Siribaya_ JV ExplorationYr 2014_2013-11-29 CB
NEWS RELEASE
Merrex Gold Diakha 2016 US$3.2M Drill Program Update for the Diakha Deposit, Siribaya Gold Project, West Mali
HALIFAX, NOVA SCOTIA -- (April 25, 2016) - Greg Isenor, President and CEO of Merrex Gold Inc., ("Merrex" or the "Company") (TSX Venture: MXI) announces:
The 2016 Drill Program Update
The Merrex-IAMGOLD Corporation ("IAMGOLD") joint venture 2016 drilling program for the Siribaya gold project has two primary objectives: one to evaluate the potential to deepen and extend high-grade gold zones within the Diakha resource, and second, to delineate gold mineralization within the interpreted extension of that resource area. Additional exploration to evaluate selected targets identified elsewhere on the property land holdings will be considered as the program advances.
The final approved budget of US$3.0M accommodates approximately 17,500 metres of drilling allocated as follows:
-
7000m of Diamond Drilling ("DD");
-
6500m of Reverse Circulation ("RC") drilling;
-
3000m of Air Core ("AC") drilling;
-
1000m of Auger drilling to confirm geochemical target areas.
The First Objective of the 2016 Drilling Program
During 2015 the Diakha discovery zone was tested by RC (m) and DD (m) 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.
-
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 for Diakha by approximately 12%, and for 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. Results will be reported as assays are received and validated and will be used to update the resource model as merited.
Figure 1 - A northwesterly view of the open pit optimization of Diakha's inferred resource showing the >6 g/t model blocks that are the core drill (DD) targets of the 2016 program.
Model Blocks grading
>6 g/t Au (in purple)
* Source RPA NI 43 101 Jan. 2016
Figure 2 - Cross section 5800N*, Diakha Discovery Zone showing greater than 6 g/t targets located in bottom of optimized pit
>6 g/t DD targets (below 0m elevation)
* Source RPA NI 43 101 Jan. 2016