HALIFAX, NOVA SCOTIA - (November 20, 2013) - Greg Isenor, President and CEO of Merrex Gold Inc. ("Merrex") (TSX Venture: MXI) announces:
Application for Karita Permit, Guinea
Merrex has been advised by the Ministry of Mines of Guinea that its application for the Karita gold exploration permit, Guinea is "first in line". The Karita permit is a 100 km2 gold exploration permit located in the north-eastern corner of Guinea at the junction of the Guinea, Mali and Senegal international borders (see maps attached) and is adjacent to the west of Merrex-IAMGOLD's Siribaya Gold project.
The rationale for this application was to secure an additional strategic gold exploration permit within the mineralized Fekola-Boto trend which appears to extend from Papillion Resources Limited's Fekola deposit in the north through IAMGOLD Corporation's Boto discovery and into the Merrex-IAMGOLD 50/50 joint venture Diakha anomaly in the south.
Papillion Resources Limited's Fekola deposit is within Malian territory approximately 15 kilometres north of the Karita permit. Papillion Resources Limited reports that the Fekola deposit hosts 5.15 million ounces of gold with an average grade of 2.35 g/t and that approximately 90% of that resource is within the Measured and Indicated ('M&I') resource categories.
Karita is also on strike with the southern extension of the approximately 8 kilometre mineralised trend delineated by IAMGOLD Corporation on its Boto gold project. Boto is in Senegalese territory centrally located along the Fekola-Boto trend between the Diakha anomaly in the south and Fekola to the north. IAMGOLD has reported that Boto hosts a gold resource of 1.14 million ounces Indicated with an average grade 1.62 g/t and 81,000 ounces Inferred with an average grade of 1.35 g/t. Noteworthy intersections ranging from 33 m @ 3.04 g/t Au to 74 m @ 1.80 g/t Au from the Boto drilling have been reported by IAMGOLD Corporation. The Boto deposit is still open along strike and at depth.
South of Boto and on strike with the Fekola-Boto mineralized trend, the Merrex-IAMGOLD joint venture has delineated the 1 x 2 kilometre Diakha termite mound geochemical gold anomaly. The Diakha anomaly was confirmed by shallow mechanized auger drilling during the 2013 joint venture exploration program.
The Karita permit is in Guinea territory on the Fekola-Boto mineralized trend abutting the Senegal border lying between the Boto deposit area to the immediate north, and the Mali border and the Diakha anomaly to the immediate south. The Karita permit, once the application process is complete, will be 100% owned by Merrex and, being outside of Malian territory, is excluded from the Merrex-IAMGOLD joint venture area of mutual interest.
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); 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.
Click Image To View Full Size
Click Image To View Full Size