Merc Intersects 6.86 G/t Gold Over 26.0 Metres, Including 44.34 G/t Gold Over 3.5 Metres At North Inca, NWT
June 15, 2011
Highlights include the following intersections:
- 6.86 g/t Au over 26.00 metres, including 44.34 g/t Au over 3.45 metres from hole NI11-02;
- 7.23 g/t Au over 11.75 metres, including 11.38 g/t Au over 7.40 metres from hole DV11-02C; and
- 1.82 g/t Au over 23.00 metres, including 2.21 g/t Au over 6.00 metres from hole NI11-01
TORONTO, June 15, 2011 /CNW/ – Merc International Minerals Inc. (“Merc”) (TSX Venture: MRK) announced today the results from the final 12 holes of the recently completed 2011 Phase I drill program at its Treasure Island, North Inca, and Diversified gold projects. Of the 17 holes drilled (4,319 metres total) on the three Indin Lake greenstone belt properties, visible gold was reported in 11 of the holes and all holes intersected gold mineralization.
Merc President and CEO, David Wiley, commented, “We believe that these results are further evidence that a high-grade gold system is present within Merc’s expansive Indin Lake land position. The Phase I program has validated our approach to exploring the Indin Lake greenstone belt and far exceeded our expectations. We are finding that the widths associated with our gold intercepts are much more substantial than what the historical data had led us to believe. Furthermore, the zones tested to date continue to be open in all directions. The Phase II program will focus on extending and potentially connecting the deposits along strike, which will enable us to begin defining one or multiple ore bodies.”
North Inca and Diversified Results
Merc drilled five holes at its North Inca project and assay highlights include 6.86 gram per tonne gold (“g/t Au”) over 26.0 metres, including 44.34 g/t Au over 3.45 metres from drill hole NI11-02; 1.60 g/t Au over 19.85 metres, including 5.26 g/t Au over 3.15 metres from drill hole NI11-01B; 1.82 g/t Au over 23.00 metres, including 8.98 g/t Au over 1.51 metres from drill hole NI11-01; and 7.18 g/t Au over 2.50 metres from drill hole NI11-02C. These results confirm the high-grade nature of the North Inca mineralization while demonstrating, for the first time, the substantial widths of the gold zones.
Merc drilled seven holes at its Diversified project and assay highlights include 7.23g/t Au over 11.75 metres, including 11.38 g/t Au over 7.40 metres from drill hole DV11-02C; 8.64 g/t Au over 1.95 metres from drill hole DV11-02; 3.25 g/t Au over 7.79 metres from drill hole DV11-01; and 9.33 g/t Au over 1.17 metres from drill hole DV11-03. These results extend the high-grade mineralization to new depths and confirm the potential for significant zone widths.
To view a North Inca map please visit: http://files.newswire.ca/926/NorthInca.pdf
Highlights of Gold Intersections from Diversified and North Inca
|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.
Merc recently reported on the results of the five Treasure Island drill holes, all of which intersected gold mineralization, while collectively defining a 200 metre wide mineralized corridor open at depth and extending for a projected strike length upwards of six kilometres (see May 31, 2011 news release at http://www.mercinternational.ca/newsReleases/2011/MAY31-2011.PDF).
Merc has resumed its ongoing drill programs at Diversified and North Inca, kicking off Phase II in early June. Soon the drilling will begin testing the area between the North Inca and Diversified deposits. Merc believes significant opportunities exist within the 500 metre wide mineralized structure that runs between and beyond North Inca to the south and Lexindin to the north, a distance of 2.5 kilometres. Additional historical gold showings along the Leta Arm Fault Zone extend the target area to an excess of six kilometres. An extensive prospecting and mapping program on several other high-priority deposits and mineralized showings within the Indin Lake gold project was also initiated in early June, including both the Treasure Island and Leta Arm Fault Zone.
About the Diversified Corridor
The Diversified Corridor lies 210 kilometres north of Yellowknife, Northwest Territories, along the northern extension of the West Bay – Indin Lake Fault Zone (WBILFZ); a major regional structure hosting the former producing Giant and Con Gold mines to the south (13 million ounces of historic gold production). The Leta Arm Fault Zone, a 500 metre wide structural corridor within the northern extension of the WBILFZ, transects the central portion of the Indin Lake Belt, hosting four historic gold deposits (Diversified, North Inca, Lexindin, Number 3), as well as several gold showings.
Exploration shafts and limited underground development were completed on the North Inca and Diversified deposits in the 1940’s to explore multi-stage quartz veins characterized by high-grade gold mineralization. The Diversified deposit lies 1.3 kilometres north of North Inca with the Number 3 deposit lying between them and the Lexindin deposit an additional1.2 kilometres north of the Diversified. All deposits are open laterally and vertically suggesting the possibility that they are part of a single large system.
North Inca Deposit
North Inca consists of at least 3 parallel north striking silicified zones of variable widths. Historical development 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. Phase I drilling was designed to test the East Zone, the eastern most mineralized zone within host metasedimentary units. Five holes were drilled from three lake setups to validate the limited historical data, expand zones to depth, and test for new zones laterally. Results to date are encouraging as several high-grade intersections are reported, with zone widths much wider than previously recognized. Phase II drilling is currently in progress testing two near surface mineral zones located 150 metres west of the East Zone within host metavolcanic rocks. North Inca remains a prime target, and one that Merc believes has the grade and widths to warrant a continued and rapid ongoing exploration program.
The Diversified deposit shares similar characteristics to the North Inca deposit. The deposit’s “Main Zone”, which lies within metasedimentary rocks, has been traced for 220 metres based upon historical drilling and underground development. Merc’s Phase I drilling has confirmed the high-grade nature of the deposit’s mineralization, defined zone widths that significantly exceed those previously reported, and extended the high-grade mineralization to new depths. All mineralized zones remain open laterally and to depth.
The Lexindin Deposit is located approximately 1.2 kilometres north of the Diversified shaft. Tensional, en-echelon, quartz veins lying obliquely to branches of the main shear zone make up the mineralized zones at Lexindin. Veins dip steeply north within the 40 metre to 60 metre wide shear zone and open-up laterally with increased depth. Exploration drilling has been limited to less than 150 metres vertical depth with historical intersections of 113.80 g/t Au over 3.05 metres, 18.85 g/t Au over 1.53 metres, and 22.97 g/t Au over 2.37 metres. Initial drilling at Lexindin will be part of our Phase II program with the goal of establishing mineralized continuity between the various deposits within the Leta Arm Fault Zone.
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.
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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.