Mar 25, 2015
Merrex Secures Exploration Autorization for Karita Permit, Guinea
HALIFAX, NOVA SCOTIA -- (March 25, 2015) - Greg Isenor, President and CEO of Merrex Gold Inc., ("Merrex" or the "Company") (TSX Venture: MXI) is pleased to announce:
Karita Permit, Guinea
The Guinea Ministry of Mines and Exploration has granted an Authorization for Exploration for the Karita Permit area. The Authorization for Karita is one of only 25 exploration authorizations granted by the ministry since January 1, 2015. The Karita permit is approximately 100 square kilometres and hosts approximately three kilometres of the Fekola-Boto-Diakha gold trend. This significant portion of the permit area is along strike south of and contiguous to IAMGOLD Corporation's Boto deposit (approximately 1,900,000 ounces, details below*) and directly along strike north of Merrex-IAMGOLD's Diakha discovery zone. (See map 1).
The Karita exploration permit is 100% owned by Merrex and not within the area of influence of the Merrex --Iamgold Siribaya joint venture. The permit includes a section of the southern portion of the prolific Mali -- Senegal shear. The extensive artisanal workings so prominent at Diakha are also present on the Karita permit.
Planning is underway for a Phase 1 reconnaissance exploration program which will include prospecting, mapping, rock sampling, and soil and termite mound sampling over the 3 kilometre projected extension of the 1.2 kilometre Diakha discovery zone and is expected to be completed prior to the commencement of the seasonal rains which start in early July.
Just south of Karita is Merrex's Diakha gold discovery which is located in the western-most portion of the 910 km2 Siribaya joint venture exploration concessions and approximately 10 kilometres south along strike from IAMGOLD's 1,900,000 ounce Boto gold deposit (scoping study in progress) and approximately 20 kilometres south along strike from B2Gold's (formerly Papillon's) 5,000,000 ounce Fekola deposit (permitted for production). (See map 2)
The 2014 drill program of over 9,000 metres RC and over 2,000 metres DD confirmed the presence of multiple zones of gold mineralization over a wide area at significant widths and grades, in association with disseminated sulphide and albite-hematite-chlorite alteration in sandstone host rocks with little quartz veining. There is mineralization at both the SE & NW strike extensions. The mineralization and associated mineralization bears similarities to the Boto gold deposit mentioned above.
Assay highlights* 2014 RC and DD programs include:
RC 445 34 m of 3.22 g/t and 16 m of 2.06 g/t gold
RC 429 30 m of 2.58 g/t gold
RC 421 26 m of 3.03 g/t gold
RC 441 10 m of 3.88 g/t gold
DD 148 34 m of 4.85 g/t gold
DD 145 21 m of 4.31 g/t gold
DD 146 12 m of 10.99 g/t gold
RC 489: 24 m of 2.36 g/t incl. 4 m of 11.26 g/t gold (hole ended in mineralization)
RC 471: 24 m of 1.06 g/t incl. 4 m of 3.30 g/t, 10 m of 1.71 g/t and 2 m of 7.16 g/t gold
RC 474: 10 m of 2.03 g/t gold
RC 504: 32 m of 0.99 g/t gold
DD 154: 3 m of 15.01 g/t and 6 m of 10.53 g/t incl. 4 m @ 15.45 g/t gold
*see news releases of July 2, August 28 and October 8 at www.merrexgold.com for additional details.
Based on these encouraging drill results, project operator IAMGOLD Corporation ("IAMGOLD") designed the 2015 exploration program to support completion of a NI43-101 maiden resource estimate by year end if results continue to be encouraging.
Technical Information and Quality Control Notes
The Siribaya Gold Project 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, drill core was monitored through the implementation of a quality assurance - quality control program designed to follow industry best practice.
Drill core (HQ and NQ size) samples were selected by the IAMGOLD geologists and sawn in half with a diamond saw at the project site. Half of the core was retained at the site for reference purposes. Sample intervals are generally one metre in length. The samples 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.
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 exceed $40 million.
The Siribaya Gold Project presently hosts a gold resource on the Siribaya main structure 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 (which does not include anything from the Diakha discovery zone) was prepared in accordance with CIM definitions as required by NI 43-101 and is at July 31, 2012 by ACA Howe International Limited. Both the Siribaya and Diakha 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 JV partner and an expanding gold resource.
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.
You can view the Next News Releases item: Wed Apr 1, 2015, Merrex Shareholders Approve IAMGOLD as 'Control Person', and Reconnaissance Mapping and Sampling of Karita Permit Planned
You can view the Previous News Releases item: Fri Feb 27, 2015, Final 2014 Phase III Diamond Drilling Results at Siribaya's Diakha Discovery Zone Assay results include 6 m @ 10.53 g/t
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