Business & Finance
Business and Finance
Business and Finance
Wed, August 5, 2009 Merc International Minerals Inc.: Merc Announces Drilling Update at Damoti Lake Gold Project
TORONTO, ONTARIO--(Marketwire - Aug. 5, 2009) - Merc International Minerals Inc. ("Merc") (TSX VENTURE:MRK) today provides an update on its first drill program at the Damoti Lake Gold Project, located 200 km north of Yellowknife, Northwest Territories.
Merc's ongoing 2009 exploration program, which is designed to expand upon the historic resource at Damoti Lake, consists of compiling and auditing all historical data, defining and testing new drill targets, and initiating a NI 43-101 resource estimate.
The current 6,000 metre, 20 to 30 drill hole program, that started on July 1, 2009, is intended to infill priority target areas within the current resource and to extend mineralized zones along strike and to depth within the Horseshoe and Pyrite Zones. Drilling in the latter part of this program will focus along mineralized structures 150 metres west of the Horseshoe Zone within the Red Mountain, Pink Antler and Lookout Zones. To date, 1,500 metres have been drilled. Re-sampling of previous drill core and samples from the first six holes of the current program have been sent to ALS Chemex's assay laboratory in Vancouver; Merc expects to release these assay results by the third week of August 2009.
This drill program is expected to be completed by October 2009. A NI 43-101 compliant resource will then be completed using all drilling results to date within the Horseshoe Zone (135 drill holes) as well as the drilling completed in Merc's 2009 program (20 to 30 holes). The resource will also make use of approximately 63 holes not included in the 1997 and 2004 resource estimates.
"We are very excited about the drilling to date," reported Dr. Michael Byron, Merc's President and CEO. "Drilling has tested several new targets within the southern portion of the Horseshoe Zone, and is now focused on following the fold structure down plunge to the north and along its western limb. These areas represent priority targets for resource expansion."
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.
