Merrex Gold Inc. Releases Drill Results from Siribaya Gold Project
HALIFAX, NOVA SCOTIA -- (Marketwire) -- 08/22/12 -- Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ("Merrex") (TSX VENTURE: MXI) is pleased to release the following RC and DD drill results from the Siribaya Gold Project in West Mali.
Diamond Drill Results - Siribaya Structure
Diamond drill results released are for drilling completed up to March 27, 2012, at which time drilling operations were shut down due to political unrest. The holes are located within the Siribaya 1A structure. Assays for all diamond drill holes drilled up to March 27, 2012 have been received and were incorporated in the updated NI43-101 compliant resource estimate released July 30, 2012 which increased the resource to 303,900 oz Indicated grading 2.34 g/t plus 301,000 oz Inferred grading 2.17 g/t.
Diamond drilling resumed in the southern region of the 1A structure on June 25, 2012 and continued until July 14th when weather forced a temporary suspension until the end of the seasonal rains in the latter part of October. Six holes, totaling 1,322 metres, were completed during June 25th and July 14th. Assays are pending for these six holes drilled south of the 1A structure.
See attached map Number 1 for diamond drill hole locations.
To view map Number 1, please visit the following link: http://media3.marketwire.com/docs/MXIN1.pdf
Table of Significant Assays for Diamond Drill Program Siribaya Structure
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INTERSECTION
Hole # FROM (m) TO (m) (g Au/t)/m
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15.0 16.0 1.23 g/t Au over 1.0 m
19.0 21.0 1.47 g/t Au over 2.0 m
SRD12 - 139 54.0 55.0 1.01 g/t Au over 1.0 m
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116.0 117.0 1.64 g/t Au over 1.0 m
SRD12 - 140 128.0 129.0 0.74 g/t Au over 1.0 m
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TY-DD-12-053 3.0 4.0 0.55 g/t Au over 1.0 m
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TY-DD-12-054 70.0 71.0 0.99 g/t Au over 1.0 m
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61.0 62.0 2.97 g/t Au over 1.0 m
72.0 73.0 1.82 g/t Au over 1.0 m
TY-DD-12-055 76.0 78.0 0.79 g/t Au over 2.0 m
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9.0 10.0 0.51 g/t Au over 1.0 m
15.0 19.0 0.75 g/t Au over 4.0 m
TY-DD-12-056 204.0 205.0 1.59 g/t Au over 1.0 m
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104.0 108.0 2.23 g/t Au over 4.0 m
TY-DD-12-057 105.0 106.0 Incl. 6.38 g/t Au over 1.0 m
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9.0 10.0 0.86 g/t Au over 1.0 m
30.0 31.0 0.56 g/t Au over 1.0 m
TY-DD-12-058 50.0 51.0 0.95 g/t Au over 1.0 m
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21.0 22.0 0.80 g/t Au over 1.0 m
25.0 26.0 0.54 g/t Au over 1.0 m
29.0 30.0 0.77 g/t Au over 1.0 m
32.0 33.0 0.60 g/t Au over 1.0 m
TY-DD-12-060 46.0 47.0 0.53 g/t Au over 1.0 m
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7.0 8.0 0.57 g/t Au over 1.0 m
49.0 50.0 1.64 gr/t Au over 1.0 m
195.0 196.0 9.62 gr/t Au over 1.0 m
202.0 203.0 2.22 g/t Au over 1.0 m
206.0 207.0 0.76 g/t Au over 1.0 m
232.0 233.0 1.02 g/t Au over 1.0 m
256.0 257.0 6.01 g/t Au over 1.0 m
263.0 264.0 0.50 g/t Au over 1.0 m
271.0 279.0 1.51 g/t Au over 8.0 m
TY-DD-12-061 282.0 284.0 1.60 g/t Au over 2.0 m
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231.0 233.0 2.38 g/t Au over 2.0 m
TY-DD-12-062 231.0 232.0 Incl. 4.02 g/t Au over 1.0 m
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TY-DD-12-063 161.0 162.0 2.00 g/t Au over 1.0 m
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255.0 256.0 0.50 g/t Au over 1.0 m
301.0 302.0 220.00 g/t Au over 1.0 m
313.0 314.0 1.81 g/t Au over 1.0 m
328.0 329.0 0.67 g/t Au over 1.0 m
335.0 336.0 0.91 g/t Au over 1.0 m
339.0 340.0 0.98 g/t Au over 1.0 m
TY-DD-12-065 382.0 386.0 1.61 g/t Au over 4.0 m
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TY-DD-12-066 292.0 293.0 0.82 g/t Au over 1.0 m
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Note 1: this table includes exhaustively all the mineralized intersections with a grade greater than 0.50 g/t Au; these intersections are considered as significant intersections.
