Jun 17, 2013
Merrex: Drilling Starts at Siribaya, West Mali
HALIFAX, NOVA SCOTIA - (June 17, 2013) - Gregory Isenor, President and CEO of Merrex Gold Inc., ("Merrex") (TSX Venture: MXI) announces that drilling has begun at its Siribaya Gold Project, West Mali.
2013 Drill Program Begins at Siribaya
The 2013 drill program has begun at the Siribaya Gold Project, West Mali. Project operator IAMGOLD Corporation has advised Merrex that two drills are active on the property.
An air core drill is drilling on the Kona-Tila anomaly, a major geochemical target on the boundary of the Kambaya and Siribaya permit areas.
A mechanized auger drill is also operating and is testing the 1 x 2 kilometre Diakha anomaly on the far western extremity of the Kambaya permit, an anomaly which may represent a strike extension of gold mineralization found along the Fekola-Boto trend.
"Merrex is anxious to test the new anomalies within the Siribaya land package" commented Merrex President and CEO Greg Isenor. "We are very close to Papillion's Fekola Gold Project, presently a 4.21 million ounce deposit with an average grade of 2.38 g/t and still growing, and immediately contiguous to the Boto project in Senegal where IAMGOLD has announced that a maiden resource estimate is expected during Q2 of 2013. The Fekola and Boto deposits are evidence of what appears to be a significant gold-bearing system in this region and supports our enthusiasm to explore the seven gold geochemical anomalies so far identified on the property including, Diakha, Kono, Tila, Guia, Fandou, Liberta and Haifa. (See attached map for locations of gold anomalous zone locations) These priority gold anomalies have been identified by the Siribaya Joint Venture over the past 2.5 years of systematic termite mound sampling across the entire 910 square kilometre Siribaya land package. None of these anomalies have been drill tested until now and any one could become the next major discovery in the area. Since 2005 exploration on the Siribaya Gold Project has focused primarily on exploring and developing resources with the area of the Siribaya structure; therefore any discoveries in any of these priority target areas which are outside of the Siribaya structure area would open up wholly new areas for future exploration and resource development."
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 square kilometres of gold-prolific exploration permits and permit applications pending. Exploration of the Siribaya Gold Project is conducted under a joint management committee. Expenditures to date on the Siribaya Project total approximately $35 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 require drilling.
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 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 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 release.
You can view the Next News Releases item: Fri Jul 19, 2013, Merrex Gold Share Placement to IAMGOLD
You can view the Previous News Releases item: Tue May 28, 2013, Recent Developments at Fekola and Boto Very Encouraging for Siribaya; Equity Financing Update; Merrex Cost Reductions
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