HALIFAX,
NOVA SCOTIA / ACCESSWIRE / June 17, 2014 / Greg Isenor,
President and CEO of Merrex Gold Inc., ("Merrex" or the "Company") (TSX Venture: MXI)
announces:
Drilling Program Expands, Phase II added at
Siribaya Gold Project
Based upon the encouraging reverse
circulation ("RC") drill results being obtained from the Phase I
drilling on the Diakha target (54 RC drill holes totaling 5,211
metres completed), the JV partners have agreed to expand the
current 2014 program by adding a second phase of drilling (Phase
II). This additional Phase II of the program will consist of both
increased RC drilling and diamond drilling.
The RC drilling will test areas of
the Diakha discovery zone that were inaccessible during April and
May, and will evaluate a potential Southern extension along strike.
Approximately 4,500 metres of additional RC drilling is proposed to
complete Phase II of the program.
The diamond (core) drilling program
of up to 1,250 metres within the Diakha discovery zone will provide
information on the host rock lithologies, alteration and sulphide
mineralization associated with gold, as well as information on the
structural attitudes of the gold-bearing structures influencing the
distribution of gold mineralization and which may control
higher-grade lenses.
Due to the constraints of seasonal
heavy rains which can make access to some permit areas difficult,
this Phase II program was started before the commencement of the
rains and is expected to continue for as long as ground conditions
allow. Arrangements have been made to leave the drill rig on site
during the wet season to provide the option of completing further
drilling in late Q4 of 2014. Sufficient fuel is stored at the camp
to allow for the completion of this Phase II program and to support
camp operations through to mid-January 2015 at which time water
levels in the Faleme River will have receded and it can be forded
by resupply vehicles.
The current 2014 JV exploration
budget is US$1,750,000. The budget to accomplish the Phase II drill
programme is an additional US$377,000 which will bring the revised
2014 exploration budget to a new total of US$2,127,000.
To date results from the first eight
RC holes completed at the Diakha prospect have been released (news
release April 30); the results of the remaining holes will be
released once they are received, validated and compiled by IAMGOLD
Corporation, the project operator.
Commentary
Merrex's Diakha prospect is located
at the southern end of the Fekola-Boto-Diakha trend which is the
southern portion of the major Senegal Mali structure, one of the
most gold-prolific structures in West Africa. The Diakha prospect
is an area with extensive artisanal (orpailleur) workings, a strong
geochemical signature and very encouraging RC drill results from
the first eight holes of this year's exploration program.
About the Expanded 2014 Exploration Program
The expanded
Phase I and Phase II 2014 exploration plan includes 32,750 metres
of RC and AC 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 providing Merrex with additional time to
finance.
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 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
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.
SOURCE: Merrex Gold Inc.
Merrex Gold Inc. (TSXV:MXI)
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