Apr 07, 2015
Diakha Drilling Update, Siribaya Gold Project
HALIFAX, NOVA SCOTIA -- (April 7, 2015) - Greg Isenor, President and CEO of Merrex Gold Inc., ("Merrex" or the "Company") (TSX Venture: MXI) is pleased to provide shareholders with the following update on the 2015 drilling program on the Diakha deposit area of the Siribaya Gold Project, West Mali:
2015 Diakha Drilling Update
The US$3.8 million 2015 drill program is progressing well. The Siribaya field camp was re-opened after the December holiday break and drilling operations have been underway since January 16th, 2015.
In January two diamond drill ("DD") holes were completed and then the drill rig was converted to Reverse Circulation ("RC") and RC drilling continued. On March 24th, 2015 the drill rig was converted from RC drilling to core drilling in order to test to depths below 150 metres. DD holes will extend previously drilled RC holes wherever possible. The DD portion of the 2015 program will consist of 36 holes totaling 4185 metres.
To March 27th, 2015 80 RC holes totaling 9,013 metres and 2 DD holes totaling 597 metres were completed. Assays are pending and will be released when available.
The primary focus of the 2015 drilling program is to complete an initial infill delineation drilling program on the Diakha discovery to enable completion of a maiden NI43-101 compliant resource estimate by year end as results may merit. A combination of reverse circulation and diamond drilling is being used.
"I am very pleased with the drilling progress to date at the Diakha discovery zone" said Merrex president Greg Isenor. "I am excitedly awaiting this next round of drill results."
About the Diakha Discovery Zone
The Diakha gold discovery is located in the western-most portion of the 760 km2 Siribaya exploration concessions approximately 10 kilometres south along strike of IAMGOLD's Boto gold discoveries (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 1 for the Diakha location.
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 albite-hematite-chlorite alteration in sandstone rocks with weak finely disseminated sulphides and rare 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, 2014 at www.merrexgold.com for additional details.
Karita Permit, Guinea
Merrex was recently granted the Authorization for Exploration for the 100 km2 Karita permit area in Guinea. The Karita permit area is 100% owned by Merrex and hosts a significant piece of the Feloka-Boto-Diakha trend It is contiguous south of Boto and north of Diakha See Map 1 for the Karita location. Planning is underway for an immediate reconnaissance mapping and sampling survey of the Karita permit area to facilitate planning of a Phase 1 exploration program.
The continual permit title management process including partial permit surrender, re-application and re-grant, consolidation and renewal is progressing in the normal course with the Mali National Department of Mines and Geology ("DNGM") and the Ministry of Mines. The Siribaya Gold Project JV partners have determined to not seek renewal of the 150 km2 Diarindi permit. This Eastern-most permit in the Siribaya land package was the furthest removed (approximately 60 km) from the main Senegal-Mali shear zone, is predominantly covered by granitic intrusive and InfraCabrian sediments, and was considered to be the least prospective permit and was assigned the lowest exploration priority in the near and medium terms. The joint venture management committee determined that the cost and manpower allocation necessary to conduct the minimum exploration programs required to maintain the permit would detract from the drilling at the Diakha discovery zone which is a much higher priority.
Siribaya Gold Project, Mali
The Siribaya Gold Project is a jointly owned (50/50) Merrex-IAMGOLD advanced-stage gold exploration project in West Mali comprised of approximately 760 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: Tue Apr 14, 2015, Permit Renewal Update and Debt Settlement
You can view the Previous News Releases item: Wed Apr 1, 2015, Merrex Shareholders Approve IAMGOLD as 'Control Person', and Reconnaissance Mapping and Sampling of Karita Permit Planned
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