Merrex Gold - Drilling Operations Update for Siribaya Gold Project, West Mali
18 März 2014 - 6:48PM
Access Wire
HALIFAX, NOVA SCOTIA /
ACCESSWIRE / March 18, 2014 / Greg Isenor, President and
CEO of Merrex Gold Inc., ("Merrex") (TSX
Venture: MXI) announces:
Drilling Operations Update for Siribaya Gold
Project, West Mali
Drilling operations have
reached planned capacity at the Siribaya Gold Project in West
Mali. (see maps below)
Project driller Amco Drilling (UK)
Limited has increased drilling operations to the planned capacity
with crews now running the drill on two 12-hour shifts.
The first phase of RC drilling is on the Diakha prospect on
the southern extension of the Fekola-Boto trend.
Auger drilling has also
started on the previously untested Guia gold anomaly in the
southeastern region of the property package. The 2014 exploration
plan includes 12,500 metres of shallow auger drilling over strong
termite-mound gold geochemical anomalies and trends located in the
eastern half of the project area.
About the 2014 Exploration Program
The 2014 exploration plan
includes 30,250 metres of drilling budgeted at US$1.75 million and
is designed to test priority targets identified by geochemical
termite sampling. Greater emphasis will be placed on targets
occurring within the western permits (Kambaya and Siribaya West),
while those located further east will be further refined and
prioritized (Kofia to Diarindi).
Summary details of the 2014
exploration plan are as follows.
-
- Termite mound infill
sampling to 100m x 100m centres over the Diakha prospect and over a
possible northeast striking mineralized structure on the Kambaya
permit.
- 7,750 metres of RC drilling
over the Diakha and Kono prospects.
- 10,000 metres of AC drilling
initially at Kono with additional AC drilling to test the Hafia,
Liberta and Guia geochemical anomalies.
- 12,500 metres of shallow
auger drilling over gold geochemical anomalies and trends located
in the eastern half of the project area.
- Complete geological mapping
over Diakha and Kono.
The
Siribaya camp is open with crews currently engaged in geological
mapping and geochemical sampling. IAMGOLD is funding the US$1.75
million 2014 program and has agreed to extend the payment deadline
for all joint venture exploration contributions to December 31,
2014 providing Merrex with additional time to finance.
About Merrex's 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 JV partner and an expanding gold
resource.
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.
Suite 802, 1550 Bedford Highway, Bedford, NS B4A 1E6
Tel.: (902) 832-5555 Fax: (902) 832-2223
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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