Oct 19, 2011
Merrex Gold RC and Diamond Drilling Resumes at Siribaya
HALIFAX, NOVA SCOTIA - (Marketwire October 19, 2011) - Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ("Merrex") (TSX Venture: MXI) is pleased to announce that both the 2011 RC drilling and diamond drilling programs have resumed at the Siribaya Gold Project in West Mali.
2011 Diamond Drilling Program
The Siribaya Gold Project is a Merrex-IAMGOLD Corporation joint project with IAMGOLD Corporation earning-in for 50% of the project. Vesting of IAMGOLD Corporation's 50% interest is anticipated for Q4 2011.
The exploration plan for the 2011 diamond drill program is for 10,000 metres of drilling, including infill drilling within the Zone 1B NI 43-101 resource area, expansion drilling to the north and south of Zone 1B and targeted drilling, based on the RC drill results within the 1A substructure in the interpreted northern extension of Zone 1A. The objective of this drilling is to increase the present NI 43-101 resource estimate.
A total of 34 holes totalling approximately 6,500 metres have been completed with approximately 23 holes totalling 3,500 metres remaining in the planned 10,000 metre program.
RC Drilling Program
The plan for the RC drill program is for 30,000 metres of drilling across the 1A and 1B substructures to: i) investigate the strike length of the 1A and 1B Siribaya substructures north and south of Zone 1B, and ii) selective infill and off-set drilling along 200 - 300 metre spaced fences to follow up on mineralization intersected during the 2010 RC drilling.
The 2011 RC drill program will test the Siribaya mega-structure with long 'fences' of heel-to-toe RC holes to identify areas of gold mineralization. This process of outlining a mineralized footprint has been very successful to date and facilitated targeting of follow-up diamond drilling.
To date the RC drilling has shown the apparent continuity of mineralization in the Siribaya mega-structure for four kilometres within both the 1A and 1B structures. Previous reconnaissance exploration including soil and termite geochemical sampling, RAB drilling, reconnaissance diamond drilling, high resolution airborne geophysical surveys, and mapping has outlined the Siribaya mega-structure for 10 kilometres.
Of the 30,000 metre program planned for 2011, 21,506 metres of RC drilling was completed prior to the commencement of the seasonal rains.
RC drilling is by BLY Mali SA, the Malian division of Boart Longyear Canada of North Bay, Ontario. The project operator is IAMGOLD Corporation.
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.
For further details about the Siribaya Gold Project visit Merrex's website at www.merrexgold.com.
Merrex is a Mali focused gold exploration company with experienced management, a solid exploration team, a prominent gold-producer as a partner and an expanding gold resource ... a winning combination offering investors an extraordinary opportunity.
Please visit our website at www.merrexgold.com for the most recent corporate presentation.
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 release.
You can view the Next News Releases item: Wed Oct 26, 2011, Merrex Releases Additional Siribaya Diamond Drilling Results
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