HALIFAX,
NOVA SCOTIA / ACCESSWIRE / July 2, 2014 / Greg Isenor,
President and CEO of Merrex Gold Inc., ("Merrex" or the "Company") (TSX Venture: MXI)
announces that reverse Circulation ("RC") drilling at the Siribaya
gold project's Diakha anomaly in West Mali confirms a significant new gold discovery with
multiple zones of gold
mineralization.
Highlights
-41
of 52 completed holes had significant gold
mineralization
-Multiple zones of gold mineralization over a
wide area
-Numerous significant assays
including:
RC 445 34 m of
3.22 g/t gold 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
-Success contingent expanded Phase II follow-up
RC & DD program is already approved
Commentary
"These exceptional drill results
from the ongoing drilling at the Siribaya gold project in West Mali
are indicative of an impressive new gold discovery. The Diakha
anomaly is now the Diakha discovery, and this new discovery zone is
the game-changer that we have been seeking" said Merrex President
Greg Isenor. "Eighty percent of the drill holes completed at Diakha
returned significant gold assays. There are long mineralized
intervals with very good gold grades throughout the drilled area
and the mineralized discovery zones are open in all directions and
at depth. Most holes were only drilled to 100 metres depth and four
holes ended still in mineralization. I am extremely encouraged by
the near-term potential of the Diakha discovery zone to build
shareholder value and the joint venture drill program has already
been expanded to follow-up on these impressive results. I want to
commend the new exploration team assembled by project operator
IAMGOLD Corporation. They designed and implemented a highly
professional, cost effective exploration program for Diakha and the
results are outstanding."
Diakha Exploration
Program Phase I
The 2014 Phase I 2014 Reverse
Circulation (RC) drill program on the Diakha gold anomaly at the
Siribaya project was comprised of 54 drill holes totaling 5,211
metres. This area, which is located in the western-most of the 910
km2 Siribaya exploration concessions, occurs several
kilometres south along strike of IAMGOLD's Boto gold discoveries in
Senegal and B2Gold/Papillon's Fekola deposit in Mali. See Map 1
below.
Map
1
The new Diakha discovery zone
is at the southern end of the Fekola-Boto-Diakha trend in alignment
with
major deposits at Malikoundi
and Boto 6 (IAMGOLD) and Fekola (B2Gold/Papillon).
Click Image To View Full Size
Note 1: Fekola
(B2Gold/Papillon) resource estimate is at September 3,
2013
-----------------------------------------
|Resource Category|Grade Au|Total Ounces|
|---------------------------------------|
|Measured |2.43 g/t|3,160,000 |
|---------------------------------------|
|Indicated |2.35 g/t|1,480,000 |
|---------------------------------------|
|Inferred |1.90 g/t| 500,000 |
|---------------------------------------|
|Total Resources |2.35 g/t|5,150,000 |
-----------------------------------------
Note 2: Boto (IAMGOLD)
resource estimate is at July 29, 2013
-----------------------------------------
|Resource Category|Grade Au|Total Ounces|
|---------------------------------------|
|Indicated |1.62g/t |1,142,000 |
|---------------------------------------|
|Inferred |1.35 g/t| |
| | | 81,000 |
-----------------------------------------
Note 3: Karita permit is
pending final issuance at this date.
The Diakha area was highlighted for
exploration by the presence of a strong gold geochemical anomaly
delineated from a regional termite mound sampling survey and
coincident with significant artisanal (orpailleur) mining
activity.
Initial assay results (reported
April 30, 2014) from the first eight RC drill holes returned
encouraging results confirming the presence of gold mineralization.
The assay results from the remaining 44 holes (two holes were
abandoned) have now been received, validated and compiled and are
reported herein. See Table of Significant Assays below.
A drill hole plan map with summary
assay results from the Phase I drilling is provided in Map 2
below.
These assay results, as reported
below, confirm the presence of multiple zones of gold mineralization over a
wide area associated with altered (albite-hematite-chlorite)
sandstone lithologies carrying trace to 2% disseminated pyrite +
chalcopyrite-arsenopyrite, occasionally with visible gold. The
mineralization and associated mineralization bears similarities to
the Boto gold deposit mentioned above.
