Micrex Development Corp.

Micrex Development Corp.

March 18, 2008 11:43 ET

Micrex Reports First Results From Drilling at Deadwood

EDMONTON, ALBERTA--(Marketwire - March 18, 2008) - Micrex Development Corp. (TSX VENTURE:MIX) announced today that it has received data from the 2007 drill program at the Deadwood/Sunburst Project, located in New Mexico.

Mountain Rio Resources Inc., Micrex's Joint Venture partner, have reported that they have completed one drill hole of a planned six hole program. Their work faced significant delays due to the current exploration boom. Difficulty in obtaining a driller and significant delays at assay labs had hampered efforts.

Despite the challenges the results from this first hole are considered significant.

According to historical reports prior to the mine being shut down during World War 2, the property hosts a vein type gold / silver deposit with average grades of 0.127 oz gold and 6.96 oz. silver per ton. Records on file with the State of New Mexico, show stope widths of over 20 feet in some places. Further, the historical data reports two other parallel vein systems were intersected during mining, but were never developed.

This first hole completed during 2007 was drilled to a total depth of 189.28 m, with an orientation of 268 degrees/-80 degrees. The interval from 122.83 to 188.21 , which totals 65.36 m is considered mineralized. The estimated true width of that zone is 35 m, with average grades of 28.19 grams/tonne silver and 0.49 grams/tonne gold.

Apparent True Average Average
Thickness Thickness Ag Au
Interval From (m) To (m) (m) (m) (g/tonne) (g/tonne)
1 122.83 123.75 0.92 0.49 121.02 2.60
2 126.49 127.41 0.92 0.49 53.87 1.43
3 134.11 135.03 0.92 0.49 34.87 0.67
4 138.02 140.36 2.34 1.25 21.32 0.26
5 142.04 153.92 11.88 6.36 44.24 0.88
6 157.58 167.03 9.45 5.06 33.59 0.60
7 171.30 178.00 6.70 3.59 42.95 0.78
8 182.73 183.64 0.91 0.49 97.67 0.78
9 185.83 188.21 2.38 1.27 89.97 1.12
SUMMARY 122.83 188.21 65.38 35.00 28.19 0.49

Significant mineralized intercepts are as follows:

Intersect 1 - 121.02 grams/tonne silver and 2.60 grams/tone gold across estimated true width of 0.49 metres.

Intersect 2 - 53.87 grams/tonne silver and 1.43 grams/tonne gold across estimated true width of 0.49 metres.

Intersect 5 - 44.24 grams/tone silver and 0.88 grams/tonne gold across estimated true width of 6.36 metres.

Intersect 9 - 89.97 grams silver/tonne and 1.12 grams/tone gold across an estimated true width of 1.27 metres.

The results of the first hole are considered encouraging. The drill program, which was designed to evaluate the length of the historic mineralization, needs to be completed in order to confirm continuity. In addition, three historic vein systems were reported, while the mineralized drill intercept in the first hole was significantly wider than anticipated. The hole was terminated at 189.28 m due to mechanical difficulties; hence, the zone is likely wider than that reported herein. Given the grades and thicknesses intercepted in this hole, the companies believe that the system has the potential for a large tonnage precious-metal system.

Based on the angle and depth of the drilling, the hole intersected and confirmed the existence of mineralization below the known workings at the Deadwood Mine. Thus, the mineralization remains open at depth. Neighboring properties have similar potential for a mineralized vein system, and Micrex suspects the Sunburst, and adjacent claims, also owned by Micrex, may offer the same opportunity.

Jody Dahrouge of Dahrouge Geological Consulting Ltd. is the qualified person for this project and has reviewed this press release.


Peace River Diamond Property - Burmis Magnetite/Titanium Property - St. Charles de Bourget Magnetite/Titanium Property - Fort Steel Placer Property - Bighorn Gold Mine - Banks Gold Mine - Mount Royal Gold Mine - Deadwood Gold Mine - Sunburst Gold Property

Certain disclosures in this release, including management's assessment of Micrex's plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Micrex's operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. Micrex expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Micrex Development Corp.
    Perry Meszaros
    (780) 448-0922
    Micrex Development Corp.
    S.E. Marshall
    (780) 448-0922
    Email: mixinfo-1@micrex.net