HALIFAX, NOVA SCOTIA / ACCESSWIRE / April 30, 2014 / Greg
Isenor, President and CEO of Merrex Gold Inc., ("Merrex") (TSX
Venture: MXI) announces:
Initial RC Drill Results from Diakha Prospect, Siribaya Gold
Project, West Mali
Reverse circulation drilling (RC) at the Diakha prospect
finished April 1, 2014. Fifty-four RC holes (including 2 abandoned
holes) totalling 5,211 metres were completed. The drill has been
moved to the Babara permit in the eastern portion of the Siribaya
Gold Project land package where the programme is continuing with
Air Core (AC) drilling to test other high-priority targets. Drill
samples have been submitted for assay. Assay results released
today, as received from project operator IAMGOLD Corporation, are
for the first eight of the 54 RC drill holes. The holes are located
in the southern region of the planned drill program for the Diakha
prospect. (See map 1 for drill hole locations.)
Table of Significant Assays for RC Drill Program Diakha
Anomaly
-----------------------------------------
|RC Hole# |From(m)|To(m)|Average Grade |
|---------------------------------------|
|SRC14-412|44 |46 |2.0m @ 7.7 g/t |
|---------------------------------------|
|SRC14-413|18 |20 |2.0m @ 0.7 g/t |
|---------------------------------------|
| |52 |54 |2.0m @ 4.7 g/t |
|---------------------------------------|
| |78 |84 |6.0m @ 2.6 g/t |
|---------------------------------------|
| |90 |96 |6.0m @ 2.8 g/t |
|---------------------------------------|
|SRC14-414|34 |36 |2.0m @ 3.2 g/t |
|---------------------------------------|
| |60 |62 |2.0m @ 2.0 g/t |
|---------------------------------------|
| |76 |78 |2.0m @ 7.0 g/t |
|---------------------------------------|
|SRC14-415|22 |34 |12.0m @ 1.4 g/t|
|---------------------------------------|
| |72 |78 |6.0m @ 0.9 g/t |
|---------------------------------------|
|SRC14-416|26 |32 |6.0m @ 5.5 g/t |
|---------------------------------------|
| |44 |46 |2.0m @ 0.5 g/t |
|---------------------------------------|
| |66 |68 |2.0m @ 3.4 g/t |
|---------------------------------------|
|SRC14-417|4 |6 |2.0m @ 2.0 g/t |
|---------------------------------------|
| |18 |20 |2.0m @ 0.9 g/t |
|---------------------------------------|
| |28 |30 |2.0m @ 0.7 g/t |
|---------------------------------------|
| |34 |36 |2.0m @ 1.0 g/t |
|---------------------------------------|
| |52 |54 |2.0m @ 2.4 g/t |
|---------------------------------------|
| |70 |72 |2.0m @ 2.1 g/t |
|---------------------------------------|
|SRC14-418|22 |26 |4.0m @ 1.6 g/t |
|---------------------------------------|
| |46 |50 |4.0m @ 2.4 g/t |
|---------------------------------------|
| |58 |60 |2.0m @ 1.1 g/t |
|---------------------------------------|
| |74 |76 |2.0m @ 0.7 g/t |
|---------------------------------------|
| |96 |98 |2.0m @ 2.0 g/t |
|---------------------------------------|
|SRC14-419|10 |12 |2.0m @ 3.3 g/t |
-----------------------------------------
Note 1: Composite intersections at or above 2m length and/or at
or above 2g/t are in bold.
Note 2: All samples sent to the laboratory are two meter
composite samples
Note 3: QA/QC and additional technical information are described
below
Commentary
"I am extremely encouraged with these first results from RC
drilling on the Diakha prospect which is located in the far western
region of our Siribaya Gold Project and appears to be situated on
what we are calling the Fekola-Boto-Diakha trend" said Merrex
President Greg Isenor. "My thinking is that the Diakha gold
geochemical anomaly may be an extension of IAMGOLD's Boto discovery
and although it is too early to draw that conclusion these positive
RC drill results coupled with the considerable artisanal activity
in the Diakha area are very encouraging. Also noteworthy is the
location of our Karita permit on the Guinean side of the
international boundary and directly between the Boto resource and
Diakha prospect. (See news release November 20, 2013.) These first
eight RC holes are from the southern region of the Diakha gold
anomaly and a preliminary interpretation of the drill hole
cross-sections appears to delineate continuity."
Auger Drilling
Mechanized auger drilling on the Guia prospect on Kofia permit
in the eastern region of the property is ongoing with 1,400 metres
in 115 holes completed to March 31, 2014. (see map 2.)
Drilling Progress
Project driller Amco Drilling (UK) Limited has moved the drill
rig to the Babara target area, also in the eastern region of the
property, to begin AC drilling of prioritized geochemical targets.
(see map 2.) The drill will move progressively westward towards the
Siribaya area to test other targets including Fandou, Liberta and
Guia to finish near the Siribaya camp before the beginning of the
seasonal rains.
About the 2014 Exploration Program
The 2014 exploration plan includes 28,250 metres of RC and AC
drilling budgeted at US$1.75 million and is designed to test
priority targets identified by geochemical termite sampling.
Greater emphasis will be placed on targets occurring within the
western permits (Kambaya and Siribaya West), while those located
further east will be further refined and prioritized (Kofia to
Diarindi). In addition up to 12,500 metres of Auger drilling is
planned for targets in the eastern portion of the project area.
Finally, a limited amount of oriented core drilling before the
anticipated closure of the field season in early July is provided
for in the budget. The oriented core drilling is dependent upon the
drill sample results and interpretation of the RC programme.
IAMGOLD is funding the US$1.75 million 2014 program and has
agreed to extend the payment deadline for all joint venture
exploration contributions to December 31, 2014 providing Merrex
with additional time to finance.
Technical Information and Quality Control Notes
The Siribaya Gold drilling results contained in this news
release have been prepared in accordance with National Instrument
43-101 Standards of Disclosure for Mineral Projects. The sampling
of, and assay data from, rock chips is monitored through the
implementation of a quality assurance - quality control program by
IAMGOLD designed to follow industry best practice.
Rock chips from the Reverse Circulation drilling are collected
at the rig site, at one metre intervals, under the direct
supervision of IAMGOLD geologists. Samples are riffle split to
obtain two 3 kg samples. One sample is retained for reference
purposes and the other is used to prepare 2-meters composite
samples for assay. The 2 meter composite samples are prepared at
the project site, by trained technicians supervised by IAMGOLD
geologists. Samples are analyzed 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. Expenditures to date on the Siribaya Project total
approximately $40 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 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 info@merrexgold.com.
On Behalf of the Board
Gregory Isenor, P.Geo.
President & CEO
Merrex Gold Inc.
Suite 802, 1550 Bedford Highway, 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.
Map 1 - Drill Hole Locations for First Eight RC Holes - Diakha
Prospect
Click Image To View Full Size
Map 2 - Locations of Guia and Babara Target Areas
Click Image To View Full Size
SOURCE: Merrex Gold Inc.
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