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2010 Mining Explorers: Merc International Minerals Inc.

 

Last updated 10/31/2010 at Noon



MRK: TSX-V

Interim CEO: David Wiley

Chief Financial Officer: Michael G. Leskovec

Merc International Minerals Inc. focuses on precious metal projects with historic resource estimates that could be enhanced through both modern-day exploration and dramatically higher gold-silver prices.

In early 2010, the junior raised about C$3 million to fund its 2010 winter exploration program on ongoing exploration of the Damoti Lake Gold Project located 200 kilometers, or 124 miles, north of Yellowknife, Northwest Territories.

Merc acquired the property from Anaconda Mining Inc. in 2008.

Merc carried out a winter geophysics program early in the year that included detailed ground magnetic, electromagnetic and localized induced polarization surveys designed to identify new drill targets throughout the 14-kilometer, or 9-mile-long, of iron formation within the Damoti property.

Subsequent surveys helped trace mineralization along strike and down plunge within the iron formation and identified new drill targets elsewhere on the property with similar "footprints."

In May, Merc reported assay results on the first 8 holes of 10,000 to 12,000 meters of winter drilling that began March 19.

The drill program tested shallow targets to a maximum vertical depth of 150 meters, and represented Merc's first drilling on the BIF Island Zone, an area of folded iron formation located 3.5 kilometers, or 2 miles, northeast along strike from the Horseshoe Zone.

Reported holes intersected broad zones of mineralization containing high-grade cores, including Hole D10-397 which returned 4.76 grams per metric ton gold over 28.15 meters, including 15.85 g/t gold over 7.00 meters and 40.19 g/t gold over 2.00 meters.

In addition, Hole D10-396B returned 5.81 g/t gold over 22.50 meters, including 10.53 g/t gold over 10.25 meters and 25.66 g/t gold over 3.00 meters.

In June, Merc reported more favorable drill results at the BIF Island Zone, and 3 holes at the Granite Showing located between the BIF Island and Horseshoe zones, which confirmed a strong core of gold mineralization that conforms to the general plunge of the fold structure.

In August, Merc reported assay results for the final 14 holes in its 2010 winter drill program including hole D10-420B, which intersected 9.80 g/t gold over 8.5 meters within 20 meters averaging 5.60 g/t gold 20 meters from surface.

Merc said it hopes to outline 6 million to 10 million metric tons grading 9-15 g/t gold along strike, in parallel structures and at depth at Damoti Lake and advance the project towards a 3-million-ounce gold resource, making it comparable to other northern Canadian iron formation hosted gold mines/deposits.

The junior completed another private placement in September for about C$1 million which it aims to use for general corporate purposes.

Cash and short-term deposits: C$820,000 (at June 28, 2010)

Working capital: C$1.5 million (April 30, 2010)

Market capitalization: C$5.87 million (Sept. 25, 2010)

430 Westmount Ave., Unit F • Sudbury, Ont. Canada P3A 5Z8

Tel: (705) 560-2382 • Fax: (705) 560-0765

E-mail: info@mercinternational.ca

 

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