Merc Discovers New Gold Zone Within the Red Mountain Syncline and Expands Mineralization at Damoti Lake Gold Project, NWT
12 November 2009 - 2:45PM
Marketwired
Merc International Minerals Inc. ("Merc") (TSX VENTURE: MRK) today
released encouraging results for the remaining nine drillholes from
its phase one drill program at the Damoti Lake Gold Project.
Drilling targeted the Red Mountain Syncline (located 150 metres
west of the Horseshoe Syncline where Merc had previously reported
high-grade drill results) and discovered a new gold zone within the
lower west limb and keel of the Red Mountain Syncline. Hole
D09-390B returned 7.86 grams gold per tonne (gpt) over 2.65 metres
(m), including 12.20 gpt over 0.60 m. Hole D09-392C intersected the
same zone 90 m north and returned 5.19 gpt over 4.80 m, including
18.65 gpt over 0.80 m, and 7.39 gpt over 3.60 m, including 9.35 gpt
over 1.60 m.
Other drill highlights include: 7.67 gpt over 2.0 m, including
18.80 gpt over 0.50 m; 8.69 gpt over 2.35 m, including 16.90 gpt
over 1.05 m; 8.07 gpt over 2.65 m, including 22.55 gpt over 0.65 m;
7.16 gpt over 3.0 m, including 15.95 gpt over 0.80 m.
President and CEO Dr. Michael Byron commented, "We are extremely
pleased with the success we have achieved from our first drill
program at Red Mountain. The number of multiple high-grade gold
intersections, the discovery of a new zone at depth, and the
continuity of mineralized zones, point to the untapped potential of
this underexplored fold. We now consider similar mineralized folds
elsewhere on the property, such as the Runway, Lard, and BIF Island
Synclines as having even greater potential for hosting new
discoveries and ultimately adding resource ounces."
Eight of nine holes intersected gold mineralization and seven
returned multiple gold zone intersections, significantly expanding
the continuity of shallow mineralization up to 160 m along strike
to a maximum dip length of 40 m, while remaining open both at depth
and along strike.
Dr. Byron added: "Of the 27 exploration holes drilled in our
initial campaign, 26 intersected gold values greater than 1.5 gpt,
for a 96% hit rate. Of the 26 holes, 20 holes, or 77%, intersected
multiple mineralized zones. These impressive hit rates are
indicative of the pervasive style of gold mineralization hosted
within the Damoti iron formation, and confirm this property's
exciting potential. We anxiously await our upcoming winter drill
program as we intend to aggressively pursue the exceptional and
underexplored gold opportunities present."
Results from the 9 drill holes include the following:
----------------------------------------------------------
Drill Hole From (m) To (m) Core Length(i) (m) Au (gpt)
----------------------------------------------------------
D09-390 4.00 6.00 2.00 7.67
----------------------------------------------------------
including 5.00 5.50 0.50 18.80
----------------------------------------------------------
34.20 36.70 2.50 2.23
----------------------------------------------------------
90.00 91.00 1.00 8.67
----------------------------------------------------------
including 90.00 90.50 0.50 15.25
----------------------------------------------------------
117.65 120.00 2.35 8.69
----------------------------------------------------------
including 117.65 118.70 1.05 16.90
----------------------------------------------------------
141.10 142.0 0.90 5.49
----------------------------------------------------------
143.40 146.50 3.10 4.64
----------------------------------------------------------
202.70 203.70 1.00 3.39
----------------------------------------------------------
D09-390B 105.95 108.60 2.65 8.07
----------------------------------------------------------
including 107.25 107.90 0.65 22.55
----------------------------------------------------------
144.40 146.00 1.60 5.40
----------------------------------------------------------
including 144.40 145.20 0.80 8.87
----------------------------------------------------------
221.00 223.65 2.65 7.86
----------------------------------------------------------
including 221.00 221.60 0.60 12.20
----------------------------------------------------------
including 222.60 223.65 1.05 8.56
----------------------------------------------------------
D09-390C 8.00 9.00 1.00 4.54
----------------------------------------------------------
26.20 28.70 2.50 4.20
----------------------------------------------------------
124.20 125.00 0.80 5.79
----------------------------------------------------------
D09-391 15.70 20.50 4.80 3.60
----------------------------------------------------------
including 18.00 18.75 0.75 9.69
----------------------------------------------------------
68.60 70.60 2.00 5.01
----------------------------------------------------------
D09-391B 20.00 21.50 1.50 4.22
----------------------------------------------------------
77.00 81.00 4.00 2.36
----------------------------------------------------------
including 79.30 80.00 0.70 6.22
----------------------------------------------------------
93.65 96.20 2.55 1.76
----------------------------------------------------------
D09-392 63.00 64.30 1.30 5.82
----------------------------------------------------------
70.00 71.00 1.00 3.43
----------------------------------------------------------
96.80 99.80 3.00 7.16
----------------------------------------------------------
including 97.50 98.30 0.80 15.95
----------------------------------------------------------
including 99.00 99.80 0.80 7.26
----------------------------------------------------------
160.00 165.00 5.00 3.16
----------------------------------------------------------
including 161.50 162.00 0.50 11.65
----------------------------------------------------------
178.50 179.20 0.70 4.61
----------------------------------------------------------
D09-392C 74.30 76.00 1.70 5.45
----------------------------------------------------------
167.25 169.50 2.25 2.66
----------------------------------------------------------
180.50 185.30 4.80 5.19
----------------------------------------------------------
including 181.00 181.80 0.80 18.65
----------------------------------------------------------
194.00 198.35 4.35 6.36
----------------------------------------------------------
including 194.00 195.00 1.00 7.48
----------------------------------------------------------
including 196.00 197.60 1.60 9.35
----------------------------------------------------------
D09-393 197.00 197.80 0.80 4.27
----------------------------------------------------------
(i)Lengths are reported as core lengths. True widths are not
known at this time.