Map
2: Diakha Drill Hole Plan
Map
Click Image To View Full Size
---------------------------------------------------
| |
|Table of |
|Significant |
|Assays |
|for RC |
|Drill |
|Program |
|Diakha |
|Anomaly |
| |
|-------------------------------------------------|
|RC Hole# |From (M)|To (M)|Average Grade |
|-------------------------------------------------|
|SRC14-412|44 |46 |2m @ 7.66 g/t |
|-------------------------------------------------|
|SRC14-413|18 |20 |2 m @ 0.77 g/t |
|-------------------------------------------------|
| |52 |54 |2m @ 4.74 g/t |
|-------------------------------------------------|
| |78 |84 |6m @ 2.58 g/t |
|-------------------------------------------------|
| |82 |84 |including2 m @ 6.49 g/t|
|-------------------------------------------------|
| |90 |96 |6m @ 2.84 g/t |
|-------------------------------------------------|
| |90 |92 |including2 m @ 5.24 g/t|
|-------------------------------------------------|
|SRC14-413|34 |36 |2m @ 3.16 g/t |
|-------------------------------------------------|
| |60 |62 |2 m @ 1.98 g/t |
|-------------------------------------------------|
| |76 |78 |2 m @ 7.05 g/t |
|-------------------------------------------------|
|SRC14-415|22 |36 |14 m @ 1.18 g/t |
|-------------------------------------------------|
| |72 |78 |6m @ 0.88g/t |
|-------------------------------------------------|
|SRC14-416|14 |15 |1m @ 0.88 g/t |
|-------------------------------------------------|
| |26 |32 |6m @ 5.46 g/t |
|-------------------------------------------------|
| |26 |30 |including4 m @ 7.78 g/t|
|-------------------------------------------------|
| |44 |46 |2 m @ 0.54 g/t |
|-------------------------------------------------|
| |66 |68 |2m @ 3.39 g/t |
|-------------------------------------------------|
|SRC14-417|4 |6 |2m @ 1.98 g/t |
|-------------------------------------------------|
| |18 |20 |2 m @ 0.86 g/t |
|-------------------------------------------------|
| |28 |30 |2 m @ 0.65 g/t |
|-------------------------------------------------|
| |34 |36 |2 m @ 1.03 g/t |
|-------------------------------------------------|
| |52 |54 |2m @ 2.35 g/t |
|-------------------------------------------------|
| |70 |72 |2m @ 2.10 g/t |
|-------------------------------------------------|
|SRC14-418|22 |26 |4m @ 1.58 g/t |
|-------------------------------------------------|
| |46 |50 |4m @ 2.44 g/t |
|-------------------------------------------------|
| |46 |48 |including2 m @ 4.26 g/t|
|-------------------------------------------------|
| |58 |60 |2 m @ 1.07 g/t |
|-------------------------------------------------|
| |74 |76 |2 m @ 0.72 g/t |
|-------------------------------------------------|
| |96 |98 |2m @ 2.05 g/t |
|-------------------------------------------------|
|SRC14-19 |10 |12 |2m @ 3.29 g/t |
|-------------------------------------------------|
|SRC14-420|2 |4 |2 m @ 0.70 g/t |
|-------------------------------------------------|
| |16 |18 |2 m @ 0.67 g/t |
|-------------------------------------------------|
| |34 |46 |12 m @ 2.93 g/t |
|-------------------------------------------------|
| |34 |36 |including2m @ 4.71 g/t |
|-------------------------------------------------|
| |44 |46 |and2m @ 7.26 g/t |
|-------------------------------------------------|
| |74 |76 |2 m @ 3.30 g/t |
|-------------------------------------------------|
|SRC14-421|32 |58 |26m @ 3.03 g/t |
|-------------------------------------------------|
| |40 |42 | |
| | | | including2m |
| | | |@ 15.20 g/t |
|-------------------------------------------------|
| |46 |50 |and4m @ 6.16 g/t |
|-------------------------------------------------|
|SRC14-422|10 |12 |2m @ 0.58 g/t |
|-------------------------------------------------|
| |28 |42 |14m @ 0.64 g/t |
|-------------------------------------------------|
| |48 |52 |4m @ 1.34 g/t |
|-------------------------------------------------|
| |70 |72 |2m @ 0.76 g/t |
|-------------------------------------------------|
| |98 |102 |4m @ 3.11 g/t |
|-------------------------------------------------|
| |98 |100 |2m @ 5.58 g/t |
|-------------------------------------------------|
|SRC14-423|30 |32 |2m @ 0.92 g/t |
|-------------------------------------------------|
| |48 |50 |2m @ 0.51 g/t |
|-------------------------------------------------|
| |80 |82 |2 m @ 1.92 g/t |
---------------------------------------------------
-------------------------------------------------
|SRC14-424|4 |6 |2m @ 0.51 g/t |
|-----------------------------------------------|
| |28 |30 |2 m @ 2.84 g/t |
|-----------------------------------------------|
| |40 |42 |2 m @ 4.14 g/t |
|-----------------------------------------------|
| |68 |74 |6m @ 1.54 g/t |
|-----------------------------------------------|
