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
HALIFAX, NOVA SCOTIA -- (July 29, 2014) - Greg Isenor, President and CEO of Merrex Gold Inc., ("Merrex" or the "Company") (TSX Venture: MXI) provides an update of the Phase II drill program at the Diakha discovery zone on the Siribaya gold project in West Mali, Africa:
Diakha Phase II Drill Program
The Phase II reverse circulation ("RC") and diamond ("DD") drilling program initiated at the Diakha discovery zone of the Siribaya Gold Project in West Mali completed 4,124 metres of RC and 908 metres of diamond drilling before suspension of drilling activities with the onset of the rainy season.
The RC program tested areas of the Diakha discovery zone that were inaccessible during the Phase I program and included holes designed to expand the discovery zone along strike to the south, test for parallel zones, as well as complete infill holes on selected sections.
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 Phase II program are pending and will be released once received, validated and compiled by IAMGOLD, the project operator.
"In June, the Siribaya joint venture partners agreed to expand the 2014 exploration program 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 Diakha discovery zone is open in all directions and at depth. The RC drilling was designed to test for potential parallel zones to the East and West and for extensions to the South. The infill DD holes were designed to provide information on the geological controls of the mineralization. It is important to bear in mind that the Diakha discovery appears to lie on the same structural trend as the both the Fekola deposit of B2Gold/Papillon and IAMGOLD's Boto deposit. Further news is anticipated as assay results from the Phase II program are received by the program operator, compiled and validated. The results from the over 5,000 metres of RC and diamond drilling that has been completed but not yet reported, and from the Air Core and mechanized auger drilling on other anomalies, will be released as soon as practicable following receipt by Merrex from the project operator. The 2014 program is expected to resume in the fourth quarter, once access improves after the end of the rainy season."
Figure 1 - Diakha Discovery Zone Drill Plan and Cross Section
Left on figure 1 is the drill plan location map showing locations for:
Phase I completed RC holes represented by the black triangles
Phase II completed RC holes represented by the blue triangles
Phase II completed DD holes represented by the red dots
Proposed Phase II RC holes represented by the green dots
Possible future drill holes represented by circles
Right on figure 1 is a cross section showing RC holes 420, 421 and 422 with now completed DD infill holes DD 145 and 146. For location reference all five RC and DD holes are within the red rectangle in the drill plan location map.
Figure 1 Diakha Discovery Zone Drill Plan and Cross Section
Figure 2 Photo of Drill Core from SRD-14-145
The Merrex - IAMGOLD Diakha discovery 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 occurs in is an area with artisanal (orpailleur) workings, and is highlighted by a strong geochemical surface footprint and subsequently, encouraging RC drill results from the Phase I program.
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. Expenditures to date on the Siribaya Project total approximately $40 million.
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.
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 in accordance with CIM definitions as required by NI 43-101 and is at July 31, 2012 by ACA Howe International Limited. The deposit areas are open to the north, south and at depth. Numerous other gold-anomalous target areas have been identified by geochemistry and require drilling.
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