TORONTO, March 24 /CNW/ - Merc International Minerals Inc. (TSX-V:MRK) ("Merc") announced today that it has commenced a 7,000 metre diamond drill program on its Indin Lake area gold properties located approximately 200 kilometres north of Yellowknife, Northwest Territories ("NWT"). Drilling recently began with one rig on the Treasure Island property and a second rig is expected to commence drilling shortly at the Diversified and North Inca deposits.
"Merc's recently consolidated land package, resides within an underexplored structural corridor that historically produced several million ounces of gold," said Merc President and CEO, David Wiley. "After our recent financing Merc is well-funded and affords investors a unique opportunity to participate in a large area gold play containing multiple, prospective targets supported by high-grade historical data within a land package comprising approximately 61,000 acres. The potential compares well to other major regional structures that host gold camps, such as the Destour-Porcupine Fault Zone and Kirkland Larder Lake Break. The combination of high-grade gold mineralization derived from historical data; the fact the mineralization has yet to be tested at depth and along strike; and the untested potential that several more mineralized vein systems may exist within this broad structural corridor is why we believe this is one of Canada's most underexplored gold camps."
Located north-east of the past producing Colomac gold mine, the Treasure Island mineralized corridor represents a priority target for Merc as it contains the Treasure Island gold deposit as well as several additional gold showings along its 6 kilometre strike length. The main deposit is made up of at least five parallel, mineralized gold zones within a highly altered and silicified 200 metre wide envelope, up to 230 metres in strike with a reported historical grade from 5.2 grams per tonne gold ("g/t Au") up to 12.6 g/t Au. Zones remain open in all dimensions. The style of mineralization is similar to typical Archean lode gold camps such as Timmins, Red Lake, and Kirkland Lake.
Drilling is now in progress on the Treasure Island main deposit targeting sub-vertical stacked gold zones. Mineralization in a quartz feldspar dyke represents the closest gold zone to the main formational contact. All zones run parallel to the mafic volcanic/sedimentary rock contact within this regional deformation zone. Initial drilling will involve one rig (2,000 metres) focused on confirming historical high-grade intercepts, stacked zone morphology, potential for expansion of zones along strike and to depth, and for the discovery of new zones. Mineralization similar to Treasure Island's main zone has been reported to the east and west (historical drill intercepts of 34.0 g/t Au over 1.1 metres, and surface trench samples up to 73.2 g/t Au), highlighting the opportunities available within the corridor.
A second drill has been moved to the Diversified and North Inca deposits and will begin a 5,000 metre drill program within the next week. The two deposits lie along the northern portion of the West Bay - Indin Lake fault corridor, a 200 kilometre long structure that hosts the past producing Giant and Con gold mines (13 million ounce gold production) to the south, and the Colomac gold mine (500,000 ounce gold production), North Inca, and Diversified deposits which lie within its northern extent. Several other notable gold deposits are located within the core of this structure including the Lexindin, Echo Indin, Cass, Kim, and Treasure Island deposits.
The North Inca, Diversified, and Lexindin deposits were discovered and developed in the late nineteen forties and early nineteen fifties and are characterized by numerous high-grade vein systems developed within a 6.5 kilometre portion of the West Bay-Indin Lake Fault (Diversified Mineralized Corridor). Deposits lie within a highly altered shear zone up to 400 metres wide hosting both parallel and extension vein systems open in all dimensions. The last exploration program in the area was in 1988.
In order to maximize Merc's opportunity for drilling strategic lake (ice) setups, the Treasure Island drill will be relocated to the Diversified Mine upon completion of the initial Treasure Island program. Fuel has already been stored at the Diversified site to facilitate the continuation of drilling into late summer.
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 approximately 61,000 acres or 25,000 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.
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.
