TSX-V:MXI   $0.20
Show printable version of 'Game-changing New Gold Discovery at Siribaya's Dia...' in a New Window
 
Jul 02, 2014
Game-changing New Gold Discovery at Siribaya's Diakha including assays of 34 m of 3.22g/t and 16 m of 2.06 g/t Au in hole 445
HALIFAX, NOVA SCOTIA -- (July 2, 2014) - Greg Isenor, President and CEO of Merrex Gold Inc. ("Merrex") (TSX Venture: MXI) announces that reverse Circulation ("RC") drilling at the Siribaya gold project's Diakha anomaly in West Mali confirms a significant new gold discovery with multiple zones of gold mineralization.

Highlights
• 41 of 52 completed holes had significant gold mineralization
• Multiple zones of gold mineralization over a wide area
• Numerous significant assays including: RC hole 445-34 m of 3.22 g/t gold and 16 m of 2.06 g/t gold; RC hole 429-30 m of 2.58 g/t gold; RC hole 421-26 m of 3.03 g/t gold; RC hole 441-10 m of 3.88 g/t gold
• Success contingent expanded Phase II follow-up RC & DD program is already approved

Commentary


"These exceptional drill results from the ongoing drilling at the Siribaya gold project in West Mali are indicative of an impressive new gold discovery. The Diakha anomaly is now the Diakha discovery, and this new discovery zone is the game-changer that we have been seeking" said Merrex President Greg Isenor. "Eighty percent of the drill holes completed at Diakha returned significant gold assays. There are long mineralized intervals with very good gold grades throughout the drilled area and the mineralized discovery zones are open in all directions and at depth. Most holes were only drilled to 100 metres depth and four holes ended still in mineralization. I am extremely encouraged by the near-term potential of the Diakha discovery zone to build shareholder value and the joint venture drill program has already been expanded to follow-up on these impressive results. I want to commend the new exploration team assembled by project operator IAMGOLD Corporation. They designed and implemented a highly professional, cost effective exploration program for Diakha and the results are outstanding."

Diakha Exploration Program Phase I

The 2014 Phase I 2014 Reverse Circulation (RC) drill program on the Diakha gold anomaly at the Siribaya project was comprised of 54 drill holes totaling 5,211 metres. This area, which is located in the western-most of the 910 km2 Siribaya exploration concessions, occurs several kilometres south along strike of IAMGOLD's Boto gold discoveries in Senegal and B2Gold/Papillon's Fekola deposit in Mali. See Map 1 with additional disclosures.

The Diakha area was highlighted for exploration by the presence of a strong gold geochemical anomaly delineated from a regional termite mound sampling survey and coincident with significant artisanal (orpailleur) mining activity.

Initial assay results (reported April 30, 2014) from the first eight RC drill holes returned encouraging results confirming the presence of gold mineralization. The assay results from the remaining 44 holes (two holes were abandoned) have now been received, validated and compiled and are reported herein. See Table of Significant Assays below.

A drill hole plan map with summary assay results from the Phase I drilling is provided in the Diakha Drill Hole Plan Map..

These assay results, as reported below, confirm the presence of multiple zones of gold mineralization over a wide area associated with altered (albite-hematite-chlorite) sandstone lithologies carrying trace to 2% disseminated pyrite + chalcopyrite-arsenopyrite, occasionally with visible gold. The mineralization and associated mineralization bears similarities to the Boto gold deposit mentioned above.

