the West Cass property lies within the mafic volcanic – sedimentary rock contact zone, a setting similar to the Diversified, North Inca, Lexindin, and Kim gold deposits. Historic surface sampling of quartz veins returned assays up to 5.96 grams gold per tonne, and surface grab samples up to 52.8 grams gold per tonne. Three short holes were previously drilled to test the vein structure with assays as high as 7.80 grams gold per tonne reported. Additional work is planned by Merc in 2011 prior to drilling.
Knob Lake Property
The Knob Lake property is located 5.0 kilometres northeast of the Diversified Mine within a prominent shear zone cutting sedimentary rocks; a setting similar to that described for the Diversified and North Inca gold deposits. Historic sampling was limited to surface grab and channel samples taken from shear hosted quartz carbonate stockwork veins that returned values up to 8.35 grams gold per tonne. Drilling will be contingent upon the results of the 2011 summer work program.
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 209,763 acres or 84,888 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.
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.
David Wiley, President and CEO
Merc International Minerals Inc.
(416) 363-4567 (FAX)
Mehdi Azodi, Vice President Investor Relations
Merc International Minerals Inc.
(416) 363-4567 (FAX)