HALIFAX,
NOVA SCOTIA -- ( Marketwire � May 26, 2008) -�
Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc.
("Merrex")(TSX VENTURE:MXI) announces that drilling has resumed on an expanded 25,000
metre Phase
II program designed to extend the previously identified gold mineralization
at Zone 1B and define a NI 43-101
compliant resource at the Siribaya Gold Project in West Mali.
Commentary
�Based upon
the extremely impressive core intersections (5.07 g/t over 33 metres and 5.92 g/t over 20
metres) from Siribaya�s Zone 1B, Merrex expanded its
2008 drilling program to test extensions of this zone and to define a NI 43-101
compliant resource� said Merrex President and CEO Greg Isenor, P. Geo. �An
IP/Magnetometer survey using the sulphides/massive sulphides in Area 55 as the control
(see Map) is
underway and we retained ACA Howe International Limited to prepare a NI 43-101 compliant resource estimate.
Adequate fuel and drill supplies are on-site to allow for drilling to continue
during the rainy season.�
Phase II
Program
Initial
drilling will concentrate on a 2,000 metre x 300 metre area centred at
Zone 1B and extending south and north from Area 55. Zone 1B is a one kilometre
portion of the previously drill-identified 10 kilometres long
gold-mineralized Siribaya structure. Phase II drilling will further test the
depth and strike extension of gold mineralization within Area 55, test the
southern extension of Area 55 on 80 to 120 metre step-outs along
strike and test the northern extension of Area 55. In addition, certain
other holes within Zone 1B will be deepened, additional new targets within zone
1B will be drill-tested and the east-west trending structures will be
drill-tested.
Potential
Management
believes that the Siribaya Project has the potential to host a substantial gold
deposit, the magnitude which depends upon a number of factors.
a) strike
length and continuity � Drilling has shown that the Area 55 mineralized zone is
continuous for 200 metres
on a north-south strike length. An intersection 400 metres to the south
is believed to be the same zone. Drilling 3,000 metres to the
south intersected the controlling fault and artisanal workings in the same area
exploited sulphide-rich gold-bearing rocks. The Phase II program will drill
approximately 2,000
metres along strike.
b) depth -
The Area 55 mineralized zone was drill-confirmed to 200 metres depth. The
gold-bearing sulphide/massive sulphides are open at depth. The Phase II program
will drill up to 300
metres depth.
c) grade -
The average grades present in certain drill holes within Area 55 is between 3.0
to 5.0 grams
Au per tonne.� The Phase II program will
determine the average grade over approximately 2000 metres and to 300 metres depth.
The
Project
Overall,
Merrex�s 700 square kilometre Siribaya land package hosts an estimated 100 kilometres of
gold-anomalous structural lineaments requiring aggressive exploration.� The bulk of the gold mineralization
intersected in the 10
kilometre long Siribaya Structure is similar to that of
producing mines in West Mali; however, the massive sulphide mineralization
intersected in Area 55 of Zone 1B is hydrothermal breccia-hosted, very high
grade and continuous along the strike extent drilled to date. The high assay
values within this deeper sulphide volcanic hydrothermal breccia mineralization
together with the associated faulting suggest that there is a major
gold-mineralized zone within Zone 1B extending from Area 55 to both the north
and south with the potential to host significant resources.
Restructuring
Merrex
Merrex�s
plans to maximize shareholder value by reorganizing into three public
corporations, including a Mali-focused pure gold company, are proceeding and
will be completed before year-end. The re-structuring to create a pure gold
company will facilitate the continued development of the Siribaya Project.� The restructuring will also create a
corporation dedicated to the Jubilee Zinc-Lead Project which will facilitate
its future development or sale. A third corporation will hold all of Merrex�s
other assets. Management and directorships will be restructured for each
corporation.
Please
visit our website at www.merrexgold.com
for full details of the exploration history of the Siribaya Gold Project
including tables of all assay results from prior drill programs.
Merrex owns a large land position in the prolific West Mali Gold Belt
from which in excess of one million ounces of gold are produced annually from
such well-known large gold deposits as the Sadiola and Loulo mines. Together
with strategic partner Touba Mining, Merrex has acquired five mineral permits
covering over 700 square kilometres and has permit applications in progress for
an additional approximately 200 square kilometres, all within the prolific West
Mali Gold Belt. The Merrex permits cover highly prospective land with
significant geological structures, associated geochemically anomalous gold
zones, extensive orpailleur alluvial gold workings and artisinal underground
workings.
Merrex Gold is a mineral resource exploration company focused on
exploration for gold in West Mali, Africa, zinc in Cape Breton, Nova Scotia, nickel in West Voisey's Bay,
Labrador, and gold in Red Lake, Ontario, with a
solid organization of people and projects to enable continued aggressive
exploration, discovery, and growth.
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FOR FURTHER INFORMATION PLEASE
CONTACT:
Greg Isenor
President & CEO����������������������������������������������������
(902) 832-5555
Or visit our website at
www.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.
THE TSX VENTURE EXCHANGE HAS
NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OF THIS
RELEASE.