Oct 21 2010
Mercer Gold Corporation (OTCQB: MRGP, Frankfurt:AN4) announces that drill equipment has been mobilized and is on site at its Guayabales gold project.
The contractor for the drill program is Logan Drilling Colombia S.A.S and the program is expected to continue until January 2011.
Drill holes MGDH 01 and 02 are scheduled to drill from the same pad with proposed depth to 150 meters at 45 degrees azimuth and 290 meters at 70 degrees azimuth, respectively. The first five holes scheduled are to test the known Encanto zone and specifically the structures in the Cacica mine.
"We are excited to have mobilized the equipment and finally have it onsite," said Rahim Jivraj, President and CEO of Mercer Gold Corporation. "After a lot of basic work and based on our encouraging exploration results to date, I look forward to results from this program. We anticipate leveraging the results from this program toward a significantly larger, more comprehensive 25,000 meter program early next year."
Approximately 2,000 meters of drilling was completed on the Guayabales property in 2008 by its previous option holder with work primarily focused on the Encanto Zone.
Mercer Gold acquired the option in April 2010. Since that time, a program of mapping, soil sampling and rock chip sampling has led to several new interesting targets. The Company reported a 1 meter channel sample in an area previously unexplored, which yielded a 57 ounce per tonne Ag value. The recent assay results from geochem soil samples returned up to 4.89 ppm Au confirming and delineating previous anomalies, and significantly broadened the original zone of interest at the Encanto Zone. The results also indicated three new targets: the Parallel Zone, Porphyry Target and SW Epithermal Target.
The objective of the current program is to drill 5,000 meters to investigate epithermal and porphyry targets at Guayabales. Subject to its results, a 25,000 meter drill program is scheduled to commence in early 2011.
Source: Mercer Gold Corporation