Merrex RC Drilling Update
HALIFAX, NOVA SCOTIA -- (Marketwire September 8,
2011) - Gregory Isenor, P.Geo.,
President and CEO of Merrex Gold Inc. ("Merrex") (TSX Venture: MXI) is pleased to release
further assay results from the 2011 RC drill program at the Siribaya
Gold Project in West Mali.
Highlights
- Infill
RC drilling confirms continuity in 1A substructure
- RC
drilling outlines significant 1,000 metre zone
in 1A, diamond drill ready
- 31 metres grading 1.58 g/t* in hole TYC11-095
RC Drilling Results
RC drilling continues to increase confidence in the continuity and extension of
the gold mineralization within the 1A substructure. Line RC-L-12 (750 metres south of the Zone 1B NI43-101 resource area and at
250 metre spacing between RC-L-4 and RC-L-3) is well-mineralized
within the 1A substructure and further demonstrates the continuity of gold
mineralization at Siribaya.
See map attached which
details RC drill holes planned and completed for the 2011 drill season.
Commentary
"We are now seeing clear evidence of a strongly mineralized footprint
within the 1A substructure of Siribaya. This mineralized zone continues to
expand and we are confident that with additional drilling this extension to
Zone 1A will add ounces to our gold resource" commented Merrex President
and CEO Greg Isenor. "We can clearly see the 1,000 metre footprint, noting
that it is open to both the north and the south. RC hole TYC 11-095 was
especially exciting as when applying a realistic mining width* the hole
returned 31 metres grading 1.58 g/t. Additionally the RC holes are
generally drilled to not more than 100 metres depth and we know that the
mineralization at Siribaya extends to over 250 metres and remains open. Lastly
we are getting early indications of gold mineralization in the northern areas
along RC lines 9, 10 and 14."
*NOTE: Merrex's standard reporting protocols (as in the Table of Significant
Assays below) dictate that an interval of >1 metre of < 0.5 g/t requires
a new interval. However, applying realistic mining standards and including a
mineralized interval of < 0.5 g/t between two intersections can provide, on
occasion, a broader understanding of the mineralization within a drill hole.
Hole TYC11-095, for example, has a four metre mineralized interval from 62 - 66
metres depth grading 0.31 g/t between two significant intersections. Calculated
as one continuous mineralized down-hole interval, the intersection from 43
metres to 74 metres yields 31 metres grading 1.58 g/t. See details for
hole TYC11-095 below:
HOLE #
|
FROM
|
TO
|
INTERSECTION
|
TYC11
-- 095
|
43.0
m
62.0 m
66.0 m
102.0 m
|
62.0
m
66.0 m
74.0 m
103.0 m
|
1.99
g/t Au over 19.0 m
0.31 g/t Au over 4.0 m
1.26 g/t Au over 8.0 m
1.06 g/t Au over 1.0 m
|
Table of Significant
Assays
(see www.merrexgold.com for full assay list)
HOLE #
|
LINE #
|
FROM
(m)
|
TO
(m)
|
INTERSECTION
(gram Au/t)/m
|
SRC11
-- 098
|
RC--L-10
|
145.0
|
146.0
|
0.52
g/t Au over 1.0 m
|
SRC11
-- 102
|
RC--L-8
|
85.0
98.0
|
86.0
99.0
|
0.75
g/t Au over 1.0 m
0.50 g/t Au over 1.0 m
|
SRC11
-- 110
|
|
|
|
Assay Results Pending
|
SRC11
-- 111
|
|
|
|
Assay Results Pending
|
SRC11
-- 112
|
|
|
|
Assay Results Pending
|
SRC11
-- 113
|
|
|
|
Assay Results Pending
|
SRC11
-- 114
|
|
|
|
Assay Results Pending
|
SRC11
-- 115
|
|
|
|
Assay Results Pending
|
SRC11
-- 116
|
|
|
|
Assay Results Pending
|
SRC11
-- 117
|
|
|
|
Assay Results Pending
|
SRC11
-- 118
|
RC--L-14
|
71.0
|
72.0
|
Assay Results Pending
0.64 g/t Au over 1.0 m
|
SRC11
-- 126
|
|
|
|
Assay Results Pending
|
SRC11
-- 127
|
|
|
|
Assay Results Pending
|
SRC11
-- 128
|
|
|
|
Assay Results Pending
|
SRC11
-- 129
|
|
|
|
Assay Results Pending
|
SRC11
-- 130
|
|
|
|
Assay Results Pending
|
SRC11
-- 133
|
RC--L-14
|
103.0
|
104.0
