Sep 23, 2010
New Gold-Anomalous Trends Developing at Siribaya Gold Project
HALIFAX, NOVA SCOTIA - Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ("Merrex") (TSX Venture: MXI) announces that the results from the soil and termite mound geochemistry and auger drilling indicate significant new gold-anomalous trends outside of the Siribaya Mega-structure.
The compilation and analysis of the soil and termite mound geochemistry and the assay results from the auger drill program are complete. At Babara, Bambadinka and West Siribaya significant new gold trends are indicated. In the northern region of Bambadinka this is supported by mechanized auger drill results. (see table below)
On Kofia, Taya-Melea, and on the area between Bambadinka and the Siribaya Mega-structure, the soil and termite mound geochemical survey results indicate extensive new gold anomalies that will require followup drilling.
See the three maps following: a) the termite mound geochemistry results, b) the soil sampling geochemistry results, and c) the auger drill results.
"While much attention has been focused on our 2010 drill results from the 1A and 1B sub-structures within the Siribaya Mega-structure, it is still important to appreciate that the vast size of our West Mali land position and the abundance of gold targets outside of the Siribaya Mega-structure increases the blue-sky potential of our company immensely" said Merrex President and CEO Greg Isenor. "As we expand our exploration areas we recognize that we are really still scratching the surface of what is still to be discovered on our Siribaya Gold Project."
Working in concert with IAMGOLD Corporation ("IAMGOLD"), Merrex and IAMGOLD have completed the initial phase of a 14,500 metres RC reconnaissance drill program within the Siribaya Mega-structure, a soil and termite mound geochemical sampling program, and an auger drill program.
The RC drill program was designed to explore new areas of the Siribaya Mega-structure and begin defining the potential magnitude of the mineralised areas within the Siribaya Mega-structure.
The soil and termite mound geochemical sampling program and auger drill program was designed to test areas outside of the Siribaya Mega-structure and identify priority target areas for future exploration.
About the Siribaya Gold Project
Merrex controls 100% of the Siribaya Gold Project comprising over 840 square kilometres of contiguous exploration permits in West Mali including the Siribaya Mega-structure. The Siribaya Mega-structure has a CIM compliant NI43-101 resource estimate of 4,015,000 tonnes grading 2.39 g/t Indicated (308,200 oz Au) and 946,000 tonnes grading 2.29 g/t Inferred (69,500 oz Au). The NI43-101 resource is open to the north, south and at depth.
Within the Siribaya Mega-structure there are at least two distinct substructures; the 500 metre wide by 10.5 kilometre long 1B substructure and the twin 500 metre wide x 9.5 kilometre long 1A sub-structure. The Siribaya Mega-structure has yielded ore-grade drill intercepts in a number of selected targets along its entire length. Outside of the Siribaya Mega-structure significant new trends are developing at Babara, Zone Bambadinka and West Siribaya and new gold-anomalous zones have been indentified at Kofia, Taya-Melea and between Zone Bambadinka and the Siribaya Mega-structure.
In December 2008, Merrex closed an Option Agreement with IAMGOLD pursuant to which IAMGOLD may incur up to CDN$10.5 million in exploration expenditures over 4 years, to earn a 50% interest in the Siribaya Gold Project, of which approximately $5.5 million has been spent to date. Effective September 1, 2010 IAMGOLD became the Project Operator.
Since 2005, the combined exploration expenditures of Merrex and IAMGOLD total over CDN$13,500,000 at Siribaya.
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 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
Renmark Financial Communications Inc.
Jason Roy: [email protected]
Barbara Komorowski: [email protected]
Tel.: (514) 939-3989 or (416) 644-2020
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 forwardlooking 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 forwardlooking statements. Factors that could cause actual results to differ materially from those in forwardlooking 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: Thu Oct 7, 2010, IAMGOLD Accelerates 2010 Exploration Expenditures at Siribaya
You can view the Previous News Releases item: Thu Sep 16, 2010, Merrex Gold - Siribaya RC Drill Program Extends Both 1A and 1B Zones
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