Aug 28, 2014
Phase II Diamond Drilling Results at Siribaya's Diakha Discovery Zone Including 34 m @ 4.85 g/t
HALIFAX, NOVA SCOTIA -- (August 28, 2014) - Greg Isenor, President and CEO of Merrex Gold Inc., ("Merrex" or the "Company") (TSX Venture: MXI) is pleased to announce that assay resultss from the Siribaya Gold Project Phase II diamond drill ("DD") program at the Diakha Discovery Zone appear to support the impressive assay results from the Phase 1 Reverse Circulation ("RC") program:
Highlights from Four Holes Reporting
• Hole 148 34 m @ 4.85 g/t
• Hole 145 21 m @ 4.31 g/t
• Hole 146 12 m @ 10.99 g/t
Diakha Discovery Zone Phase II Diamond Drill Program Assay Results
The Phase II reverse circulation ("RC") and diamond ("DD") drilling program at the Diakha discovery zone of the Siribaya Gold Project in West Mali included 4,124 metres of RC and 908 metres of diamond drilling. Four diamond drill holes (totaling 908 metres) were completed to provide information on the host rock lithology, associated alteration and sulphide mineralization, as well as information on the structural attitudes of the gold-bearing structures influencing the distribution of gold mineralization.
Assays results from the RC component of the Phase II program remain pending and will be released once received, validated and compiled by IAMGOLD, the project operator. Additionally, the results from approximately 15,000 metres of Air Core and 12,500 metres of mechanized auger drilling on anomalies in the eastern part of the Siribaya project land package are also pending and those results will be assessed by the JV partners and used to identify and prioritize drilling targets for future exploration.
"In June, the Siribaya joint venture partners expanded the 2014 exploration program at Diakha adding additional RC and DD drilling to follow up on the encouraging assay results received from the Phase I drilling which were released July 2, 2014" said Merrex President Greg Isenor. "The infill DD holes here reported were designed to provide information on the geological controls of the mineralization and that interpretation will be released when available. What I can say now is that the DD assay results confirm the impressive assay results from the Phase I RC program and appear to demonstrate the down-dip continuity of gold mineralization within the Diakha discovery zone. I want to emphasize that the Diakha discovery zone is open in all directions and at depth and it is worth noting that DD hole 148, for example, intersected a strongly mineralized 34 metre zone grading 4.85 g/t (including 19 m @ 7.31 g/t and including 4 m @ 19.66 g/t) between 127 and 161 metres evidencing that the Diakha discovery zone mineralization does extend to depth with good grades."
Table of Significant Assays for Phase II Diamond Drill Program Diakha Discovery Zone
Note 1: All samples sent to the laboratory are one meter samples
Note 2: QA/QC and additional technical information are described below
Note 3: Drill hole intercepts are calculated using a minimum down-hole length of 1 meter, a cut-off grade of 0.5 g/t gold, are uncapped and may include up to 5 metres of internal dilution
Note 4: The widths of intersections are downhole lengths; true widths are unknown at this time
Note 5: All holes were drilled at azimuth 115 and dip -60
The Merrex - IAMGOLD Diakha discovery zone is located at the southern end of the Fekola-Boto-Diakha trend which is the southern portion of the major Senegal - Mali structure, one of the most gold-prolific structures in West Africa. The Diakha discovery zone occurs in an area with artisanal (orpailleur) workings highlighted by a strong geochemical surface footprint. The encouraging RC and DD drill results from the 2014 program confirm multiple zones of gold mineralization over a wide area that continue to significant depth and are still open.
Technical Information and Quality Control Notes
The Siribaya Gold drilling results contained in this news release were prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects. The sampling of, and assay data from, drill core was monitored through the implementation of a quality assurance - quality control program designed to follow industry best practice.
Drill core (HQ and NQ size) samples were selected by the IAMGOLD geologists and sawn in half with a diamond saw at the project site. Half of the core was retained at the site for reference purposes. Sample intervals are generally one metre in length. The samples were assayed at the ALS Chemex Analytical Laboratory in Bamako, Mali, using a standard fire assay with a 50 gram charge and an Atomic Absorption finish.
Figure 1 Diakha Discovery Zone Diamond Drill Plan
Figure 2 Diamond drill plan with insert showing map area within larger Diakha Discovery Zone
About the Expanded 2014 Exploration Program
The expanded Phase I and Phase II 2014 exploration plan budgeted at US$2.127 million includes a proposed 10,500 metres of RC and up to 1,250 metres of diamond drilling, primarily focused on the Diakha discovery area. The program will also explore priority targets identified by geochemical termite sampling throughout the property. Greater emphasis is being placed on targets occurring within the western permits (Kambaya and Siribaya West), while those located farther east are being further refined and prioritized (Kofia to Diarindi) with the completion of up to 15,000 metres of AC and 12,500 metres of mechanized auger drilling.
IAMGOLD is financing the expanded 2014 program through to December 31, 2014.
About Merrex's Siribaya Gold Project
The Siribaya Gold Project is a 50/50 joint Merrex-IAMGOLD advanced-stage gold exploration project in West Mali comprised of approximately 910 square kilometres of gold-prolific exploration permits and permit applications pending. Exploration of the Siribaya Gold Project is conducted under a joint management committee with IAMGOLD as the project operator. Expenditures to date on the Siribaya Project total approximately $40 million.
The Siribaya Gold Project presently hosts a gold resource estimated at 303,900 ounces grading 2.34 g/t Indicated, and 301,400 ounces grading 2.17 g/t Inferred. The gold resource estimate was prepared by ACA Howe International Limited in accordance with CIM definitions as required by NI 43-101 and is at July 31, 2012. The deposit areas, which are located on the Siribaya Main Structure approximately 20 km east of the Diakha discovery zone, are open to the north, south and at depth. Numerous other gold-anomalous target areas have been identified by geochemistry and require drilling.
Gregory P. Isenor, P. Geo., is the Qualified Person as defined under NI 43-101 who has reviewed and is responsible for the technical information presented in this news release.
Merrex is primarily a West African focused gold exploration company with experienced management, a solid exploration team, a prominent gold-producer as a partner and an expanding gold resource.
For further details about the Company's exploration activities or to view the most recent corporate presentation visit Merrex's website at www.merrexgold.com.
To be added to Merrex's email contact list please email your request to [email protected].
On Behalf of the Board
Gregory Isenor, P.Geo.
President & CEO
Merrex Gold Inc.
1550 Bedford Highway
Suite 802, Sun Tower
Bedford, NS B4A 1E6
Tel.: (902) 832-5555
Fax: (902) 832-2223
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
You can view the Next News Releases item: Wed Oct 8, 2014, Phase II Reverse Circulation Drill Results from Siribaya's Diakha Discovery Zone Including Assays of 24 m of 2.36 g/t
You can view the Previous News Releases item: Tue Jul 29, 2014, Diakha Phase II Drilling Update with an Illustration of Phase II Drill Plan and Cross Section, and a Photo of Recent Diamond Drill Core
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