| |90 |92 |2m @ 1.70 g/t |
|-----------------------------------------------|
|SRC14-425|34 |38 |4 m @ 0.79 g/t |
|-----------------------------------------------|
|SRC14-426|24 |26 |2 m @ 0.99 g/t |
|-----------------------------------------------|
|SRC14-427|98 |100 |2m @ 5.07 g/t |
|-----------------------------------------------|
|SRC14-428|50 |58 |8m @ 1.81 g/t |
|-----------------------------------------------|
| |56 |58 |including2m @ 5.34 g/t |
|-----------------------------------------------|
| |68 |70 |2m @ 0.58 g/t |
|-----------------------------------------------|
|SRC14-429|68 |98 |30m @ 2.58 g/t |
|-----------------------------------------------|
| |72 |78 |including6m @ 6.70 g/t |
|-----------------------------------------------|
|SRC14-430|52 |54 |2m @ 0.70 g/t |
|-----------------------------------------------|
| |62 |66 |4m @ 0.66 g/t |
|-----------------------------------------------|
|SRC14-431|38 |42 |4m @ 0.97 g/t |
|-----------------------------------------------|
| |48 |50 |2m @ 0.59 g/t |
|-----------------------------------------------|
|SRC14-433|86 |88 |2m @ 3.02 g/t |
|-----------------------------------------------|
| |94 |96 |2m @ 0.70 g/t |
|-----------------------------------------------|
|SRC14-434|50 |54 |4m @ 0.76 g/t |
|-----------------------------------------------|
| |60 |64 |2m @ 1.73 g/t |
|-----------------------------------------------|
| |96 |98 |2m @ 7.60 g/t |
|-----------------------------------------------|
|SRC14-435|4 |6 |2m @ 0.55 g/t |
|-----------------------------------------------|
| |24 |26 |2m @ 0.56 g/t |
|-----------------------------------------------|
| |78 |80 |2m @ 0.89 g/t |
|-----------------------------------------------|
| |98 |100 (EOH)|2m @ 7.02 g/t |
|-----------------------------------------------|
|SRC14-436|10 |14 |4m @ 1.02 g/t |
|-----------------------------------------------|
| |38 |44 |6m @ 2.02 g/t |
|-----------------------------------------------|
| |40 |42 |including2m @ 4.31 g/t |
|-----------------------------------------------|
| |52 |54 |2m @ 0.43 g/t |
|-----------------------------------------------|
| |84 |86 |2m @ 1.06 g/t |
|-----------------------------------------------|
| |98 |100 (EOH)|2m @ 1.26 g/t |
|-----------------------------------------------|
|SRC14-437|98 |100 (EOH)|2m @ 0.61 g/t |
|-----------------------------------------------|
|SRC14-438|54 |60 |6m @ 3.05 g/t |
|-----------------------------------------------|
| |68 |70 |2m @ 1.67 g/t |
|-----------------------------------------------|
|SRC14-439|6 |20 |14m @ 0.73 g/t |
|-----------------------------------------------|
| |12 |14 |including 2m @ 1.83 g/t|
|-----------------------------------------------|
| |70 |80 |10m @ 0.59 g/t |
|-----------------------------------------------|
| |76 |78 |2m @ 1.03 g/t |
|-----------------------------------------------|
| |98 |100 |2m @ 0.80 g/t |
|-----------------------------------------------|
| |108|110 |2m @ 0.69 g/t |
|-----------------------------------------------|
|SRC14-440|0 |2 |2m @ 0.94 g/t |
|-----------------------------------------------|
| |22 |28 |6m @ 0.59 g/t |
|-----------------------------------------------|
| |38 |44 |6m @ 3.60 g/t |
|-----------------------------------------------|
| |42 |44 |including 2m @ 7.56 g/t|
|-----------------------------------------------|
|SRC14-441|16 |26 |10m @ 3.88 g/t |
|-----------------------------------------------|
| |22 |24 |including2m @ 16.65 g/t|
|-----------------------------------------------|
|SRC14-444|34 |36 |2m @ 1.02 g/t |
|-----------------------------------------------|
| |92 |94 |2m @ 0.73 g/t |
|-----------------------------------------------|
| |106|112 |6m @ 0.79 g/t |
-------------------------------------------------
------------------------------------------------
|SRC14-445|8 |24 |16m @ 2.06 g/t |
|----------------------------------------------|
| |20|22 |including2m @ 12.45 g/t|
|----------------------------------------------|
| |36|70 |34m @ 3.22 g/t |
|----------------------------------------------|
| |64|68 |including4m @ 15.48 g/t|
|----------------------------------------------|
| |84|86 |2m @ 0.99 g/t |
|----------------------------------------------|
| |92|94 |2m @ 0.89 g/t |
|----------------------------------------------|
| |98|100 (EOH)|2m @ 0.53 g/t |
|----------------------------------------------|
|SRC14-446|18|22 |4m @ 1.01 g/t |
|----------------------------------------------|
| |36|38 |2m @ 0.76 g/t |
|----------------------------------------------|
| |46|48 |2m @ 1.54 g/t |
|----------------------------------------------|
| |72|86 |14m @ 0.60 g/t |
|----------------------------------------------|
