Feb 02, 2015
US$3.8 Million Drill Program for Diakha Commenced, Maiden Resource Estimate Planned by Year End
HALIFAX, NOVA SCOTIA -- (February 2, 2015) - Greg Isenor, President and CEO of Merrex Gold Inc., ("Merrex" or the "Company") (TSX Venture: MXI) is pleased to announce:
2015 Exploration Program
The Siribaya joint venture management committee has approved a US$3.8 million work plan and budget for the Siribaya gold project in West Mali.
The primary focus of the 2015 drilling program is to complete an initial infill delineation drilling program on the Diakha discovery to enable completion of a maiden NI43-101 compliant resource estimate by year end as results may merit. A combination of reverse circulation and diamond drilling will be used.
The Siribaya camp is open. Drill crews and rigs are on site and drilling has commenced.
About the Diakha Discovery Zone
The Diakha gold discovery is located in the western-most portion of the 910 km2 Siribaya exploration concessions 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) 5,000,000 ounce Fekola deposit (permitted for production). See Map.
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.
2014 RC drilling (over 9,000 metres) and DD (over 900 metres) confirm the presence of multiple zones of gold mineralization over a wide area at significant widths and grades, in association with disseminated sulphide and albite-hematite-chlorite alteration in sandstone host rocks with little quartz veining. There is mineralization at both the SE & NW strike extensions. The mineralization and associated mineralization bears similarities to the Boto gold deposit mentioned above.
Assay highlights* from the Phase I and II RC and Phase I DD programs include:
RC 445 34 m of 3.22 g/t and 16 m of 2.06 g/t gold
RC 429 30 m of 2.58 g/t gold
RC 421 26 m of 3.03 g/t gold
RC 441 10 m of 3.88 g/t gold
DD 148 34 m of 4.85 g/t gold
DD 145 21 m of 4.31 g/t gold
DD 146 12 m of 10.99 g/t gold
RC 489: 24 m of 2.36 g/t incl. 4 m of 11.26 g/t gold (hole ended in mineralization)
RC 471: 24 m of 1.06 g/t incl. 4 m of 3.30 g/t, 10 m of 1.71 g/t and 2 m of 7.16 g/t gold
RC 474: 10 m of 2.03 g/t gold
RC 504: 32 m of 0.99 g/t gold
*see news releases of July 2, August 28 and October 8 at www.merrexgold.com for additional details.
Based on these encouraging drill results, project operator IAMGOLD Corporation ("IAMGOLD") designed the 2015 exploration program to support completion of a NI43-101 b>maiden resource estimate by year end if results continue to be encouraging.
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 exceed $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 Siribaya and Diakha 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 JV 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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