Treasure Island Corridor
Treasure Island, the northern most property in Merc’s Indin Lake Gold Camp land package, is located 265 kilometres north of Yellowknife, Northwest Territories, and lies within a 6 km mineralized corridor that hosts several high-priority gold showings. The area between the Main Zone and the East Zone (600 metres east) remains untested, as does the 4 kilometres that separates Treasure Island from the Laurie Lake showing to the west, which leaves more than 95% of this mineralized corridor yet to be explored. Mineralization similar to Treasure Island's Main Zone has been reported to the east and west (historical drill intercepts of 34.0 g/t Au over 1.1 metres and surface trench samples up to 73.2 g/t Au) and highlights the opportunities available within the corridor.
Treasure Island Drillholes and Gold Showings
Drilling at Treasure Island targeted a robust gold system (see assay composite table) of stacked mineralized zones associated with a 200 metre wide envelope of silicification near the volcanic rock-sedimentary rock contact. With these results, Merc accomplished its primary objectives by confirming historic reports of gold along this contact region, by testing and extending existing zones in all dimensions, and by confirming new zones at depth. Assay highlights include 12.59 grams per tonne gold (“g/t Au”) over 1.25 metres including 31.1 g/t Au over 0.5 metres from TI11-01 confirming the New South Zone in this area; 14.43 g/t Au over 4.0 metres including 98.60 g/t Au over 0.5 metres from TI11-01B extending the New South Zone an additional 150 metres down dip; 44.95 g/t Au over 1.43 metres, including 72.90 g/t Au over 0.87 metres from TI11-03B representing a new high-grade zone at a vertical depth of 250 metres. Shallow mineralization was intersected by all holes within mafic volcanic rocks immediately north of the Gamble Dyke, a quartz-feldspar porphyry dyke that runs parallel to the volcanic rock – sedimentary rock contact. This new zone was traced for over 150 metres and remains open in all dimensions, representing an additional target opportunity.
The reported high-grade intersections are continuous for over 150 metres along strike (open) and down dip (open). New high-grade gold zones were also discovered at depth within altered sedimentary rocks, and near surface within the mafic volcanic host rock. Treasure Island represents an exciting new opportunity for Merc as this initial drill program signals the project’s potential for advancement towards a near surface bulk mineable prospect as well as a high-grade vein type deposit.