Merc Operational Update
18 August 2010 - 2:45PM
Marketwired
Merc International Minerals Inc. ("Merc") (TSX VENTURE: MRK) is
pleased to provide an overview of its recently completed 2010
Winter Drill Program at its Damoti Lake Gold Project, located 200
km north of Yellowknife, Northwest Territories. Results continue to
outline broad zones of near-surface gold mineralization, with
associated high-grade cores.
This second phase of drilling, which focused on stepping out
along strike from historical work in the Horseshoe Zone and
parallel iron formations, achieved remarkable success as 83% of the
holes intersected gold mineralization. Between March 19, 2010 and
June 5, 2010, Merc completed 42 drillholes for 7,985 meters. Drill
results were reported in four news releases: May 18, 2010; June 15,
2010; July 6, 2010; Aug 4, 2010. Zones discovered at Red Mountain
by Merc's 2009 drill program were extended, and new high-grade
vertically stacked zones were traced over 200 meters north along
strike of the host iron formation. For information on Merc's drill
program and results, please visit Merc's website
www.mercinternational.ca.
Red Mountain Zone
Zones discovered at Red Mountain by Merc's 2009 drill program
were extended, new high-grade vertically stacked mineralized zones
were traced over 200 meters north along strike, and other new zones
discovered at depth. Fifteen holes were collared within the eastern
limb of the Red Mountain syncline, located 125 meters west of the
Horseshoe Zone. This drilling has intersected the best widths and
grades ever reported for Red Mountain, successfully establishing
Red Mountain as a new priority target. For example, D10-416B
returned a composite grade of 1.64 grams gold per tonne over 151.40
meters, demonstrating the continuity of extensive near-surface
mineralization extends to depth. Hole D10-420B, collared 165 meters
north of D10-416B, intersected several of its projected zones,
including 20 meters of 5.60 grams gold per tonne, with a
subinterval of 9.80 grams gold per tonne over 8.5 meters, starting
from 20 meters below surface.
In addition, the latest drilling has identified a mineralized
corridor linking the high-grade Horseshoe Zone (125 meters to the
east of Red Mountain) and coincidental magnetic and induced
polarization (IP) anomalies located 250 meters further east of
Horseshoe. Merc is presently developing drill targets within this
highly prospective and unexplored area.
Northern Extension of Horseshoe Zone
Drilling was successful in extending the near-surface Horseshoe
Zone mineralization further to the north intersecting 5.03 grams
gold per tonne over 3.5 meters, 14.95 grams gold per tonne over 0.5
meters; 1.0 meter of 14.66 grams gold per tonne, including 0.5
meters of 28.20 grams gold per tonne; and 2.5 meters of 6.56 grams
gold per tonne, including 0.5 meters of 22.90 grams gold per tonne.
These results demonstrate the ongoing potential of this promising
mineralized zone. Additional holes are needed to further
evaluate/extend the mineralization northward within the fold limb,
an area that remains open.
Other Zones
Two holes were drilled 200 meters southwest of Red Mountain in
the nose of a fold, referred to as the Runway Zone, and appear to
have intersected the fringe of a mineralized zone (3.5 meters of
3.49 grams gold per tonne, including 12.5 grams gold per tonne over
0.5 meter). Based on these encouraging preliminary results,
additional work is required in this new target area as it
constitutes another "Horseshoe-like" mineralized fold
opportunity.
Drilling also confirmed and expanded the high-grade
mineralization previously reported for the BIF Island Zone, located
3.5 kilometers southwest along strike of the Horseshoe Zone.
Nineteen holes were drilled in the folded iron formation, which is
geological setting similar to the Horseshoe Zone. Holes primarily
tested shallow targets to a maximum vertical depth of 150 meters in
order to define the extent of the host iron formation and confirm a
strong core of gold mineralization conforming to the general plunge
of the fold. This has resulted in an enhanced geological model for
gold mineralization outlining broad zones of mineralization
containing high-grade cores. The limits and expansion opportunities
of this mineralized zone will be further evaluated.
Future Exploration Work
Given the relatively shallow nature and good continuity of the
gold mineralization at Damoti, Merc will conduct some preliminary
evaluations on its potential for an open pit operation. Additional
drilling and exploration work will be contingent upon the
incorporation of the present drill results into an expanded
geological model to assist in target generation and evaluation.
Future work is being planned for, but not restricted to, the
following areas:
-- The mineralized corridor that extends northwestward through the
Horseshoe and Red Mountain Zones;
-- Northern extensions of the Red Mountain and Horseshoe Zones;
-- The Rangi target area that lies 150 meters east of the Horseshoe Zone
and extends 2.5 km to the south.
Work will also focus on exploring the mineralized Runway fold
and the regional unconformity/fault contact between mafic volcanic
rocks and sedimentary rocks that lies along the western portion of
the Damoti claim group. This geological setting of iron formation
and regional fault zone is similar to portions of Agnico-Eagle's
Meliadine gold deposit, which reportedly contains more than 3
million ounces of gold.
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.
Merc 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
www.mercinternational.ca
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