Merrex Gold - Siribaya Gold Project Drilling Update
10 June 2014 - 11:30PM
Access Wire
HALIFAX,
NOVA SCOTIA / ACCESSWIRE / June 10, 2014 / Greg Isenor,
President and CEO of Merrex Gold Inc., ("Merrex" or the "Company") (TSX Venture: MXI)
announces:
Drilling Continues on the Siribaya Gold
Project
To date 5652 metres of reverse
circulation ("RC") drilling have been completed at the Diakha
prospect. Results from the first eight holes were released April
30; the assay results from the remaining holes will be released as
soon as they are available.
Additionally 11,816 metres of air
core ("AC") drilling and 2,137 metres of mechanized auger drilling
have been completed on the Kofia and Babara permit areas testing
numerous gold anomalies identified by termite mound geochemical
sampling. Drill results from the AC and auger drilling will be
released as soon as they are available.
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 orpailleur workings, a strong geochemical
signature and very encouraging RC drill results from the first
eight holes of this year's exploration program. (See news release
of April 30, 2014)
Last week's rumoured takeover of
Australian gold explorer Papillon Resources Limited has concluded
with the announcement of a planned merger of Papillion with B2Gold
Corp. For Merrex the important thing is that the Papillon's Fekola
deposit proceeds to production because that will enhance the value
of surrounding deposits.
Furthermore, the recently announced
B2Gold-Papillon merger has increased investor awareness of the
significant potential for major gold deposits to be discovered
along the Fekola-Boto-Diakha trend and other exploration
discoveries along that trend which previously were below the radar
of many investors may now receive the attention they deserve.
The 2014 US$1,750,000 drilling
program is continuing on Merrex's joint ventured Siribaya Gold
Project. Of particular interest the drill program includes the
Diakha Prospect located on strike along the Fekola-Boto-Diakha
trend approximately 20 kilometres south of Papillion's 5,000,000+
ounce Fekola deposit and approximately 10 kilometres south of
IAMGOLD Corporation's 1,160,000 ounce Boto deposit.
Drill results from the ongoing 2014
exploration program including the remaining Diakha drill results
are pending and will be released as soon as possible.
About the 2014
Exploration Program
The 2014 exploration plan
includes 28,250 metres of RC and AC drilling budgeted at US$1.75
million and is designed to test priority targets identified by
geochemical termite sampling. Greater emphasis will be placed on
targets occurring within the western permits (Kambaya and Siribaya
West), while those located further east will be
further refined and prioritized (Kofia to Diarindi). In addition up
to 12,500 metres of Auger drilling is planned for targets in the
eastern portion of the project area. Finally, a limited amount of
oriented core drilling before the anticipated closure of the field
season in early July is provided for in the budget. The oriented
core drilling is dependent upon the drill sample results and
interpretation of the RC program.
IAMGOLD is funding the US$1.75
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 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 Siribaya 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
Telephone: (902) 832-5555 Facsimile: (902) 832-2223
Email: 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.
SOURCE: Merrex Gold Inc.
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