Table of Significant Assays for RC Drill Program Diakha Anomaly
RC Hole # From
(m)
To
(m)
Average Grade
SRC14-412  
44
46
2 m @ 7.66 g/t
SRC14-413  
18
52
78
82
90
90
20
54
84
84
96
92
2 m @ 0.77 g/t
2 m @ 4.74 g/t
6 m @ 2.58 g/t
including 2 m @ 6.49 g/t
6 m @ 2.84 g/t
including 2 m @ 5.24 g/t
SRC14-414  
34
60
76
36
62
78
2 m @ 3.16 g/t
2 m @ 1.98 g/t
2 m @ 7.05 g/t
SRC14-415  
22
72
36
78
14 m @ 1.18 g/t
6 m @ 0.88 g/t
SRC14-416  
14
26
26
44
66
15
32
30
46
68
1 m @ 0.88 g/t
6 m @ 5.46 g/t
including 4 m @ 7.78 g/t
2 m @ 0.54 g/t
2 m @ 3.39 g/t
SRC14-417  
4
18
28
34
52
70
6
20
30
36
54
72
2 m @ 1.98 g/t
2 m @ 0.86 g/t
2 m @ 0.65 g/t
2 m @ 1.03 g/t
2 m @ 2.35 g/t
2 m @ 2.10 g/t
SRC14-418  
22
46
46
58
74
96
26
50
48
60
76
98
4 m @ 1.58 g/t
4 m @ 2.44 g/t
including 2 m @ 4.26 g/t
2 m @ 1.07 g/t
2 m @ 0.72 g/t
2 m @ 2.05 g/t
SRC14-419  
10
12
2 m @ 3.29 g/t
SRC14-420  
2
16
34
34
44
74
4
18
46
36
66
76
2 m @ 0.70 g/t
2 m @ 0.67 g/t
12 m @ 2.93 g/t

