Merc Prospecting Yields Additional High-grade Gold Zones At Indin Lake
September 12, 2011
-Samples assay 39.70 g/t Au, 36.60 g/t Au at Echo-Indin; 35.40 g/t Au at Leta Arm –
TORONTO, Sept. 12, 2011 /CNW/ – Merc International Minerals Inc. (“Merc”) (TSX Venture: MRK) announces results of its recently completed prospecting program on its Indin Lake Gold Project in the Northwest Territories with grab sample assays reported grading up to 39.7 grams per tonne gold (“g/t Au”).
A summer 2011 surface sampling and prospecting program concentrating on six main target areas has confirmed the presence of three significant gold prospects; the Echo-Indin trend, Zone 4 and Johnson Island. These top prospects lie within the West Bay – Indin Lake Fault corridor along the western portion of the Indin Lake greenstone belt. Prospecting teams noted six instances of visible gold in the samples taken.
Highlights from the six main targeted areas include:
- Echo-Indin: Surface sampling reports three assays greater than 30.0 gram per tonne gold (“g/t Au”); thirteen assays greater than 4.0 g/t Au; and twenty-two assays greater than 1.0 g/t Au. These results clearly identify Echo-Indin as a high-priority target, opening up this new region for exploration (see chart below).
- Zone 4: This zone is a 250 metre long shear zone located on the west shore of Leta Arm Fault Zone (“LAFZ”) across from the Lexindin gold deposit. Mineralization consists of quartz-carbonate veins with minor pyrite and pyrrhotite. Grab samples assayed up to 8.81 g/t Au (see chart below).
- Zone 8: Prospecting has outlined gold mineralization along strike to the north of the North Inca West veins. Here, visible gold was observed in silicified basalts with assays up to 35.40 g/t Au (see chart below).
- Johnson Island: Sampling identified two priority areas that returned substantial results including Zone 9 samples that assayed up to 13.85 g/t Au. Assays for Zone 12, located further to the south, reported up to 7.93 g/t Au located further to the south (see chart below). Two historical holes drilled just north of the island intersected quartz stringers in a contact related sericite-carbonate, pyrite, pyrrhotite alteration. These occurrences suggest that the North Inca and Diversified mineralization extends at least 1.5 kilometres further south.
- Zones 1, 2, 6 and 10: Anomalous assay results are also reported for surface samples (see plan map below).
- JPK Gold Property: Surface sampling along a 3.0 kilometre section of the iron formation assayed up to 12.10 g/t Au (see chart below) confirming historic sampling reported up to 15.63 g/t Au. No drilling has been reported for this area, and as such, JPK represents an underexplored target with significant upside potential.
Reconnaissance surface sampling at Treasure Island, Laurie Lake, and JPK has confirmed the historical mineralization. Additional sample results are pending.
Merc President and CEO, David Wiley, commented, “Our summer prospecting efforts have identified several new drill targets at our Indin Lake Gold Project. Today’s reported assay results are a clear indication that the gold system contained within our land package extends well beyond our current drilling focus. Through upcoming drill programs we will not only continue to explore along the Leta Arm Fault Zone where Diversified and North Inca lie, but we also intend to mobilize drills in the Echo-Indin area to follow up on what have now become priority drill targets – alongside areas currently being drilled. Importantly, vast areas of prospective ground remain completely unexplored across our 209,763 acre land package. We fully expect that our recently completed airborne magnetometer and VLF surveys will identify new targets bearing the same signatures as areas of known mineralization on our property.”
Echo-Indin Gold Property
Exploration (circa 1940) at Echo-Indin included surface sampling and diamond drilling. Drilling targeted quartz stock-works in gold mineralized shear zones that extend for several hundred metres in metavolcanic rocks. Merc field activities focused on locating historical drill setups, surface trenches, and confirming (and extending) reported gold mineralized shear zones.
Showings up to 1.5 kilometres north of Echo-Indin at Goose Lake and Lucky Lake appear to represent the extension of the Echo-Indin mineralized shear zone. Known occurrences are within a 1.0 metre to 8.0 metre wide shear zone containing quartz-carbonate veins and veinlets with pyrrhotite, arsenopyrite, stibnite, and pyrite within silicified basalts. Cross-fractures of flat lying quartz veins were also noted.
Surface sampling at Echo-Indin reports three assays greater than 30.0 g/t Au, thirteen assays greater than 4.0 g/t Au, and twenty-two assays greater than 1.0 g/t Au. These results clearly identify Echo-Indin as a high-priority target, opening up this new region for exploration.
Leta Arm Fault Zone (LAFZ)
The LAFZ lies within, and parallel to, the northern extension of the West Bay – Indin Lake Fault Zone; a major regional structure hosting the former producing Giant and Con gold mines to the south (13 million ounces of historic gold production). The LAFZ is a broad structure that transects the central portion of the Indin Lake Belt, and hosts four historic gold deposits (Diversified, North Inca, Lexindin, Number 3) and several gold showings.
Prospecting activities were concentrated within 14 zones in the LAFZ as defined by historical gold showings and geological constraints. Summary results are presented in the tables below.
Zone 4 is a 250 metre long shear zone located on the west shore of LAFZ across from the Lexindin gold deposit. Mineralization consists of quartz-carbonate veins with minor pyrite and pyrrhotite. Grab samples assayed up to 8.81 g/t Au.
|Sample No.||Area||g/t Au|
Zone 8 (North Inca West Vein extension)
Prospecting in Zone 8 has outlined gold mineralization along strike to the north of the North Inca West veins. Here, visible gold was observed in silicified basalts with assays up to 35.40 g/t Au.
|Sample No.||Area||g/t Au|
Sampling identified two priority areas on Johnson Island that returned substantial results. In particular, Zone 9 samples that assayed up to 13.85 g/t Au. Significant assays are also reported for Zone 12, located further to the south, (up to 7.93 g/t Au), located further to the south. Samples were taken from quartz-carbonate veins in mineralized shear zones. Two historical holes drilled just north of the island intersected quartz stringers in a contact related sericite-carbonate, pyrite, pyrrhotite alteration. These occurrences suggest that the North Inca and Diversified mineralization extends at least 1.5 kilometres further south, and thus represents a highly prospective exploration target.
|Sample No.||Area||g/t Au|
Leta Arm Regional
Anomalous assay results are also reported for surface samples taken from Zones 1, 2, 6 and 10. In summary, the majority of the areas prospected within the LAFZ have returned anomalous gold values thus further defining this trend as one of great interest to the company.
|Sample No.||Area||g/t Au|
To see the map accompanying this release, please click here: http://files.newswire.ca/926/SurfaceSample.pdf
JPK Gold Property
JPK lies 500 metres east of Treasure Island. It consists of iron formation hosted gold mineralization, geologically similar to Merc’s Damoti Lake Gold Property, and the Lupin Gold Mine. Surface sampling along a 3.0 kilometre section of the iron formation assayed up to 12.10 g/t Au confirming historic sampling reported up to 15.63 g/t Au. No drilling has been reported for this area, and as such, JPK represents an underexplored target with significant upside potential.
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.