Jan 29, 2013
Merrex Gold-Siribaya Gold Project 2013 Exploration Program Update
Including Drill Results of 2.04 g/t Au Over 11 m and 2.24 g/t Au Over 10 m
HALIFAX, NOVA SCOTIA - (Marketwire, January 29, 2013) - Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ("Merrex") (TSX Venture: MXI) announces:
2013 Exploration Program
Planning of the 2013 exploration program is complete. Program operator IAMGOLD Corporation has proposed an exploration program comprised of a) diamond drilling in the Siribaya Structure to test targets identified by Leapfrog 3D modelling, b) air core and reverse circulation drilling over seven significant new target areas identified by termite mound geochemistry, and c) additional termite mound geochemical sampling to tighten up certain grid areas to 100m x 100m. The budget for the proposed program is approximately $6,900,000.
At this time, program operator IAMGOLD Corporation has suspended all in-country exploration due to the escalation of insurgent activity in northern Mali and the military response to that increase. The situation in Mali is being monitored, and exploration will resume when the risk assessment reduces to an acceptable level.
Diamond Drill Results - Eastern (1A) Substructure
Diamond drill results released are for eight holes totaling 1,675 metres out of 13 holes totaling 2,766 drilled between October 30, 2012 and December 12, 2012 before the break for the Holiday Season. In 2012, 37 holes totaling 7,790 metres were drilled on the Siribaya 1A gold substructure.
Four holes in the central region of the Eastern (1A) substructure were drilled to test for cross-structures in some mineralized areas. Drill holes TY-DD-12-073, which included intersections of 2.04 g/t Au over 11 m and 2.24 g/t Au over 10 m, and TY-DD-12-074 intersected widespread gold mineralization down to 50 metres in depth. While encouraging, additional exploration will be required to better interpret the structures controlling the gold mineralization.
The four other holes were drilled in the southern region of the Eastern (1A) substructure on 50 metre step-outs from significant gold mineralization in RC hole TY11-139 (3.99 g/t Au over 12 m) to test its continuity. Hole TY-DD-12-075 intersected 1.75 g/t Au over 9 m providing additional evidence of the continuity of this zone to the south.
Results of the last 5 holes of the 2012 diamond drilling program will be released when available.
See attached map for drill hole locations, and the table of significant assays below.
"I am pleased with the exploration program proposed for 2013, as a new discovery anywhere on the Siribaya land package has the potential to add real value for Merrex's shareholders" said Merrex President and CEO Gregory Isenor. "The program is technically sound and I would not expect any significant changes between now and formal approval by the joint technical management committee. The timing of Merrex formally approving the program, however, is heavily dependent upon Merrex's financing for its share of the proposed program, and several alternatives are being discussed between Merrex and joint venture partner IAMGOLD Corporation. While at present security concerns are hindering an immediate start to the 2013 program, matters appear to be moving quickly in north Mali and I am confident that IAMGOLD is anxious to proceed with exploration at Siribaya as soon as it is satisfied that crews can operate safely. Merrex is equally anxious to begin as soon as financing matters are resolved."
Note 1: This table includes exhaustively all the mineralized intersections with a grade > 0.50 g/t Au; these intersections are considered as significant intersections.About the 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 910.5 square kilometres of gold-prolific exploration permits and permits applications pending. Exploration of the Siribaya Gold Project is conducted under a joint management committee. Expenditures to date total approximately $32 million.
The Siribaya Gold Project presently hosts a NI 43-101 compliant gold resource estimated at 303,900 ounces grading 2.34 g/t Indicated, and 301,400 ounces grading 2.17 g/t Inferred (July 31, 2012 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 required drilling.
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 ... a winning combination offering investors an extraordinary opportunity.
For further details about Merrex Gold'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 release.
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