| |78|80 |including 2m @ 1.10 g/t|
|----------------------------------------------|
|SRC14-447|34|40 |6m @ 0.67 g/t |
|----------------------------------------------|
| |42|44 |2m @ 0.55 g/t |
|----------------------------------------------|
| |46|48 |2m @ 0.66 g/t |
|----------------------------------------------|
| |72|78 |6m @ 3.27 g/t |
|----------------------------------------------|
| |72|74 |including2m @ 7.89 g/t |
|----------------------------------------------|
| |86|88 |2 m @ 0.61g/t |
|----------------------------------------------|
|SRC14-448|20|28 |8m @ 4.45 g/t |
|----------------------------------------------|
| |20|22 |including2m @ 15.15 g/t|
|----------------------------------------------|
|SRC14-449|0 |12 |12m @ 0.64 g/t |
|----------------------------------------------|
| |10|12 |including 2m @ 1.33 g/t|
|----------------------------------------------|
| |16|18 |2m @ 0.63 g/t |
|----------------------------------------------|
| |24|26 |2m @ 0.51 g/t |
|----------------------------------------------|
| |36|38 |2m @ 0.89 g/t |
|----------------------------------------------|
| |42|64 |22m @ 0.71 g/t |
|----------------------------------------------|
| |60|64 |including4m @ 1.65 g/t |
|----------------------------------------------|
|SRC14-450|0 |4 |4m @ 0.81 g/t |
|----------------------------------------------|
| |56|58 |2m @ 0.72 g/t |
|----------------------------------------------|
| |92|98 |6m @ 0.89 g/t |
|----------------------------------------------|
|SRC14-451|0 |2 |2m @ 0.64 g/t |
|----------------------------------------------|
|SRC14-452|84|86 |2m @ 0.62 g/t |
|----------------------------------------------|
|SRC14-455|0 |2 |2m @ 0.50 g/t |
|----------------------------------------------|
|SRC14-459|84|88 |4m @ 1.72 g/t |
|----------------------------------------------|
| |94|100 (EOH)|6m @ 1.63 g/t |
|----------------------------------------------|
|SRC14-460|48|50 |2m @ 0.60 g/t |
|----------------------------------------------|
| |66|68 |2m @ 0.53 g/t |
|----------------------------------------------|
| |92|94 |2m @ 0.97 g/t |
|----------------------------------------------|
|SRC14-463|22|24 |2m @ 0.64 g/t |
|----------------------------------------------|
| |50|56 |6m @ 1.96 g/t |
|----------------------------------------------|
| |50|52 |including2m @ 3.71 g/t |
|----------------------------------------------|
| |66|70 |4m @ 0.69 g/t |
|----------------------------------------------|
| |76|78 |2m @ 0.55 g/t |
|----------------------------------------------|
|SRC14-465|4 |6 |2m @ 1.55 g/t |
------------------------------------------------
Note 1: Composite intersections
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
Note 4: Drill
hole intercepts are calculated using a minimum down-hole length of
2 meters, a cut-off grade
of 0.5 g/t gold, a
global assay cap of 25 g/t gold and may include up to 5
metres of internal dilution
Note 5: The
widths of intersections are downhole lengths; true widths are
unknown at this time
Note 6: All holes were drilled
azimuth 115 and dipping -60o
Note 7: "EOH" means 'end of
hole'
Note 8: Holes 432, 442, 443,
453, 454, 456, 457, 458, 461, 462, 464 showed no
significant assay values
Note 9: Holes 412-719 were
released on April 30, 2014
About the Expanded 2014 Exploration Program
The expanded
Phase I and Phase II 2014 exploration plan includes 32,750 metres
of RC and Air Core drilling and 1,250 metres of diamond drilling
budgeted at US$2,127,000, and is designed to test priority targets
identified by geochemical termite sampling. Greater emphasis is
being placed on targets occurring within the western permits
(Kambaya and Siribaya West), while those located further east are
being further refined and prioritized (Kofia to Diarindi). Lastly,
up to 12,500 metres of mechanized auger drilling is planned for
targets in the eastern portion of the project area.
IAMGOLD is funding the expanded
US$2.127 million 2014 program and has agreed to extend the payment
deadline for all joint venture exploration contributions to
December 31, 2014.
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 with IAMGOLD as the project operator. Expenditures to
date on the Siribaya Project total approximately $40
million.
The
Siribaya Gold Project presently hosts a gold resource 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 was prepared
in accordance with CIM definitions as required by NI 43-101 and is
at July 31, 2012 by 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
MERREXGOLD
Suite
802,
1550 Bedford Highway,
Bedford, NS B4A 1E6 T
el.: (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.
SOURCE: Merrex Gold
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