Oct 08, 2014
Phase II Reverse Circulation Drill Results from Siribaya's Diakha Discovery Zone Including Assays of 24 m of 2.36 g/t
HALIFAX, NOVA SCOTIA -- (Oct 8, 2014) - Greg Isenor, President and CEO of Merrex Gold Inc., ("Merrex" or the "Company") (TSX Venture: MXI) announces Phase II Reverse Circulation ("RC") drill results from Siribaya gold project's Diakha discovery zone in West Mali.
• 27 of 42 Phase II RC holes had significant gold mineralization
• Continuity of gold mineralization over a wide area
• Numerous significant assays including:
RC 489: 24m of 2.36 g/t including 4m of 11.26 g/t gold (ended in mineralization)
RC 471: 24m of 1.06 g/t including 4m of 3.30, 10m of 1.71 g/t and 2m of 7.16 g/t gold
RC 474: 10m of 2.03 g/t gold
RC 504: 32m of 0.99 g/t gold
"Continued positive drill results from Phase II RC drilling at the Siribaya gold project in West Mali reinforce our enthusiasm for the developing gold discovery at Diakha" said Merrex President Greg Isenor. "Phase II included both infill and expansion drilling, and 65% of the drill holes returned significant gold assays. Interpretation of all of the drill results to date is continuing; however, I will make some preliminary observations about the Diakha gold zone. There are long mineralized intervals with very good gold grades throughout the drilled area and, while there is a strong correlation of mineralized zone with artisanal/orpailleur, the mineralized discovery zones extend beyond the artisanal/orpailleur workings and are open in all directions. Most RC holes were only drilled to 100 metres depth (approximately 85 metres vertical) and to date five RC holes ended still in mineralization. Additionally, the previously reported Phase II diamond drilling (e.g. hole 148 - 34 m of 4.85 g/t from 127 to 161 metres including 19 m of 7.31 g/t including 4 m of 19.66 g/t) indicates that the system is open at depth. I am extremely encouraged by the near-term potential of the Diakha discovery zone to build shareholder value."
Diakha Exploration Program Phase II
The 2014 Phase II 2014 Reverse Circulation (RC) drill program on the Diakha gold anomaly at the Siribaya project was comprised of 42 drill holes totaling 4,124.5 metres. This area, which is located in the western-most of the 910 km2 Siribaya exploration concessions, occurs approximately 10 kilometres south along strike of IAMGOLD's Boto gold discoveries (scoping study in progress) and approximately 20 kilometres south along strike from B2Gold's (formerly Papillon's) Fekola deposit (permitted for production). See Map 1.
The Diakha area was highlighted for exploration by the presence of a gold geochemical anomaly delineated from a regional termite mound sampling survey and coincident with artisanal (orpailleur) mining activity.
Assay results from Phase I RC drilling were reported April 30 and July 2, 2014 and from the Phase II diamond drilling on August 28, 2014. The assay results from Phase II RC drilling (42 holes) have now been received, validated and compiled and are reported herein. See Table of Significant Assays below.
A plan Map 2 showing drill hole locations is provided below. The map contains a limited sample of assay results from Phases I and II drilling. For a comprehensive list of assays and intervals see the Table of Significant Assays below and news releases of April 30, July 2 and August 28, 2014.
These assay results, as reported below, confirm the presence of multiple zones of gold mineralization over a wide area with several lenses related to alteration zones, with little quartz veining and low associated sulphides. The RC holes have tested down to a depth of 75-85 metres vertical depth and there is mineralization at both the SE & NW strike extensions. The mineralization and associated mineralization bears similarities to the Boto gold deposit mentioned above.
Table of Significant Assays for Phase II RC Drill Program Diakha Discovery Zone
Note 1: Composite intersections at or above 2m length and/or at or above 2g/t are in bold.
Note 2: All samples sent to the laboratory are two meter composite samples
Note 3: QA/QC and additional technical information are described below
Note 4: Drill hole intercepts are calculated using a minimum down-hole length of 2 meters, a cut-off grade
of 0.5 g/t gold, and may include up to 5 metres of internal dilution
Note 5: The widths of intersections are downhole lengths; true widths are unknown at this time
Note 6: All holes were drilled azimuth 115 and dipping -60o
Note 7: "EOH" means 'end of hole'
Note 8: Holes 478, 479, 480, 482, 483, 484, 486, 490, 491, 499, 500, 501, 502, 505, 507 showed no significant assay values
About the Expanded 2014 Exploration Program
The expanded Phase I and Phase II 2014 exploration plan included 32,750 metres of RC and Air Core drilling and 1,000 metres of diamond drilling budgeted at US$2.127 million and was designed to test priority targets identified by geochemical termite sampling. Greater emphasis is being placed on targets occurring within the western permits (Kambaya and Siribaya West), while those located further east are being further refined and prioritized (Kofia to Diarindi). Lastly, up to 12,500 metres of mechanized auger drilling is planned for targets in the eastern portion of the project area.
IAMGOLD is funding the expanded US$2.127 million 2014 program and has agreed to extend the payment deadline for all joint venture exploration contributions to December 31, 2014.
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, rock chips is monitored through the implementation of a quality assurance - quality control program by IAMGOLD designed to follow industry best practice.
Rock chips from the Reverse Circulation drilling are collected at the rig site, at one metre intervals, under the direct supervision of IAMGOLD geologists. Samples are riffle split to obtain two 3 kg samples. One sample is retained for reference purposes and the other is used to prepare 2-meters composite samples for assay. The 2 meter composite samples are prepared at the project site, by trained technicians supervised by IAMGOLD geologists. Samples are analyzed at the ALS Chemex Analytical Laboratory in Bamako, Mali, using a standard fire assay with a 50 gram charge and an Atomic Absorption finish.
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 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.
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.
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