RC Drill Results - Siribaya Structure
RC drill results are for drilling up to March 27, 2012. The holes are located within the southern region of the Siribaya 1A structure. All RC drill assays in this release were incorporated in the updated NI43-101 compliant resource estimate released July 30, 2012. There are no RC assays pending for holes drilled in the Siribaya Structure.
RC drilling results will assist target identification for future diamond drilling campaigns.
See attached map Number 2 for drill hole locations.
To view map Number 2, please visit the following link: http://media3.marketwire.com/docs/MXIN2.pdf
Table of Significant Assays for RC Drill Program Siribaya Structure
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Intersection
Hole # Line # From (m) To (m) (g Au/t)/m
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0.0 5.0 1.31 g/t Au over 5.0 m
TYC12 - 232 NEW-5 38.0 39.0 0.53 g/t Au over 1.0 m
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1.0 5.0 0.84 g/t Au over 4.0 m
TYC12 - 233 NEW-5 129.0 130.0 1.04 g/t Au over 1.0 m
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113.0 118.0 0.73 g/t Au over 5.0 m
137.0 141.0 0.76 g/t Au over 4.0 m
TYC12 - 234 NEW-5 143.0 146.0 1.38 g/t Au over 3.0 m
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15.0 17.0 0.92 g/t Au over 2.0 m
26.0 27.0 0.69 g/t Au over 1.0 m
TYC12 - 236 NEW-5 29.0 30.0 0.86 g/t Au over 1.0 m
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13.0 15.0 0.70 gr/t Au over 2.0 m
TYC12 - 237 NEW-5 19.0 20.0 0.55 g/t Au over 1.0 m
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TYC12 - 238 NEW-5 6.0 11.0 0.66 g/t Au over 5.0 m
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51.0 52.0 2.75 g/t Au over 1.0 m
TYC12 - 242 NEW-7 54.0 55.0 0.75 g/t Au over 1.0 m
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Note 1: this table includes exhaustively all the mineralized intersections with a grade greater than 0.50 g/t Au; these intersections are considered as significant intersections.
RC Drill Results - Bambadinka Trend
RC drill results are for drilling up to March 27, 2012. The holes are located within the Bambadinka trend.
The RC assays are consistent with prior soil and termite mound geochemical survey results, and the results of the 10,000 metre (approximately) auger drill program which identified Bambadinka as a gold-mineralized trend. A total of 141 holes (16,946 metres) were completed in the Bambadinka trend and 8,753 assays (7,448 metres) are pending. RC drilling results will assist planning of future exploration programs.
See attached map Number 3 for RC drill hole locations.
