Merrex Gold Karita Permit Guinea
20 November 2013 - 3:30PM
Access Wire
HALIFAX, NOVA SCOTIA - (November 20, 2013)
- Greg Isenor, President and CEO of Merrex Gold Inc.
("Merrex") (TSX Venture:
MXI) announces:
Application for Karita Permit,
Guinea
Merrex has been advised by
the Ministry of Mines of Guinea that its application for the Karita
gold exploration permit, Guinea is "first in line". The Karita
permit is a 100 km2 gold exploration
permit located in the north-eastern corner of Guinea at the
junction of the Guinea, Mali and Senegal international borders (see
maps attached) and is adjacent to the west of Merrex-IAMGOLD's
Siribaya Gold project.
The rationale for this
application was to secure an additional strategic gold exploration
permit within the mineralized Fekola-Boto trend which appears to
extend from Papillion Resources Limited's Fekola deposit in the
north through IAMGOLD Corporation's Boto discovery and into the
Merrex-IAMGOLD 50/50 joint venture Diakha anomaly in the
south.
Papillion Resources Limited's
Fekola deposit is within Malian territory approximately 15
kilometres north of the Karita permit. Papillion Resources Limited
reports that the Fekola deposit hosts 5.15 million
ounces of gold with an average grade of 2.35 g/t and that
approximately 90% of that resource is within the Measured and
Indicated ('M&I') resource categories.
Karita is also on strike with
the southern extension of the approximately 8 kilometre mineralised
trend delineated by IAMGOLD Corporation on its Boto gold project.
Boto is in Senegalese territory centrally located along the
Fekola-Boto trend between the Diakha anomaly in the south and
Fekola to the north. IAMGOLD has reported that Boto
hosts a gold resource of 1.14 million ounces Indicated with an
average grade 1.62 g/t and 81,000 ounces Inferred with an
average grade of 1.35 g/t. Noteworthy intersections ranging
from 33 m @ 3.04 g/t Au to 74 m @ 1.80 g/t Au from the Boto
drilling have been reported by IAMGOLD Corporation. The Boto
deposit is still open along strike and at depth.
South of Boto and on strike
with the Fekola-Boto mineralized trend, the Merrex-IAMGOLD joint
venture has delineated the 1 x 2 kilometre Diakha termite mound
geochemical gold anomaly. The Diakha anomaly was confirmed by
shallow mechanized auger drilling during the 2013 joint venture
exploration program.
The Karita permit is in
Guinea territory on the Fekola-Boto mineralized trend abutting the
Senegal border lying between the Boto deposit area to the immediate
north, and the Mali border and the Diakha anomaly to the immediate
south. The Karita permit, once the application process is complete,
will be 100% owned by Merrex and, being outside of Malian
territory, is excluded from the Merrex-IAMGOLD joint venture area
of mutual interest.
About the Siribaya Gold
Project
The Siribaya Gold Project is a 50/50 joint
Merrex-IAMGOLD advanced-stage gold exploration project in West Mali
comprised of approximately 910 square kilometres of gold-prolific
exploration permits and permit applications pending. Exploration of
the Siribaya Gold Project is conducted under a joint management
committee. Expenditures to date on the Siribaya Project total
approximately $37 million.
The Siribaya Gold Project presently hosts a
NI 43-101 compliant gold resource estimated at 303,900 ounces
grading 2.34 g/t Indicated, and 301,400 ounces grading 2.17 g/t
Inferred (July 31, 2012 ACA Howe International Limited); the
deposit areas are open to the north, south and at depth. Numerous
other gold-anomalous target areas have been identified by
geochemistry and require drilling.
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 West African 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.
For further details about the Company's
exploration activities or to view the most recent corporate
presentation 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.
On Behalf of the Board
Gregory Isenor, P.Geo.
President & CEO
Merrex Gold Inc.
1550 Bedford Highway
Suite 802, Sun Tower
Bedford, NS B4A 1E6
Tel.: (902) 832-5555
Fax: (902) 832-2223
info@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.
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.
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