|September 20, 2014|
GRIT says Merrex was "the main driver" of the fund's improved Net Asset Value and is now "third largest holding" at just <10% !
|GRIT fund manager David Hutchins comments in his monthly report for August. |
"A good month for the trust, with the NAV improving by 4.2%, against a background of falls in both the Euro Global Mining Index and the FTSE AIM Basic Resource Index. The main driver behind the improvement in NAV was the strong performance of Merrex Gold during the month, following the announcement of some excellent drill results.
Greg Isenor, President and CEO of Merrex Gold Inc stated in the company press release 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".
The market responded very positively to the news which saw the share price peak briefly peak at over C$0.20 on high volume. We remain enthusiastic about the potential for Merrex, although we did take the opportunity to reduce the holding slightly. Regardless of the reduction in the holding, at month end, Merrex was our third largest holding at just under 10% of the portfolio.
You can view the Next Analyst & News Coverage item: Thu Sep 11, 2014, GRIT fund manager David Hutchins during Minesite comments that Merrex's Diakha drill results were 'spectacular'