Siribaya_ JV ExplorationYr 2014_2013-11-29 CB
NEWS RELEASE
Merrex Gold Diakha Deposit Drill Program Update, Siribaya Gold Project, West Mali
HALIFAX, NOVA SCOTIA -- (May 4, 2016) - Greg Isenor, President and CEO of Merrex Gold Inc., ("Merrex" or the "Company") (TSX Venture: MXI) is pleased to provide the following update on the 2016 drilling program on the Diakha Deposit in West Mali:
The 2016 Drill Program
The Merrex-IAMGOLD Corporation ("IAMGOLD") joint venture 2016 drilling program for the Siribaya gold project has two primary objectives: to deepen and extend high-grade gold zones within the Diakha resource, and to delineate gold mineralization within the interpreted extension of that resource area. Evaluation of selected targets elsewhere on the land package will be considered as the program advances. (see also news releases April 1 and April 25, 2016)
The 2016 drill program of approximately 17,500 metres includes 7000m of Diamond Drilling ("DD"), 6500m of Reverse Circulation ("RC") drilling, 3000m of Air Core ("AC") drilling and 1000m of Auger drilling.
Drill Program Update
The following update is to April 30, 2016
The RC component of the 2016 program evaluating the interpreted northern extension of the Diakha resource area has been completed. Forty-one (41) RC holes totaling 6617 metres were completed. Samples are prepared on site in accordance with QA/QC protocols and sent for assaying. Results will be reported as assays are received and validated and will be used to update the resource model as merited.
The DD component of the program to deepen and extend high-grade gold zones within the Diakha resource area is ongoing. As at the report date, two holes have been completed and a third in progress totaling 703 meters. Assay results will be reported as they are received and validated and will be used to update the resource model as merited.
About the 2016 Drill Program
The First Objective of the 2016 Drilling Program
During 2015 the Diakha discovery zone was tested by RC and DD on a 100 by 50 meter grid pattern to a depth of approximately 250 meters near the center of the modeled Whittle optimized pit shell. The 2015 program enabled geological 3D-modeling and completion of an initial NI 43-101 compliant resource estimate. The initial resource (table below) was released February 9, 2016.
SIRIBAYA PROJECT - MINERAL RESOURCE ESTIMATE*
|
Classification
|
Zone
|
Tonnage (000s)
|
Gold Grade (g/t Au)
|
Contained Ounces (Au) (000s)
|
|
Indicated
|
Zone 1B
|
2,102
|
1.90
|
129
|
|
Total Indicated
|
2,102
|
1.90
|
129
|
|
Inferred
|
Zone 1B
|
4,094
|
1.52
|
200
|
|
Inferred
|
Taya Ko
|
882
|
1.02
|
29
|
|
Inferred
|
Diakha
|
14,840
|
1.81
|
863
|
|
Total Inferred
|
19,816
|
1.71
|
1,092
|
Notes:
-
CIM definitions were followed for classification of Mineral Resources.
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Cut-off grades range from 0.45 to 0.60 g/t Au and vary by weathering material type.
-
Mineral Resources are estimated using a gold price of US$1,500 per ounce.
-
Bulk density varies from 1.55 g/cm3 to 2.63 g/cm3 based on deposit and weathering code.
-
The resources are constrained by a Whittle optimized pit shell.
-
Numbers may not add due to rounding.
-
Assays are capped prior to compositing. Capping levels reduced the resource estimate gold grade of Diakha by approximately 12%, and of Zone 1B and Taya Ko by approximately 4%.
*The resource estimate was prepared by RPA Inc. and is as at December 31, 2015. Readers are referred to Merrex news release of February 9, 2016 and the complete NI43-101 Technical Report filed on SEDAR January 25, 2016.
As follow-up to the initial resource estimate, the 2016 drill program will complete core drilling within the current Diakha discovery zone resource area to further evaluate the geological model and controls on gold mineralization specifically targeting areas with high-grade intersections near the bottom of the resource pit shell. See figures 1, 2 and 3 below.
Drilling of this component of the 2016 program commenced in the second half of March, 2016. Two holes have been completed and a third in progress with 703 meters drilled to April 29, 2016.Results will be reported as assays are received and validated and will be used to update the resource model as merited.