HALIFAX, NOVA SCOTIA -- (October 29, 2013) - Greg Isenor, President and CEO of Merrex Gold Inc. ("Merrex") (TSX Venture: MXI) announces:
Highlights
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-- 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 [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 release.
Map 1
Diakha Anomalous Area
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Map 2
Kono Anomalous Area
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Map 3
Siribaya Gold Project Gold-Anomalous Areas