|
0.88
g/t Au over 1.0 m
|
SRC11
-- 134
|
RC--L-14
|
80.0
85.0
102.0
|
81.0
88.0
103.0
|
0.57
g/t Au over 1.0 m
0.97 g/t Au over 3.0 m
0.55 g/t Au over 1.0 m
|
SRC11
-- 135
|
|
|
|
Assay Results Pending
|
SRC11
-- 136
|
|
|
|
Assay Results Pending
|
SRC11
-- 137
|
|
|
|
Assay Results Pending
|
SRC11
-- 144 to
SRC11 -- 217
|
|
|
|
Assay Results Pending
|
TYC11
-- 086
|
|
|
|
Assay Results Pending
|
TYC11
-- 087
|
|
|
|
Assay Results Pending
|
TYC11
-- 088
|
|
|
|
Assay Results Pending
|
TYC11
-- 089
|
|
|
|
Assay Results Pending
|
TYC11
-- 090
|
|
|
|
Assay Results Pending
|
TYC11
-- 091
|
|
|
|
Assay Results Pending
|
TYC11
-- 092
|
RC-L-12
|
53.0
|
54.0
|
Assay Results Pending
0.68 g/t Au over 1.0 m
|
TYC11
-- 093
|
RC-L-12
|
28.0
39.0
|
31.0
42.0
|
1.86
g/t Au over 3.0 m
0.61 g/t Au over 3.0 m
|
TYC11
-- 095
|
RC-L-12
|
43.0
66.0
102.0
|
62.0
74.0
103.0
|
1.99
g/t Au over 19.0 m
1.26 g/t Au over 8.0 m
1.06 g/t Au over 1.0 m
|
TYC11
-- 098
|
RC-L-12
|
34.0
50.0 55.0
|
35.0
64.0 57.0
|
0.69
g/t Au over 1.0 m
1.87 g/t Au over 14.0 m
Incl. 5.30 g/t Au over 2.0 m
Assay Results
Pending
|
TYC11
-- 099
to
TYC11 -- 144
|
|
|
|
Assay Results Pending
|
Note
1:
This table includes exhaustively all the mineralized intersections with a grade
> 0.50 g/t Au; these intersections are considered as significant
intersections.
Note 2: Intersections in bold characters refer to intersections with a
grade > 0.50 g/t Au, and a length > 1.0 m; these intersections appear on
the joint map.
Note 3: Intersections are down-hole intervals; true widths are not known
at this time.
RC Drilling Program
The Siribaya Gold Project is a Merrex-IAMGOLD
Corporation joint project with IAMGOLD Corporation earning-in for 50% of the
project. Vesting of IAMGOLD Corporation's interest is anticipated for Q4 2011
or Q1 2012.
The exploration plan for the 2011 RC drill program is for 30,000 metres of drilling across the 1A and 1B substructures to:
i) investigate the strike length of the 1A and 1B Siribaya
substructures north and south of Zone 1B, and ii) selective infill drilling
along 200 -- 300 metre spaced fences to follow up on
mineralization intersected during 2010 drilling.
The 2011 RC drill program is designed to test the Siribaya
Structure with long 'fences' of heel-to-toe RC holes to identify areas of gold
mineralization within. This process of outlining a mineralized footprint has
been very successful to date permitting more accurate pinpointing of follow-up
detailed diamond drilling.
To date the RC drilling has shown the continuity of mineralization in the Siribaya Structure for 4 kilometres
within both the 1A and 1B structures. Previous reconnaissance exploration
including soil and termite geochemical sampling, RAB drilling, reconnaissance
diamond drilling, high resolution airborne geophysical surveys, and mapping has
outlined the Siribaya Structure for 10 kilometres.
There are approximately 16,000 RC samples for which assays are still pending.
To July 18, 2011, a total of 21,506 metres of RC
drilling has been completed of a 30,000 metre program
planned for 2011.
(A summary of significant assays are listed above; complete assays tables
are posted on the Company's website.)
RC drilling is by BLY Mali SA, the Malian division of Boart Longyear
Canada of North Bay, Ontario. The project operator is IAMGOLD Corporation.
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.
For further details about the Siribaya Gold Project
visit Merrex's website at www.merrexgold.com.
Merrex is a Mali 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 offering investors an extraordinary opportunity.
Please visit our website at www.merrexgold.com for the most recent
corporate presentation.
On Behalf of the Board
Gregory Isenor, P.Geo.
President & CEO