HALIFAX,
NOVA SCOTIA -- (October 29, 2013) - Greg Isenor, President
and CEO of Merrex Gold Inc. ("Merrex")
(TSX Venture: MXI) announces:
Highlights
-
--
Auger drilling confirms Diakha gold geochemical anomaly; deeper
drilling required
--
Kono anomaly requires additional drilling
--
Re-interpretation of Zone 1A and 1B resource areas
underway
--
Planning underway for 2014 exploration program
--
Babara-Kofia hosts strong termite gold anomalies
Exploration Update - Siribaya Gold Project -
West Mali
Further to the Merrex news releases
of June 17th and July 23rd, 2013, 5,050 metres of air core drilling and 685
metres of mechanized auger drilling were completed on the Kono
anomaly and 273 metres of mechanized augur drilling was completed
on the Diakha anomaly before drilling was suspended due to the
seasonal rains and the rising Faleme River.
The northerly portion of the Kono
gold anomaly was tested with air core and the southerly portion of
the Kono gold anomaly was tested with mechanized auger drilling.
The Diakha anomaly was tested to a limited extent with mechanized
auger drilling.
Diakha Anomaly
A limited amount of shallow auger
drilling at the Diakha Zone, which is characterized by artisanal
workings, confirmed the in
situ gold termite mound geochemical anomaly. The auger
drilling, which was completed to approximately five metres in
depth, yielded 52 samples assaying greater than the 0.1g/t (100
ppb) anomalous level , five samples assaying over 0.5 g/t (500 ppb)
and one sample assaying over 1 g/t (1,000 ppb). The Diakha anomaly
appears to be the southerly extension of the Fekola-Boto Trend
where to the north Papillion Resources Limited has identified 5
million ounces of gold grading 2.4 g/t average at its Fekola
deposit and IAMGOLD Corporation has outlined 1.1 million ounces of
gold grading 1.62 g/t at its Boto Project. Additional deeper
drilling within this mineralized trend will be required to further
test this gold anomaly. (See Map 1).
Kono
Anomaly
The drilling to date on the Kono
anomaly did not return any significant assay results. However, the
central portion of the Kono anomaly remains untested because
the planned drill programme could not be completed
due to the drilling suspension for the rainy season.
Additional drilling will be required to complete testing of the
Kono anomaly. (See Map 2 for drill line locations).
Siribaya Deposit (1A and 1B)
Project operator and joint venture
partner IAMGOLD Corporation has commissioned a re-interpretation of the Siribaya 1B and 1A resource
areas including additional cross-sections and level plans. This
work is designed to further understand the deposit area and
identify potential extensions to the known mineralization which may
form the basis for additional exploration work.
Babara-Kofia Areas
The
Babara-Kofia permits areas of the Siribaya gold project hosts
strong termite-mound geochemical gold anomalies with associated
structural lineaments. Nearby the Barbara-Kofia gold anomalies is a
granitic intrusive which may have been the energy source driving
the mineralized hydrothermal fluids in the region. Granite
intrusives have been associated with several gold deposits in other
regions of West Africa. (See Map 3).
2014 Exploration
Program:
The 2014
Siribaya Project exploration program is in the planning
stage.
Commentary
"The assay
results from the Diakha drilling, although from shallow auger
holes, does provide further evidence of gold mineralization at this
location" said Merrex President Greg Isenor. "This additional
evidence, when taken with the termite mound geochemistry and the
considerable artisanal workings in the area, becomes more
significant as the Diakha anomaly is on strike with the trend that
hosts both the Fekola and Boto resources. Deeper drilling will be
required to evaluate the potential of Diakha.
A renewed
emphasis by the Joint Venture operator on the resource areas of
Siribaya 1B and 1A is encouraging as this is where the known
resource is and where, in my opinion, there the greatest near-term
likelihood to increase resource ounces with additional diamond
drilling.
Over at
Babara and Kofia the strong termite gold anomalies, which are
associated with both structures and granitic intrusives, are
indicative excellent targets and I am pleased that these areas are
being evaluated for inclusion in the 2014 exploration
program.
Lastly, as
mentioned above, planning is underway for the 2014 exploration
season. Merrex, and the Siribaya Joint Venture, are in an enviable
position in that we have an abundance of exploration target areas
available for 2014, including drilling targets at Diakha on the
Fekola-Boto trend, significant new undrilled exploration targets
identified at Kofia and Babara and resource expansion opportunities
at Siribaya 1B and 1A. Further details of the 2014 exploration
program will be released once the Joint Venture partners finalize
the program and approve their respective budgets."
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 $37 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, commissioned by Merrex); 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.
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.
1550 Bedford Highway
Suite 802, Sun Tower
Bedford, NS B4A 1E6
Tel.: (902) 832-5555
Fax: (902) 832-2223
info@merrexgold.com
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
Diakha Anomalous Area
Click Image To View Full Size
Map 2
Kono Anomalous Area
Click Image To View Full Size
Map 3
Siribaya Gold Project
Gold-Anomalous Areas
Merrex Gold Inc. (TSXV:MXI)
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