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.
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 [email protected].
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.