Merc Mobilizes Drill to Damoti Lake Gold Project
02 April 2009 - 8:46PM
Marketwired
Merc International Minerals Inc. ("Merc") (TSX VENTURE: MRK) is
pleased to announce the mobilization of drilling equipment to its
Damoti Lake Gold Project, located 200 km north of Yellowknife,
Northwest Territories.
Between March 22 and March 25, 2009, Merc mobilized drilling and
related equipment into the Damoti site utilizing a winter road. At
the same time, additional claims were staked contiguous to the
original Damoti claims along strike to the north of the known
resource area and to the west along the volcanic rock/sedimentary
rock contact, an area of known historic gold surface showings.
Drilling activities in and around the Horseshoe deposit (the main
portion of the currently defined resource) are expected to start in
June 2009. Several other drill ready targets have also been
identified on the property including the Lard, Red Mountain, North
Horseshoe, Pink Antler, L.A. North, Lookout, Knob Hill, and Runway
zones and the Granite showing.
In the past two quarters activities have consisted of: (a) a
detailed compilation and quality control analysis of all previous
work including several historic diamond drill programs; and (b) the
re-modeling of all the geological data with the goal of increasing
the overall resource in and around the Horseshoe deposit. This work
has formed the basis for the 2009 drill program.
As described in a press release dated September 17, 2008 Merc
acquired 100% of Anaconda Mining Inc.'s interest in the Damoti Lake
Gold Project, a contiguous land package that extends over 2,849
hectares in six mining leases. Merc acquired its interest in the
project by paying Anaconda Mining Inc. $250,000 and issuing
Anaconda Mining Inc. 1,250,000 Merc common shares. The agreement is
subject to an existing 2% net smelter royalty.
In other news Merc filed its second quarter financial statements
for fiscal 2009 on April 1, 2009. These results included a write
off of the deferred exploration costs on the Borthwick Lake Project
in the amount of $343,478. In December 2008, Merc and the optionor
of the Borthwick Lake Project, acknowledging that there has been an
event of force majeure related to a local First Nation community
restricting access to the Borthwick Lake Project, agreed that
Merc's obligations under the Borthwick Lake Project option
agreement be in held in abeyance until the event of force majeure
is resolved. As well, subsequent to the end of the second quarter,
one significant claim was re-staked by another party. As a result
of these two events, management determined it is unlikely that Merc
will proceed with exploration activities on the property and the
costs associated with the Borthwick Lake Project were written
off.
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.
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.
Contacts: Merc International Minerals Inc. Dr. Michael Byron
705-560-2382 705-560-0765 (FAX) mbyron@mercinternational.ca
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