With an official mineral resource in hand for its Jubilee lead-zinc deposit near Little Narrows, Cape Breton, Merrex Gold (MXI-V) is surging ahead to keep the resource growing.
Under National Instrument 43-101 standards, the Jubilee inferred resource stands at 3.1 million tonnes grading 0.98% lead and 3.81% zinc, or 4.61% zinc equivalent.
The resource is based mostly on the Jubilee Main zone, with minor contributions from the adjacent Road zone and Northeast zone.
The Jubilee Main zone remains open along strike beyond the current resource limits. The company plans to continue testing for mineralization to the northwest.
Merrex plans to drill 1km to the northwest, reaching the north side of St. Patricks Channel.
The company, which planned to drill at least 15,000 metres in 2007, plans to continue into 2008 at Jubilee, to further expand resources.
Merrex shares fell 9% or 7 to 70 in Toronto today on a trading volume of 90,500 shares.
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