Jun 11, 2015
2015 RC and DD Drill Results from Siribaya's Diakha Discovery Zone Including Assays of 40 m of 2.52 g/t and 38 m @ 2.52 g/t Gold
HALIFAX, NOVA SCOTIA -- (June 11, 2015) - Greg Isenor, President and CEO of Merrex Gold Inc., ("Merrex" or the "Company") (TSX Venture: MXI) announces initial 2015 Reverse Circulation ("RC") and core ("DD") drill results from Siribaya gold project's Diakha discovery zone in West Mali.
• 100 RC and 13 DD holes completed January 1 to May 29, 2015
• 22 out of the 41 RC and DD holes fully analyzed as of May 30th had significant gold mineralization
• Continuity of gold mineralization over a wide area continues to be evidenced
• Numerous significant assays including:
SRD15-156: 40 m @ 2.52 g/t gold including 9 m @ 8.83 g/t gold
SRC15-539: 38 m @ 2.52 g/t gold including 10 m of 5.70 g/t gold
"During my site visit in late May I had the opportunity to observe the drilling operations at Diakha first-hand" said Merrex President Greg Isenor "and I was impressed by the competence of the drill crew, the commitment of the field staff and the professionalism of the supervisory geological team. It is a very well-run program. There were two drills operating, a RC and a DD drill, and the progress executing the planned 2015 program is impressive. Together with the supervisory field geologist I reviewed the assay results released today and discussed preliminary cross sections and interpretations of the exploration results to date. I also examined the drill core, including SRD15-156 which assayed at 40 m of 2.52 g/t gold including 9 m of 8.83 g/t gold, and noted the similarities between it and the core from both IAMGOLD's Boto and B2Gold's Fekola deposits. My conclusion is that the 2015 DD and RC infill drill program at Diakha continues to deliver positive drill results and the assay results reported today will be incorporated into the resource estimate planned for year-end. These results reinforce our enthusiasm for the gold discovery made last year at Diakha. I again extend my congratulations to the IAMGOLD exploration team."
2015 Diakha Exploration Program
The 2015 US$3.8M exploration program is a RC and DD (core) infill and expansion delineation drilling program with the objective of enabling the completion of a maiden NI43-101 compliant resource estimate by year end as results may merit.
From January 1 to May 29, 2015 100 RC holes totalling 11,010 metres and 13 DD holes totalling 2,422 metres were completed. Many of these holes were tails added to 2014 holes (which were originally drilled to approximately 100 to 120 metres) extending those holes to new depths reaching up to 350m.
Assay results for 39 RC holes totalling 4628 metres and the 2 DD holes totalling 528 metres have now been validated and compiled and are reported herein. See Tables of Significant Assays below.
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 deposit area is open in all directions and at depth.
Table of Significant RC Assays
Table of Significant DD Assays
Note 1: All RC samples sent to the laboratory are 2 meter composite samples while DD samples are 1 metre in length
Note 2: QA/QC and additional technical information are described below
Note 3: RC Drill hole intercepts are calculated using a minimum down-hole length of 2 meters. , DD Drill hole intercepts are calculated using a minimum down-hole length of 1 meter. All intercepts use a cut-off grade
of 0.5 g/t gold, are uncapped, and may include up to 5 metres of internal dilution
Note 4: The widths of intersections are downhole lengths; true widths are unknown at this time
Note 5: All holes were drilled azimuth 115 and dipping -60o
Note 6: "EOH" means 'end of hole'
Note 7: Seventeen RC holes returned no significant assays.
A drill plan plan (Map 1) showing drill collar locations is provided below. The map contains a selected sample of assay results. For a comprehensive list of assays and intervals see the Tables of Significant Assays above, and for assay results from previous drill programs at Diakha refer to the news release archive on Merrex's website at www.merrexgold.com.
About the Diakha Discovery
The Diakha gold discovery area 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 (IAMGOLD is currently undertaking resource estimation, economic and mine design studies for Boto) and approximately 20 kilometres south along strike from B2Gold's (formerly Papillon's) Fekola deposit (Fekola is permitted for production). See (Map 2) below.
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 and drill core 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 meter composite samples for assay. The 2 meter composite samples are prepared at the project site, by trained technicians supervised by IAMGOLD geologists.
Drill core (HQ and NQ size) samples were selected by the IAMGOLD geologists and sawn in half with a diamond blade at the project site. Half of the core is retained at the site for reference purposes. Sample intervals are generally one metre in length.
Samples are analyzed at both ALS Chemex Analytical Laboratory and SGS-Minerals located 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 $42 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.
About the Karita Gold Project, Guinea
The Karita Gold Project is an approximately 100 km2 Authorization for Exploration concession located at the tri-point boundary of Guinea, Mali and Senegal. It is also on strike 1.5 kilometres north of Merrex-IAMGOLD's Diakha gold discovery, which is located in the western-most portion of the 760 km2 Siribaya joint venture exploration concessions, and approximately 7 kilometres south along strike from IAMGOLD's Boto gold deposit (scoping study in progress). This is also that same structure as B2Gold's (formerly Papillon's) Fekola deposit (permitted for production) approximately 15 kilometres to the north. The Karita permit area is 100% owned by Merrex, not within the area of influence of the Merrex - Iamgold Siribaya joint venture and, importantly, the Karita Gold Project hosts approximately two kilometres of the Fekola-Boto-Diakha gold trend which is in the southern portion of the prolific Mali -- Senegal shear.
Merrex first recognized the significance of the Karita permit area over two years ago, and after protracted efforts including numerous trips to Guinea by our strategic partner to settle issues with the Department of Mines, Guinea Merrex was successful in securing the Karita Authorization for Exploration from the Guinean government.
Together, Merrex's Siribaya Gold Project, Mali and Karita Gold Project, Guinea total 860 km2.
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. Rock samples from Karita were assayed at the ALS Chemex Analytical Laboratory in Bamako, Mali, using a standard fire assay with a 50 gram charge and an Atomic Absorption finish.
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.
Together, Merrex's Siribaya Gold Project, Mali and Karita Gold Project, Guinea total 860 km2.
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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