Merc Reports Multiple High-grade Gold Intercepts, Intersects New Zones At Treasure Island in NWT
May 31, 2011
Highlights include intersections for new and extended gold zones:
- 0.74 g/t Au over 215 metres, including 14.43 g/t Au over 4.0 metres in hole TI11-01B;
- 0.73 g/t Au over 238.4 metres, including 72.90 g/t Au over 0.87 metres in hole TI11-03B;
- 12.59 g/t Au over 1.25 metres including 31.1 g/t Au over 0.5 metres in hole TI11-01; and
- Gold system extended to 250 metres vertical depth – open at depth and along strike
TORONTO, May 31, 2011 /CNW/ – Merc International Minerals Inc. (“Merc”) (TSX Venture: MRK) is pleased to report the completion of the first phase of its 2011 drilling program on its Indin Lake greenstone belt projects. Eighteen holes were drilled (4,319 metres) on the Treasure Island, Diversified, and North Inca properties. Visible gold was observed in nine of the initial drill cores. This release reports the results of the first five holes drilled at Treasure Island. All five holes intersected gold mineralization. New zones were discovered near surface and at depth, including several high-grade gold zones. Drilling has established the width of this gold system to over 200 metres, and it remains open along strike and at depth. A historic drill hole intersected similar mineralization over four kilometres to the east at Laurie Lake, indicating the untested potential of this mineralized corridor. Assay results are pending for the thirteen holes completed at Diversified and North Inca.
David Wiley, President and CEO of Merc commented: “We’re exceptionally pleased with the results of our exploration efforts on the property. The program met our objectives of confirming historic gold mineralization along a 200 metre strike length, within a zone of up to 200 metres width and to depths of as much as 250 metres. The results from this program coupled with the detailed historical data we have been able to compile for this mineralized system will enable our geologic team, lead by Dr. Michael Byron, to continue to further advance exploration efforts on our approximate 85,000 hectare land package. Drilling is scheduled to resume in June, following the spring break-up.”
Treasure Island Results
Drilling at Treasure Island targeted a robust gold system (see assay composite table) of stacked mineralized zones associated with a 200 metre wide envelope of silicification near the volcanic rock-sedimentary rock contact. With these results, Merc accomplished its primary objectives of confirming historic reports of gold along this contact region, testing and extending existing zones in all dimensions, and confirming new zones at depth. Assay highlights include 12.59 grams per tonne gold (“g/t Au”) over 1.25 metres including 31.1 g/t Au over 0.5 metres from TI11-01 confirming the New South Zone in this area; 14.43 g/t Au over 4.0 metres including 98.60 g/t Au over 0.5 metres from TI11-01B extending the New South Zone an additional 150 metres down dip; 44.95 g/t Au over 1.43 metres, including 72.90 g/t Au over 0.87 metres from TI11-03B representing a new high-grade zone at a vertical depth of 250 metres. Shallow mineralization was intersected by all holes within mafic volcanic rocks immediately north of the Gamble Dyke, a quartz-feldspar porphyry dyke that runs parallel to the volcanic rock – sedimentary rock contact. This new zone was traced for over 150 metres and remains open in all dimensions, representing an additional target opportunity.
Treasure Island, the northern most property in Merc’s Indin Lake Gold Camp land package, is located 265 kilometres north of Yellowknife, Northwest Territories (“NWT”), and lies within a 6 km mineralized corridor that hosts several high-priority gold showings. The area between the main deposit and the East Zone (600 metres east) remains untested, as does the 4 kilometres that separates Treasure Island from the Laurie Lake showing to the west, which leaves more than 95% of this mineralized corridor yet to be drill tested. Mineralization similar to Treasure Island’s Main Zone (historical drill intercepts of 34.0 g/t Au over 1.1 metres and surface trench samples up to 73.2 g/t Au) has been reported to the east and west and highlights the opportunities available within the corridor.
The reported high-grade intersections are continuous for over 150 metres along strike (open) and down dip (open). New high-grade gold zones were also discovered at depth within altered sedimentary rocks, and near surface within the mafic volcanic host rock. Treasure Island represents an exciting new opportunity for Merc as this initial drill program signals the project’s potential for advancement towards a near surface bulk mineable prospect as well as a high-grade vein type deposit.
To view a map of the Treasure Island – Laurie Lake Area, please go to http://files.newswire.ca/926/TreasureIsland.pdf
Assay composites define gold mineralized envelope
(sedimentary rock/volcanic rock corridor)
|Drill Hole||From (metres)||To (metres)||Core Lenght* (metres)||g/t Au|
|Highlights of Gold Intersections from Treasure Island|
|Drill Hole||From (metres)||To (metres)||Core Lenght* (metres)||g/t Au|
* Lengths are reported as core lengths. True widths are unknown at this time.
Diversified and North Inca Drilling
Merc has completed thirteen core holes to test the targets at the North Inca and Diversified properties. Assay results are pending and will be released expeditiously once they are received.
North Inca Deposit
The North Inca deposit consists of 3 parallel, north striking quartz veins of variable widths. Historical development on the site was limited to vertical depths of less than 100 metres, leaving the deposit open to exploration at depth. Moreover, the en-echelon nature of the vein sets indicates the potential for the deposit to continue along strike as well. Six historic holes were drilled 500 metres north of the North Inca deposit testing quartz veining believed to be the deposit’s northern extension. Assay results returned an average grade of 16.20 g/t Au over an average width of 1.4 metres.
Historical mineralization at North Inca includes a 183 metre section of vein within the shaft area that averaged 15.08 g/t Au over 1.5 metres between depths of 48.7 metres to 91.4 metres. Historical surface trenching also returned high-grade mineralization including 25.7 g/t Au over 4 metres.
The Diversified deposit shares similar characteristics to the North Inca deposit and is located approximately 1.2 kilometres to the north. The deposit’s “Main Zone” has been traced for 220 metres on both the 54 metre and 145 metre levels, with an average grade of 9.60 g/t Au over 1.67 metres on the 54 metre level, and 17.30 g/t Au over 1.61 metres on the 145 metre level. A historical hole drilled in the vicinity of the shaft area intersected 25.71 g/t Au over 4 metres, attesting to the high-grade nature of the deposit’s mineralization.
Merc is scheduled to resume its ongoing drill programs at its Diversified and North Inca targets in early June after the spring breakup. At that time an extensive prospecting and mapping program will also be initiated on several other high-priority deposits and mineralized showings within the Indin Lake Gold Camp, including both the Treasure Island and Diversified mineralized corridors.
Merc recently added to its land package (see April 26, 2011 news release athttp://www.mercinternational.ca/newsReleases/2011/April26-2011.pdf) consolidating much of the Indin Lake greenstone belt. Merc currently controls 209,763 acres or 84,888 hectares, ground that contains two historical gold mines with underground workings, several gold deposits, and numerous showings; all lying within kilometres of the former producing Colomac Gold Mine.
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 209,763 acres or 84,888 hectares in the Indin Lake Gold Camp, located approximately 200 kilometres north of Yellowknife, NWT.
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.