And so it came to pass that Mercer Gold (MRGP.ob) is the lucky recipient of 2011’s first Ottotrans™.
DENVER, Jan. 4, 2011 /PRNewswire/ — Mercer Gold Corporation (“Mercer Gold” or the “Company”) (OTCQB: MRGP; AN4 –Frankfurt) has received confirmation of positive results of both gold and silver values from Hole MGDH-02 from the Guayabales Gold Project in the Marmato District in Caldas Department, Colombia.
Hole MGDH-02, drilled to a depth of 300.5 meters from the same pad as MGDH-01/01A at an angle of -60 degrees intercepted 4 meters of 2.00 grams per tonne gold and 33.5 grams per tonne silver within a broad area of anomalous values in the Encanto Zone. Similarly, the predicted parallel zone to the Encanto mineralization was also encountered.
Gold and silver values are now available for both zones and are shown in the table below.
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Hole MGDH-02
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Interval
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Length (m)
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Est. True Width (m)
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Grams/tonne Au
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Grams/tonne Ag
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70.0-74.0
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4
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2.6
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2.0
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33.5
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108.0-112.0
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4
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2.6
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0.741
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7.0
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James Stonehouse, Mercer’s Country Manager states, “These results show the continuity of the structural environment we are looking for. The anomalous areas are about the same width or slightly greater, so I suspect we will find more strongly mineralized areas in this structure as we move forward.”
Mercer has recently completed hole MGDH-03, its third drill hole on the Guayabales Project and expects results shortly. Drilling has resumed after a break for the holiday season in December and will investigate other possible targets at Guayabales, while continuing to further define the Encanto Zone.
Rahim Jivraj, Mercer’s President and CEO states, “It’s encouraging to see the results of this hole since it was drilled with the same orientation, but with a different angle from the same drill pad as MGDG-01/01A. It starts to substantiate the depth of the zone. I look forward to the results from our third hole and other proposed holes. We are especially interested in those along the Guayabales southern border and adjacent to the Marmato / Echandia trends.”
The Company is also pleased to report that it has amended the exploration expenditure commitments under the Mineral Assets Option Agreement. The amended terms contemplate $750,000 to be spent in 2010, $5,750,000 in 2011, and $5,000,000 in 2012 respectively.
And this is what it means
DENVER, Jan. 4, 2011 /PRNewswire/ — Mercer Gold Corporation (“Mercer Gold” or the “Company”) (OTCQB: MRGP; AN4 –Frankfurt) has received a whole heap of crappy gold and silver values from Hole MGDH-02 from the Guayabales Gold Project in the Marmato District in Caldas Department, Colombia but is determined to slap a kilo of lipstick on this pig and try to pass off the pisspoor results as something positive and encouraging.To that end, we publish the mediocre grades but immediately launch into a whole bunch of geological babble to try and pull the wool over the eyes of those stupid enough to have believed us in the first place and who have already bought into our spiel. We understand the power of suggestion and affirmation because that’s exactly how this type of scam manages to survive more than a few weeks.
The company is also pleased to report that we managed to re-negotiate optioning terms with the local owners of our property. This is because we didn’t spend enough money on the property in 2010 due to the fact that we have no cash to spend. We’re now obliged to spend $5.75m in 2011 which means that either we’re going to dilute your asses to kingdom come or that we’re going to lapse on the terms of the deal at the end of 2011 and lose the whole shebang.
DYODD, dude.