including 2 m @ 4.71 g/t
and 2 m @ 7.26 g/t
2 m @ 3.30 g/t
SRC14-421  
32
40
46
58
42
50
26 m @ 3.03 g/t
including 2 m @ 15.20 g/t
4 m @ 6.16 g/t
SRC14-422  
10
28
48
70
98
98
12
42
52
72
102
100
2 m @ 0.58 g/t
14 m @ 0.64 g/t
4 m @ 1.34 g/t
2 m @ 0.76 g/t
4 m @ 3.11 g/t
2 m @ 5.58 g/t
SRC14-423  
30
48
80
32
50
82
2 m @ 0.92 g/t
2 m @ 0.51 g/t
2 m @ 1.92 g/t
SRC14-424  
4
28
40
68
90
6
30
42
74
92
2 m @ 0.51 g/t
2 m @ 2.84 g/t
2 m @ 4.14 g/t
6 m @ 1.54 g/t
and 2 m @ 1.70 g/t
SRC14-425  
34
38
4 m @ 0.79 g/t
SRC14-426  
24
26
2 m @ 0.99 g/t
SRC14-427  
98
100
2 m @ 5.07 g/t
SRC14-428  
50
56
68
58
58
70
8 m @ 1.81 g/t
including 2 m @ 5.34 g/t
2 m @ 0.58 g/t
SRC14-429  
68
72
98
78
30 m @ 2.58 g/t
including 6 m @ 6.70 g/t
SRC14-430  
52
62
54
66
2 m @ 0.70 g/t
4 m @ 0.66 g/t
SRC14-431  
38
48
42
50
4 m @ 0.97 g/t
2 m @ 0.59 g/t
SRC14-433  
86
94
88
96
2 m @ 3.02 g/t
2 m @ .070 g/t
SRC14-434  
50
60
96
54
64
98
4 m @ 0.76 g/t
2 m @ 1.73 g/t
2 m @ 7.60 g/t
SRC14-435  
4
24
78
98
6
26
80
100 (EOH)
2 m @ 0.55 g/t
2 m @ 0.56 g/t
2 m @ 0.89 g/t
2 m @ 7.02 g/t
SRC14-436  
10
38
40
52
84
98
14
44
42
54
86
100(EOH
4 m @ 1.02 g/t
6 m @ 2.02 g/t
including 2 m @ 4.31 g/t
2 m @ 0.43 g/t
2 m @ 1.06 g/t
2 m @ 1.26 g/t
SRC14-437  
98
100(EOH)
2 m @ 0.61 g/t
SRC14-438  
54
68
60
70
6 m @ 3.05 g/t
2 m @ 1.67 g/t
SRC14-439  
6
12
70
76
98
108
20
14
80
78
100
110
14 m @ 0.73 g/t
including 2 m @ 1.83 g/t
10 m @ 0.59 g/t
2 m @ 1.03 g/t
2 m @ 0.80 g/t
2 m @ 0.69 g/t
SRC14-440  
0
22
38
42
2
28
44
44
2 m @ 0.94 g/t
6 m @ 0.59g/t
6 m @ 3.60 g/t
including 2 m @ 7.56 g/t
SRC14-441  
16
22
26
24
10 m @ 3.88 g/t
including 2 m @ 16.65 g/t
SRC14-444  
34
92
106
36
94
112
2 m @ 1.02 g/t
2 m @ 0.73 g/t
6 m @ 0.79 g/t
SRC14-445  
8
20
36
64
84
92
98
24
22
70
68
86
94
100(EOH)
16 m @ 2.06 g/t
including 2 m @ 12.45 g/t
34 m @ 3.22 g/t
including 4 m @ 15.48 g/t
2 m @ 0.99 g/t
2 m @ 0.89 g/t
2 m @ 0.53 g/t
SRC14-446  
18
36
46
72
78
22
38
48
86
80
4 m @ 1.01g/t
2 m @ 0.76 g/t
2 m @ 1.54 g/t
14 m @ 0.60 g/t
including 2 m @ 1.10 g/t
SRC14-447  
34
42
46
72
72
86
40
44
48
78
74
88
6 m @ 0.67 g/t
2 m @ 0.55 g/t
2 m @ 0.66 g/t
6 m @ 3.27 g/t
including 2 m @ 7.89 g/t
2 m @ 0.61 g/t
SRC14-448  
20
20
28
22
8 m @ 4.45 g/t
including 2 m @ 15.15 g/t
SRC14-449  
0
10
16
24
36
42
60
12
12
18
26
38
64
64
12 m @ 0.64 g/t
including 2 m @ 1.33 g/t
2 m @ 0.63 g/t
2 m @ 0.51 g/t
2 m @ 0.89 g/t
22 m @ 1.64 g/t
including 4 m @ 3.30 g/t
SRC14-450  
0
56
92
4
58
98
4 m @ 0.81 g/t
2 m @ 0.72 g/t
6 m @ 0.89 g/t
SRC14-451  
0
2
2 m @ 0.64 g/t
SRC14-452  
84
86
2 m @ 0.62 g/t
SRC14-455  
0
2
2 m @ 0.50 g/t
SRC14-459  
84
94
88
100(EOH)
4 m @ 1.72 g/t
6 m @ 1.63 g/t
SRC14-460  
48
66
92
50
68
94
2 m @ 0.60 g/t
2 m @ 0.53 g/t
2 m @ 0.97 g/t
SRC14-463  
22
50
50
66
76
24
56
52
70
78
2 m @ 0.64 g/t
6 m @ 1.96 g/t
including 2 m @ 3.71 g/t
4 m @ 0.69 g/t
2 m @ 0.55 g/t
SRC14-465  
4
6
2 m @ 1.55 g/t

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, a global assay cap of 25 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 432, 442, 443, 453, 454, 456, 457, 458, 461, 462, 464 showed no significant assay values
Note 9: Holes 412-719 were released on April 30, 2014

About the Expanded 2014 Exploration Program

The expanded Phase I and Phase II 2014 exploration plan includes 32,750 metres of RC and Air Core drilling and 1,250 metres of diamond drilling budgeted at US$2,127,000, and is 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 have been 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
[email protected]

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: Fri Jul 4, 2014, Grant of Stock Options

You can view the Previous News Releases item: Tue Jun 17, 2014, Drilling Success Leads to Expanded Phase II Drilling at Siribaya Gold Project

You can return to the main News Releases page, or press the Back button on your browser.