Merc Acquires Damoti Gold Resource-Updates Activities
05 August 2008 - 4:08PM
Marketwired Canada
Merc International Minerals Inc. ("Merc") (TSX VENTURE:MRK) is pleased to
announce that it has executed an option agreement to acquire 100% of Anaconda
Mining Inc.'s interest in the Damoti Lake gold project in the Northwest
Territories.
The Damoti Lake gold project is located 200 km north of Yellowknife, Northwest
Territories and extends over 2,849 hectares of land in six mining leases. An
independent, National Instrument 43-101 compliant resource estimate was
completed in September 2005 for Anaconda Mining Inc. ("ANX"). Using a cut-off
grade of 8 grams gold per tonne, the measured and indicated mineral resource
estimate for the Horseshoe deposit totaled 40,600 tonnes grading 26.17 grams of
gold per tonne, with a further inferred mineral resource estimate of 17,800
tonnes grading 16.38 grams of gold per tonne.
The Damoti Lake gold project was also the subject of a 1996 underground
exploration program, as well as a historical, 1997 non National Instrument
43-101 compliant resource estimate and a historical, 1997 non National
Instrument 43-101 compliant preliminary economic analysis by Sierra Mining &
Engineering of Reno, Nevada. Additional information with respect to the Damoti
Lake gold project, including the results from the historical exploration
programs and studies, are contained in a technical report dated December 15,
2005, filed on SEDAR by ANX and entitled "Technical Report and Resource Estimate
on the Damoti Lake Property, Northwest Territories, Canada". This report was
prepared by Mr. Eugene Puritch, P.Eng., of P&E Mining Consultants Inc. Mr.
Puritch and P&E Mining Consultants Inc. are both independent of both ANX and
Merc.
The results from the last two drill programs completed in 2004-2005 on the
Damoti property are as follows:
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PHASE 2 DRILLING PROGRAM 1,300 m in 19 holes
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Hole From (m) To (m) Intersection (m) Grade (g Au/t)
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Horseshoe Zone
D04-344 30.15 32.15 1.0 13.03 Delineation Hole
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Horseshoe Zone
D04-345 No significant values Delineation Hole
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Horseshoe Zone
D04-346 94.65 99.50 4.40 4.43 Delineation Hole
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Horseshoe Zone
D04-347 84.30 86.65 2.35 19.73 Delineation Hole
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Horseshoe Zone
D04-348 63.30 64.43 0.83 30.79 Delineation Hole
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Horseshoe Zone
D04-349 63.80 65.70 1.90 35.84 Delineation Hole
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Horseshoe Zone
D04-350 No significant values Delineation Hole
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Horseshoe Zone
D04-351 97.45 98.35 0.90 7.24 Delineation Hole
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D04-352 99.35 102.80 3.50 3.6 Exploration Hole
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110.00 111.00 1.00 12.98
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D04-353 25.55 27.10 1.55 14.56 Exploration Hole
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Horseshoe Zone
D04-354 5.90 6.57 0.67 504.09 Delineation Hole
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9.15 9.50 0.35 42.14
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Horseshoe Zone
D04-355 24.80 27.50 3.30 6.76 Delineation Hole
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32.00 32.40 0.42 14.60
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48.85 41.60 0.75 10.66
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Horseshoe Zone
D04-356 15.85 8.10 2.25 31.34 Delineation Hole
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Including 15.85 16.42 0.57 96.69
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Horseshoe Zone
D04-357 No significant values Delineation Hole
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Horseshoe Zone
D04-358 6.52 7.84 1.32 19.32 Delineation Hole
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21.22 22.78 1.56 11.85
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Horseshoe Zone
D04-359 No significant values Delineation Hole
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Horseshoe Zone
D04-360 64.80 75.33 10.53 63.48 Delineation Hole
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80.77 82.60 1.83 15.68
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D04-361 66.35 77.60 11.25 32.21 Delineation Hole
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Horseshoe Zone
D04-362 22.17 23.47 1.30 21.84 Delineation Hole
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PHASES 3 DRILLING PROGRAM 1,470 m in 13 holes
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D05-363 No significant results Exploration Hole
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D05-364 No significant results Exploration Hole
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D05-365 14.00 17.02 3.02 2.04 Exploration Hole
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D05-366 No significant results Exploration Hole
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D05-367 No significant results Exploration Hole
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D05-368 No significant results Exploration hole
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D05-369 227.23 228.40 1.17 10.37 Exploration Hole
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D05-370 227.50 229.24 1.74 4.04 Exploration Hole
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D05-371 26.22 26.59 0.37 4.71 Exploration Hole
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D05-372 No significant results Exploration Hole
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D05-373 35.40 37.63 2.23 4.55 Exploration Hole
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D05-374 103.60 106.60 2.50 11.77 Exploration Hole
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Horseshoe Zone
D05-375 74.40 78.01 3.61 33.88 Step Out Hole
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Numerous drill ready targets exist on the property including the Lard, Red
Mountain, North Horseshoe zones as well as the Granite showing. Merc intends to
re-model all the geological data with a goal of increasing the overall resource.
Under the terms of the agreement, Merc can acquire a 100% interest in the Damoti
Lake gold project from ANX subject to an existing 2% net smelter royalty by
paying CDN$250,000 and issuing ANX 1,250,000 Merc common shares. The option
agreement is scheduled to close on or before August 31, 2008 and is subject to
the approval of the TSX Venture Exchange. ANX owns a 100% interest in mining
lease DAM 3 that holds the Horseshoe Zone deposit and an 80% interest in the
balance of the Damoti Lake mining leases.
Borthwick Lake - Ontario
The proposed 2008 exploration over the Borthwick Lake gold-silver property
located 200 km. north of Red Lake Ontario has been delayed while Merc consults
with the Sandy Lake First Nation. Merc remains hopeful that community
consultations will allow ground access in the near future but Merc cannot
guarantee that an agreement will be reached.
Lingman Lake - Ontario
Compilation work completed on Merc's Lingman Lake gold property located 325 km
north of Red Lake Ontario has confirmed that the West zone and NW zone
mineralization are open along strike. Exploration work completed in 1998 for
Echo Bay Mines Ltd. and Wolfden Resources Inc., identified the surface
expression of the zones roughly 75 metres west of the previous drilling. The
surface expression of the West zone returned 6.57 grams gold per tonne over 2.5
metres, while the surface expression of the NW zone returned 9.02 grams gold per
tonne over 1 metres. Two new showings were also identified to the north with the
northernmost one returning 8.98 grams gold per tonne over 1 metre. (Work
Programme On The Lingman Lake Property by VYTYL Exploration Services, Aug. 20,
1998.)
Merc is continuing to discuss the potential of consolidating the Lingman Lake
land package (Press Release May 3, 2008) prior to completing any field work.
The foregoing disclosure is based on exploration data and geological reports
supplied by ANX that have been reviewed and compiled by Richard A. Graham,
Geol., who is a qualified person for the purpose of National Instrument 43-101.
Mr. Graham is an independent qualified person as defined by NI 43-101 and has
reviewed the contents of this press release.
Merc is a junior exploration company that offers shareholders leverage to
gold-silver by acquiring projects with historic resource estimates that have the
geological potential to be enhanced through both modern day exploration and
dramatically higher gold-silver prices.
This news release may contain forward-looking statements based on assumptions
and judgments of management regarding future events or results. Such statements
are subject to a variety of risks and uncertainties which could cause actual
events or results to differ materially from those reflected in the
forward-looking statements. The Company disclaims any intention or obligation to
revise or update such statements.
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