Merc Increases Land Position at Its Damoti Lake Gold Project
09 April 2009 - 5:30PM
Marketwired
Merc International Minerals Inc. ("Merc") (TSX VENTURE: MRK) is
pleased to announce the staking of mineral claims contiguous to its
Damoti Lake Gold Project. Additional ground was acquired along
strike of the host iron formation to the north of the resource area
and to the west along the volcanic rock/sedimentary rock contact,
an area of known historic gold surface showings. Approximately
1,542 hectares were staked, adding to Merc's previous land holdings
of 2,849 hectares.
In a recent news release (April 2, 2009) it was reported that
mobilization of a diamond drill rig and drilling equipment to the
Damoti Lake Gold Project, located 200 km north of Yellowknife,
Northwest Territories, was completed in preparation for a 6,000
metre drill program scheduled for early June 2009. The Damoti Lake
Gold Project has been the focus of several previous surface
exploration and diamond drill programs, some of which have produced
resource estimates as illustrated in the table provided below.
Damoti Lake Gold Project - Historic Resource Calculations
----------------------------------------------------------------------------
Total
Gold Grade Ounces of
Resource Author & Date Resource Category Tonnes (grams/tonne) Gold
----------------------------------------------------------------------------
(i) Sierra Mining & Geologic Resource 2,084,164 9.238 618,518
Engineering, July 1997
(non NI 43-101
compliant)
----------------------------------------------------------------------------
(i) R.H. Russell, Inferred 461,654 15.059 223,517
January 2004
(non NI 43-101
compliant)
----------------------------------------------------------------------------
(ii) P & E Mining Measured 40,600 26.17 34,200
Consultants Inc., & Indicated
December 2005 ---------------------------------------------------
(NI 43-101 compliant) Inferred 17,800 16.38 9,400
----------------------------------------------------------------------------
(i) These historical resource calculations are believed relevant but should
not be relied upon until verified. These historical estimates did not use
mineral resource categories as stipulated in NI 43-101.
(ii) Resource calculated with an 8 gram gold per tonne cutoff to facilitate
the evaluation of a small high-grade mining operation restricted to the
Horseshoe zone.
The Company's ongoing 2009 exploration program is designed to
expand upon the known resource and consists of compiling all
historical data, auditing historical resource estimates,
constructing an updated three dimensional deposit model, defining
and testing drill targets, and initiating a NI 43-101 resource
estimate for the entire deposit. Twenty to thirty drill holes are
planned to infill priority target areas within the current resource
and to extend the mineralized zones along strike and to depth
within the Horseshoe and Pyrite Zones. Drilling will also focus
along the mineralized structures immediately west of the Horseshoe
Zone within the Red Mountain, Pink Antler and Lookout Zones.
In November 2008, Merc secured $2.0 million in flow-through
financing to support the 2009 Damoti drill program, which is
expected to be completed by October 2009. In late 2009 an updated
NI 43-101 complaint resource will be completed using all drilling
to date within the Horseshoe zone (135 drill holes) as well as the
drilling completed in the 2009 program (20 to 30 holes). This NI
43-101 compliant resource will make use of approximately 63 holes
not included in the 1997 and 2004 resource estimates. Management
believes this should result in an increase to the previous resource
figures.
In other news Merc announces that it has granted Dr. Michael
Byron, Merc's CEO, 670,000 options to purchase Merc's common shares
at a price of $0.25 on or before April 7, 2012.
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 info@mercinternational.ca
Merc International Minerals Inc. (TSXV:MRK)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Merc International Minerals Inc. (TSXV:MRK)
Historical Stock Chart
Von Jul 2023 bis Jul 2024