To view map Number 3, please visit the following link: http://media3.marketwire.com/docs/MXIN3.pdf
Table of Significant Assays for RC Drill Program Bambadinka Trend
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From To Intersection
Hole # Line # (m) (m) (g Au/t)/m
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SRC12 - 274 NEW-22 110.0 111.0 1.79 g/t Au over 1.0 m
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SRC12 - 280 NEW-22 7.0 8.0 0.52 g/t Au over 1.0 m
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SRC12 - 281 NEW-22 32.0 33.0 0.84 g/t Au over 1.0 m
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SRC12 - 282 NEW-22 95.0 96.0 0.61 g/t Au over 1.0 m
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9.0 10.0 1.12 g/t Au over 1.0 m
61.0 62.0 1.05 g/t Au over 1.0 m
SRC12 - 283 NEW-22 107.0 108.0 4.10 g/t Au over 1.0 m
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SRC12 - 284 NEW-22 71.0 72.0 3.01 g/t Au over 1.0 m
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SRC12 - 286 NEW-21 3.0 4.0 3.90 g/t Au over 1.0 m
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SRC12 - 287 NEW-21 101.0 102.0 0.59 g/t Au over 1.0 m
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SRC12 - 288 NEW-21 0.0 1.0 0.84 g/t Au over 1.0 m
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5.0 6.0 0.63 g/t Au over 1.0 m
SRC12 - 295 NEW-21 100.0 101.0 0.60 g/t Au over 1.0 m
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51.0 52.0 0.81 g/t Au over 1.0 m
96.0 97.0 0.54 g/t Au over 1.0 m
SRC12 - 296 NEW-21 99.0 100.0 0.53 g/t Au over 1.0 m
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13.0 14.0 0.57 g/t Au over 1.0 m
SRC12 - 303 NEW-20 89.0 90.0 10.50 g/t Au over 1.0 m
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84.0 85.0 0.51 gr/t Au over 1.0 m
SRC12 - 308 NEW-20 101.0 102.0 1.07 g/t Au over 1.0 m
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SRC12 - 314 NEW-20 83.0 84.0 0.66 g/t Au over 1.0 m
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SRC12 - 320 NEW-19 25.0 26.0 0.64 g/t Au over 1.0 m
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SRC12 - 322 NEW-19 13.0 14.0 1.87 g/t Au over 1.0 m
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27.0 28.0 0.73 g/t Au over 1.0 m
44.0 45.0 0.65 gr/t Au over 1.0 m
SRC12 - 345 NEW-18 72.0 73.0 2.48 g/t Au over 1.0 m
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16.0 17.0 0.94 g/t Au over 1.0 m
32.0 37.0 1.47 g/t Au over 5.0 m
33.0 34.0 Incl. 3.99 g/t Au over 1.0 m
SRC12 - 346 NEW-18 85.0 86.0 0.59 g/t Au over 1.0 m
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71.0 72.0 1.49 g/t Au over 1.0 m
SRC12 - 347 NEW-18 113.0 114.0 1.27 g/t Au over 1.0 m
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Note 1: this table includes exhaustively all the mineralized intersections with a grade greater than 0.50 gr/t Au; these intersections are considered as significant intersections.
About the Siribaya Gold Project
The Siribaya Gold Project is a joint Merrex-IAMGOLD exploration project in West Mali comprised of approximately 850 square kilometres of gold-prolific exploration permits and permits applications pending where exploration expenditures to date exceed $28 million. IAMGOLD has advised that the required $10.5 million of exploration expenditures under the terms of the Earn In Option Agreement has been completed and that subject to a final accounting review which is nearing completion IAMGOLD will formally vest with a 50% interest in the land package. Exploration of the Siribaya Gold Project is ongoing under a joint management committee. A total of 75,000 metres of drilling (Reverse Circulation, Diamond and Auger) is planned for 2012 at a budgeted expenditure of $11.86 million before contractual overhead fees. However, given the drilling interruption it is anticipated that the total planned program meterage will not be reached during calendar year 2012.
For further details about Merrex Gold's exploration activities 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.
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 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
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 release.
Contacts:
Merrex Gold Inc.
Gregory Isenor, P.Geo.
President & CEO
(902) 832-5555
(902) 832-2223 (FAX)
info@merrexgold.com
www.merrexgold.com
