Meritus Minerals Ltd. (MML) (TSV: MER) has received analytical results from an additional eleven holes from its diamond drilling program on the Toordogiin Shil Prospect, Gutain Davaa Project in northern Mongolia.
Four holes were drilled into the footwall zone of the fault referred to in our previous news release of November 5th, 2010, now referred to as the Saddle Fault. Mineralization was intersected approximately as expected.
The drilling has confirmed the presence of faulting in the area in addition to the Saddle Fault. Displacement of the mineralized zone by these faults has led to some holes missing the target zone. However most of the holes which missed the main mineralization have intersected other geochemically gold anomalous zones, or narrow low grade mineralized zones that present additional targets.
TSD019, drilled south of the Saddle Fault on the eastern side of the main mineralized zone, intersected four close spaced narrow zones of mineralization, one of which assayed 7.21g Au/t over a core length of 1.4 meters. These mineralized zones do not appear to have been reached by holes TSD001 to TSD010 and may indicate the development of a new target zone.
Meritus dropped 7.14% the day following this announcement.
Read announcement here