TORONTO, April 26 /CNW/ - Merc International Minerals Inc. (TSXV: MRK) ("Merc") announced today that it has successfully staked an additional 79
mining claims (148,318 acres or 60,022 hectares), achieving another
significant milestone in its consolidation of the prolific Indin Lake
Gold Camp located in the Northwest Territories. Merc now controls the
majority of the prospective Indin Lake Greenstone belt in this historic
gold camp with a total ground position now comprising 209,763 acres or
84,888 hectares. The newly staked ground consists of several new gold
prospects incremental to Merc's previously reported acquisitions (see
news releases January 10, 2011 and January 20, 2011), some of which lie
contiguous to the former producing Colomac Gold Mine and host similar
geological and deposit characteristics. Merc's land position now
includes the Diversified, North Inca, Lexindin, Treasure Island, Damoti
Lake, Echo Indin, and Fishhook gold deposits as well as ten additional
historic gold showings. Merc is actively drilling the Diversified,
North Inca, Lexindin and Treasure Island deposits, and as part of the
on-going approximately 7,000 metre drill program, will expand
activities to explore its additional deposits in the near future.
The newly staked ground has significantly expanded Merc's gold
exploration targets within an area that lies along the West Bay - Indin
Lake Fault Zone, a regional structure that extends over 200 km from the
shores of Great Slave Lake to areas north of the Indin Lake Belt. This
fault zone contains both the Giant and Con gold mines (approximately 13
million ounces of production) to the south and the Colomac Gold Mine
(approximately 500,000 ounces production) within its northern extent.
Merc believes this structure has played a major role in the development
and localization of Indin Lake gold mineralization; much the same role
as that of other large regional fault zones, such as the
Destor-Porcupine Fault's influence on gold deposit formation within the
Timmins Gold Camp. The Indin Lake Greenstone belt remains one of the
few under-explored historic gold camps in Canada.
To view a map of the Indin Lake property, please go to http://files.newswire.ca/926/merc_0426.pdf
The Fishook property is located 11 kilometres southwest of the Damoti
Lake gold deposit. The geological setting is similar to that of the
Damoti Lake deposit consisting of folded, sulphidized, banded iron
formation within a sedimentary stratigraphy. Gold is reported from
twelve separate occurrences within the area, of which a number have
been previously drilled. The majority of the holes were laid out to
test shallow (less than 100 meters) mineralization. Drill intersection
highlights include: 13.6 metres of 6.70 grams gold per tonne, 13.9
metres of 5.02 grams gold per tonne, 6.3 metres of 8.07 grams gold per
tonne, 3.0 metres of 13.93 grams gold per tonne, and 1.6 metres of
19.78 grams gold per tonne. Merc is planning a surface mapping and
prospecting program this summer and drilling will be contingent upon
the results of that work.
Andy Lake Property
The property is located northwest of Damoti Lake and just east of Indin
Lake. Historic work was limited to surface sampling of quartz stockwork
veins in shear zones between volcanic rocks and granite intrusions
where assays up 8.05 grams gold per tonne were reported. No drilling
has been conducted in this area. Merc intends to prospect the showing
as part of this summer's field program.
West Cass Property
Located at the west end of Indin Lake, the West Cass property lies
within the mafic volcanic - sedimentary rock contact zone, a setting
similar to the Diversified, North Inca, Lexindin, and Kim gold
deposits. Historic surface sampling of quartz veins returned assays up
to 5.96 grams gold per tonne, and surface grab samples up to 52.8 grams
gold per tonne. Three short holes were previously drilled to test the
vein structure with assays as high as 7.80 grams gold per tonne
reported. Additional work is planned by Merc in 2011 prior to drilling.
Knob Lake Property
The Knob Lake property is located 5.0 kilometres northeast of the
Diversified Mine within a prominent shear zone cutting sedimentary
rocks; a setting similar to that described for the Diversified and
North Inca gold deposits. Historic sampling was limited to surface
grab and channel samples taken from shear hosted quartz carbonate
stockwork veins that returned values up to 8.35 grams gold per tonne.
Drilling will be contingent upon the results of the 2011 summer work
About Merc International Minerals Inc.
Merc is a Canadian-based exploration company focused on acquiring and
developing gold mineral properties in the Northwest Territories. Its
primary land position covers 209,763 acres or 84,888 hectares in the
Indin Lake Gold Camp, located approximately 200 kilometres north of
Yellowknife, Northwest Territories.
The technical information in this news release was reviewed and approved
by Merc Director, Dr. Michael J. Byron, a Qualified Person under NI
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.
Certain information set forth in this news release may contain
forward-looking statements that involve substantial known and unknown
risks and uncertainties. These forward-looking statements are subject
to numerous risks and uncertainties, certain of which are beyond the
control of Merc, including, but not limited to, the impact of general
economic conditions, industry conditions, volatility of commodity
prices, risks associated with the uncertainty of exploration results
and estimates, currency fluctuations, dependency upon regulatory
approvals, the uncertainty of obtaining additional financing and
exploration risk. Readers are cautioned that the assumptions used in
the preparation of such information, although considered reasonable at
the time of preparation, may prove to be imprecise and, as such, undue
reliance should not be placed on forward-looking statements. This press
release is not, and is not to be construed in any way as, an offer to
buy or sell securities in the United States.
SOURCE Merc International Minerals Inc.
For further information:
David Wiley, President and CEO
Merc International Minerals Inc.
(416) 363-4567 (FAX)
Mehdi Azodi, Vice President Investor Relations
Merc International Minerals Inc.
(416) 363-4567 (FAX)