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Overview

Merrex's Jubilee Property consists of 189 contiguous claims in the Little Narrows area of Cape Breton Island, in Nova Scotia, Canada. The claim group covers the Jubilee Zinc/Lead deposit, as well as multiple untested structures. All properties comprising the Jubilee project are owned 100% by Merrex; subject to a 2% NSR in favour of Teck Cominco (1% may be purchased by Merrex for $1 million). (click here for map)

RESOURCE ESTIMATE

An independent 43-101 compliant resource estimate was completed in November 2007. The estimate outlines a modeled inferred resource 3.1 MT grading 4.71% Zinc Equivalent, including 2.1 million tonnes grading 5.6%, and 1.9 million tonnes grading 5.79%). This inferred resource estimate is based primarily on the currently drilled extent of the Jubilee Main Zone, with minor contributions from the adjacent Road Zone and Northeast Zone. (to view complete report click here)

Resource CategoryEquivalent Zn% ThresholdTonnesTonnes (Rounded)Lead %Zinc %Zinc Equivalent %
Inferred2.003,464,8923,460,0000.863.624.48
Inferred2.503,140,8773,140,0000.893.814.71
Inferred3.002,668,3432,670,0000.954.105.05
Inferred3.252,306,0662,310,0000.994.375.36
Inferred3.502,058,3222,060,0001.024.585.60
Inferred3.751,878,8711,880,0001.044.755.79



The main mineralized trend reflected in this estimate remains open to the northwest, along strike of the Jubilee Fault. Extension of the structure to the northwest was confirmed by previous operators by means of seismic reflection in St Patrick's Channel. Also included are two parallel zones identified in recent drilling by Merrex.

High-grade mineralization was first discovered in an outcrop at Jubilee in 1927. Early work consisted of trenching and two short adits; samples recovered from one of the adits are reported to have assayed as high as 33% Zinc and 12% lead over 1.6 meters. More than 200 diamond drill holes were completed in the intervening years by several operators, yielding grades of up to 24% Zinc and Lead over 4.8 meters.

Since acquiring the Jubilee properties in 2005, Merrex has drilled a total of 72 holes, which has extended the Jubilee Main Zone to more than 2.1 km strike length, which remains open to the northwest.

Drilling carried out by Merrex in 2007 identified two new mineralized zones parallel to the Jubilee Main Zone. Further drilling on these targets in 2008 demonstrated the significant potential for these parallel mineralized structures, with values of up to 11.29% Zinc/Lead over 11.65 meters.

2010 diamond drill program yielded intersections of 4.8% Zn/Pb over 10.6 metres, 2.4% Zn/Pb over 16 metres and 2.2% Zn/Pb over 22.2 metres.