Mar 09, 2010
Merrex Announces Jubilee Drill Results
HALIFAX, NOVA SCOTIA--(Marketwire - March 9, 2010) - Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ("Merrex") (TSX VENTURE:MXI) announces that the Jubilee Zinc Project ("Jubilee") continues to deliver encouraging diamond drill results.
Jubilee delivers more encouraging drill results
Significant drill intersections include Zn/Pb of
4.8% over 10.6 metres;
2.4% over 16 metres and
2.2% over 22.2 metres
"We are pleased to announce that our 50% owned Jubilee Zinc has again delivered very encouraging drill results" said Gregory Isenor, President and CEO of Merrex. "This limited diamond drill program was a requirement of Frontline Gold Corporation's Qualifying Transaction and we are very pleased that the program was completed so quickly following approval of Frontline's Qualifying Transaction and with such good results."
Jubilee Zinc Project
A 2010 Phase I diamond drill program of 6 holes totalling 1,371 metres has been completed on the Jubilee Zinc Project with drill intersections including Zn/Pb of 4.8% over 10.6 metres; 2.4% over 16 metres and 2.2% over 22.2 metres. Complete drill results are available at www.merrexgold.com.
Now that the 2010 Phase I drill program is complete, the project will be managed under a 50/50 Joint Venture Agreement with Frontline as operator. Jubilee has a CIM Standards and NI 43-101 compliant resource estimate of 3.1 million tonnes grading 4.71% Zinc equivalent, including 2.1 million tonnes grading 5.6% Zinc equivalent and 1.9 million tonnes grading 5.79% Zinc equivalent (November 5, 2007 Mercator Geological Services Limited).
In addition to a direct 50% interest in Jubilee, Merrex also owns 18,675,000 shares of Frontline (a 39% equity interest) which Merrex will dividend to its shareholders on a record date to be announced.
About the Siribaya Gold Project
Merrex's principal project is its 100% interest (subject to retained government and vendor royalties) Siribaya Gold Project in west Mali. The Siribaya Gold Project comprises over 800 square kilometres of contiguous exploration permits including the Siribaya mega-structure. Siribaya has a CIM Standards and NI 43-101 compliant resource estimate of 4,015,000 tonnes grading 2.39 g/tonne (308,200 ounces Au) Indicated plus 946,000 tonnes grading 2.29 (69,500 ounces Au) Inferred (ACA Howe International Limited, February 3, 2010). Within the Siribaya mega-structure, Zone 1B, the primary subject of the resource estimate, is a 100 metre wide by 800 metre mineralized zone within the 500 metre wide by 10.5 kilometre long 1B substructure, and Zone 1A is part of 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. A 14,500 metres RC drill program is currently underway at Siribaya.
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 $3.0 million has been spent to date. Merrex will be the Project Operator for two years or until exploration expenditures of $5.5 million after which IAMGOLD can elect to be the Operator. Since 2005 Merrex and IAMGOLD have invested over CDN$11,000,000 in exploration at Siribaya. The current exploration program will satisfy IAMGOLD's next CDN$2,500,000 exploration obligation.
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 focussed 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 presentation.
On Behalf of the Board
Gregory Isenor, P.Geo., President & CEO
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.
For more information, please contact
Merrex Gold Inc.
(902) 832-2223 (FAX)
You can view the Next News Releases item: Wed Mar 24, 2010, Merrex Gold Announces Share Dividend
You can view the Previous News Releases item: Thu Mar 4, 2010, Merrex Commences RC Drilling at Siribaya Gold Project
You can return to the main News Releases page, or press the Back button on your browser.