Note: D09-392B reported no significant results as it failed
to intersect iron formation.
The Company's first drill program at Damoti was completed in
late September of 2009. A total of 27 holes were drilled (5,670 m)
with the goal of infilling the resource within the Horseshoe Zone,
validating historical drill results, exploring the Horseshoe
Syncline along strike and depth, and testing mineralized fold
structures west of the Horseshoe Syncline (in particular, the Red
Mountain Syncline). Results have shown excellent grade, widths, and
continuity of gold mineralization within the Horseshoe and Red
Mountain Synclines. Areas of high-grade mineralization are
developed within the top and basal portions of the iron formation
and as discrete mineralized zones that crosscut the main unit.
These zones are believed to be related to fractures/shears where
gold occurs in association with the sulphides. New gold zones have
now been discovered within the lower west limb and keel areas of
the Horseshoe and Red Mountain Synclines and remain open in all
dimensions.
In late 2009, Merc will carry out detailed ground magnetic and
electromagnetic surveys designed to identify new drill targets
throughout the 14 kilometres of iron formation within the Damoti
property. The winter drill program, planned for early 2010, will
follow up on results from the summer program and be broadened to
confirm and increase the high-grade gold BIF Island Zone located 4
kilometres northeast of the Horseshoe Zone, to expand the overall
resource, and to test targets generated by the geophysics
surveys.
In a recent news release (November 4, 2009) it was reported that
Merc had completed a non-brokered private placement offering of
7,288,648 flow-through shares at $0.43 per flow-through share for
gross proceeds of $3.1 million. Funds will be used on the upcoming
geophysics and winter drill campaign.
Quality Control
Merc International Minerals, Inc. has implemented a
quality-control program to ensure best practice in the sampling and
analysis of the drill core. NQ-size drill core is saw cut and half
the drill core is sampled in standard intervals not exceeding 1.5
metres in length while core from the main mineralized horizons or
core displaying visible gold or significant sulfides are sampled in
greater detail generally not exceeding 1 metre in length. The
remaining half core is stored in a secure location.
Core samples are transported in security-sealed bags for
analyses at ALS Chemex Assay Laboratory in Vancouver, BC. ALS
Chemex is an ISO 9001:2000 certified laboratory. Gold assaying is
done by a fire assay - atomic absorption spectrometry method on a
30-gram charge of a 1000 gram pulp. Samples returning values
exceeding 3 gpt Au are re-checked by fire assay with a gravimetric
finish. Pulp and metallics assaying for gold is conducted on the
entire pulverized sample for all samples within the main
mineralized horizons and those samples with visible gold or
significant sulfides.
As part of its QA/QC program, Merc International Minerals
inserts external gold standards (low to high grade) and blanks
every 20 samples. This is in addition to the standards, blanks and
pulp duplicates inserted by ALS Chemex. In addition, samples of
pulps have been collected from ten percent of all samples analyzed
and will be submitted to a second independent laboratory for
comparison purposes.
The Damoti Lake Gold Project is being supervised by William
Waychison, M.Sc.A.,P.Geo, the Qualified Person (QP) for this
project.
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) info@mercinternational.ca Renmark
Financial Communications Inc. Barbara Komorowski (514) 939-3989 or
(416) 644-2020 bkomorowski@renmarkfinancial.com Renmark Financial
Communications Inc. Barry Mire (514) 939-3989 or (416) 644-2020
bmire@renmarkfinancial.com www.renmarkfinancial.com
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