HALIFAX, NOVA SCOTIA -- (September 22, 2015) - Greg Isenor, President and CEO of Merrex Gold Inc., ("Merrex" or the "Company") (TSX Venture: MXI) is pleased to announce the assay results from the remaining 17 holes from 2015 diamond drilling ("DD") program at the Diakha Deposit located on the Merrex-IAMGOLD Siribaya JV Gold Project in West Mali.
Highlights from 17 Holes Reporting
• Hole SRD15-171:
16 m @ 7.76 g/t including 11 m @ 10.61 g/t and
14 m @ 5.93 g/t including 4 m @19.99 g/t
• 13 of 17 holes returned significant mineralization
• Assay results confirm that gold mineralization extends to at least 250 metres vertical depth
Commentary
"The diamond drilling component of the 2015 Diakha exploration program has delivered additional strong assay intervals confirming the encouraging RC drill results previously released" said Merrex president Greg Isenor. "This phase of the program is expected to provide important geological information that will assist the interpretation of the drill results to date and will be incorporated in a maiden resource estimate planned for year end. Importantly, hole SRD15-171, an extension of previously reported RC holes SRC 14-434 and SRC15-434, which started at 186 metres and drilled to 336.4 metres, returned important results at depth including 16 m @ 7.76 g/t including 11 m @ 10.61 g/t from 271 m to 287 m and 14 m @ 5.93 g/t including 4 m @19.99 g/t from 310 m to 324 m making this one of our best drill holes to date. The two deep high-grade zones of gold mineralization are considered significant in that it confirms that the Diakha mineralization extends to at least 250 metres vertical depth with good widths and grades at that depth. These results indicate potential to increase the magnitude of the resource within Diakha deposit with additional deep drilling."
2015 Diamond Drill Program
The 2015 diamond drilling program was designed to determine if previously encountered mineralized zones could be extended to depth and incorporated into the resource estimate planned for the end of 2015. Selected holes were deepened to target at depth mineralized zones that were projected from zones intersected in shallower RC holes. The geological interpretation of the diamond drill holes is ongoing with all of the results from both the RC and DD infill drill programs being compiled to assist formulation of a geological model including sectional interpretation which will support a maiden resource estimate prepared in accordance with NI43-101, a key objective this year's exploration program.
In addition to returning two strong intervals at depth, extension hole SRD15-171, also returned an interval of 5 m @ 1.27 g/t from 186 metres to 191 metres which connects with a previously reported mineralized zone of 14 m @ 1.1 g/t from 170 metres to 184 metres at the bottom of hole SRC15-434 (see news release August 5, 2015) for an interval of 21 m @ 1.05 g/t from 170 to 191 metres.
A preliminary metallurgical testing program is planned in support of the resource estimate. Composite samples have been selected and shipped to SGS in Lakefield, Ontario. Initial test work will involve evaluation of gold recovery involving both gravity and leaching tests as well as comminution testing (bond abrasion and rod and ball mill grindability).
SEE TABLE OF SIGNIFICNAT ASSAY RESULTS HERE.
All previously reported assay results are available in the Company's news release archive at www.merrexgold.com.
SEE MAP OF SIGNIFICANT DIAMOND DRILL HOLE LOCATIONS, RESULTS AND SUPPORTING NOTES HERE.
About the Diakha Deposit
The Diakha deposit area is located in the western-most portion of the 760 km2 Siribaya exploration concessions approximately 10 kilometres south along strike of IAMGOLD's Boto gold deposit (evaluation studies in progress) and approximately 20 kilometres south along strike from B2Gold's (formerly Papillon's) Fekola deposit (permitted for production).
The 2014 drill program of over 9,000 metres RC and over 2,000 metres DD confirmed the presence of multiple zones of gold mineralization over a wide area at significant widths and grades, in association with disseminated sulphide and albite-hematite-chlorite alteration in sandstone host rocks with little quartz veining. There is mineralization at both the SE & NW strike extensions. The mineralization and associated mineralization bears similarities to the Boto gold deposit mentioned above.
The 2015 infill drill program of over 11,000 metres RC and over 3,000 metres DD was designed to enable delivery of a maiden resource estimate prepared in accordance with NI43-101 by year end.
Technical Information and Quality Control Notes
The Siribaya Gold Project drilling results contained in this news release were prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects. The sampling of, and assay data from, drill core was monitored through the implementation of a quality assurance - quality control program designed to follow industry best practice.
Drill core (HQ and NQ size) samples were selected by the IAMGOLD geologists and sawn in half with a diamond saw at the project site. Half of the core was retained at the site for reference purposes. Sample intervals are generally one metre in length. The samples were assayed at the ALS Chemex Analytical Laboratory in Bamako, Mali, using a standard fire assay with a 50 gram charge and an Atomic Absorption finish.
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 760 square kilometres of gold-prolific exploration permits and permit applications pending. Exploration of the Siribaya Gold Project is conducted under a joint management committee with IAMGOLD as the project operator. Expenditures to date on the Siribaya Project exceed $45 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 Siribaya and Diakha 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.
1550 Bedford Highway
Suite 802, Sun Tower
Bedford, NS B4A 1E6
Tel.: (902) 832-5555
Fax: (902) 832-2223
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 news release.
