DENVER, Dec. 1, 2010 /PRNewswire/ -- Mercer Gold Corporation ("Mercer Gold" or the "Company") (OTCQB: MRGP, AN4 -Frankfurt) has received confirmation of positive results from hole MGDH-01 from the Guayabales Gold Project in the Marmato District in Caldas Department, Colombia.
Results for hole MGDH-01A were previously reported on November 24, 2010 and now include silver results. MGDH-01A intercepted 11.6 meters of 2.12 grams per tonne gold and 15.54 grams per tonne silver.
MGDH-01 intercepted 11.4 meters of 2.63 and 37.96 grams per tonne silver. High values included 10.3 grams per tonne gold and 388 grams per tonne silver.
Hole MGDH-01 was twinned to address recovery protocols and the gold results of that twin, MGDH-01A are aforementioned. Recovery from Hole MGDH-01 was, at times, below 50% in the stated zone and these results therefore may not be usable in any subsequent calculation of resources. Results for both gold and silver values are now available for both holes as shown in the table below. Additionally, both holes are demonstrated on the plan and section map.
Est. True Width (m)
Est. True Width (m)
James Stonehouse, Mercer's Country Manager stated, "These results present some complexities but they do confirm that the zone seems consistently mineralized. The higher values are good to see and in both drill holes the values appear to be distributed about the same way, with the best values on the margins of the zone. This understanding will help us with our interpretations going forward."
Hole MGDH-01A, hole MGDH-01 and recently completed hole MGDH-02 were targeted to determine true orientations of the previously described Encanto Target Zone and to prove vertical continuity to this important target area. Results from MGDH-02 are expected the week of December 13th.
The Encanto Zone is one of four target areas to be tested in the current 5000-meter drill program currently underway at Guayabales. Subsequent drilling will test deep, Marmato-type mineralization, a porphyry target delineated by geologic mapping and sampling, and an anomalous silver and arsenic area outlined in previous geochemical sampling.
Rahim Jivraj, Mercer's President and CEO states, "Our last release on MGDH-01A only reported gold values. With each new result, I am encouraged by what the assays of our early drilling are revealing about our Guayabales gold project. These latest figures help to confirm our belief that the gold and silver values are consistent and high enough to warrant the complete program."
Comments on Sampling, Assaying, and QA/QC: Mercer's samples were collected in accordance with accepted industry standards and procedures. The program was carried out by Mercer personnel under close geologic supervision. Samples were submitted using in-house QA/QC protocols employing commercially purchased standards to Acme Laboratories commercial preparation laboratory in Medellin, Colombia. A series of commercially prepared standards was used to verify precision and accuracy in analysis.
About Mercer Gold Corporation
Mercer Gold Corporation is focused on gold exploration and resource definition in Colombia. The Company acquired the prospective Guayabales Project, located in the Marmato Gold District, Department of Caldas in early 2010. Mercer is exploring the Guayabales property and is seeking to acquire additional prospective gold properties in Colombia.
James M. Stonehouse, CA P.Geo. #5518, is a Qualified Person for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators. He has prepared, reviewed and verified the technical information contained in this news release.
For further information see:
OTCQB – MRGP; Frankfurt AN4, WKN NO. A0MUN4
Rob Grace, Investor Relations
Toll-free North America 1-877-981-3130
IMPORTANT CAUTIONARY NOTE REGARDING CANADIAN DISCLOSURE STANDARDS
The Company is an "OTC Reporting Issuer" under BC Instrument 51-509, Issuers Quoted in the U.S. Over-the-Counter Markets, promulgated by the British Columbia Securities Commission. Accordingly, certain disclosure in this news release or other disclosure provided by the Company has been prepared in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of United States securities laws. In Canada, an issuer is required to provide technical information with respect to mineralization, including reserves and resources, if any, on its mineral exploration properties in accordance with Canadian requirements, which differ significantly from the requirements of the United States Securities and Exchange Commission (the "SEC") applicable to registration statements and reports filed by United States companies pursuant to the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended. As such, information contained in this news release or other disclosure provided by the Company concerning descriptions of mineralization under Canadian standards may not be comparable to similar information made public by United States companies subject to the reporting and disclosure requirements of the SEC. This news release or other disclosure provided by the Company may use the terms "measured mineral resources", "indicated mineral resources" and "inferred mineral resources". While these terms are recognized and required by Canadian regulations (under National Instrument 43-101, Standards of Disclosure for Mineral Projects), the SEC does not recognize them. United States investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted to reserves. In addition, "inferred resources" have a great amount of uncertainty as to their existence and economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian securities legislation, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, or economic studies, except in rare cases. U.S. investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.
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SOURCE Mercer Gold Corp.