Merrex Diamond Drilling Expands 1B Mineralized Zone
HALIFAX, NOVA SCOTIA -- (Marketwire) -- 09/13/11 -- Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ('Merrex') (TSX VENTURE: MXI) is pleased to release assay results for eight additional holes from the 2011diamond drill program at the Siribaya Gold Project in West Mali.
Highlights
-- Hole SRD11-107 assays 37 metres of 2.15 g/t Au(i)
-- All infill holes at Zone 1B mineralized
-- 34 diamond drill holes totalling approx 6500 metres completed to date
-- Approximately 23 holes (3,500 metres) remaining of planned 10,000 metre
program
See Map Attached for details: http://media3.marketwire.com/docs/Diamond_Drill.pdf.
Recent Results
Assays from a further eight diamond drill holes have been received and processed. A total of 34 holes totalling approximately 6,500 metres have been completed with approximately 23 holes totalling 3,500 metres remaining in the planned 10,000 metre program.
Of the eight holes reported here, seven are infill holes within the Zone 1B resource area and all seven holes returned gold mineralization, details of which are in the Table of Significant Assays below. The eighth hole was in the 1A substructure and it too was mineralized.
From the diamond drilling completed to date there are 3297 assays from a further 17 diamond drill holes yet to be received.
Commentary
'Given the consistent presence of gold mineralization within the infill diamond drill holes at Zone 1B, it is obvious that the 2011 diamond drill program will be adding ounces to our resource' commented Merrex President and CEO Greg Isenor. 'Hole SRD11-107 assayed 3.61 g/t over 12 m and 2.31 g/t over 12 m, but it is a particularly impressive hole if a realistic mining width(i) is considered when the intervals aggregate 2.15 g/t Au over 37 metres. So far I would add that the diamond drill program is delivering the kind of results that we were anticipating.'
(i)NOTE: Merrex's standard reporting protocols (as in the Table of Significant Assays below) dictate that an interval of greater than 1 metre of less than 0.5 g/t requires a new interval. However, applying realistic mining standards and including limited mineralized intervals of less than 0.5 g/t between intersections can provide, on occasion, a broader understanding of the mineralization within a drill hole. Hole SRD11-107, for example, has 8 significant intersections from 21 - 86 metres depth. However, when calculated as one continuous mineralized down-hole interval, the intersection from 26 metres to 63 metres yields 37 metres grading 2.13 g/t Au. See details for hole SRD11-107 below:
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HOLE # FROM TO INTERSECTION
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SRD11 - 107 21.0 23.0 0.73 g/t Au over 2.0 m
26.0 38.0 3.61 g/t Au over 12.0 m
26.0 32.0 Incl. 6.41 g/t Au over 6.0 m
27.0 28.0 Incl. 20.40 g/t Au over 1.0 m
38.0 40.0 0.35 g/t Au over 2.0 m (dilution)
40.0 41.0 0.76 g/t Au over 1.0 m
41.0 44.0 0.07 g/t Au over 3.0 m (dilution)
44.0 56.0 2.31 g/t Au over 12.0 m
56.0 58.0 0.27 g/t Au over 2.0 m (dilution)
58.0 59.0 2.07 g/t Au over 1.0 m
59.0 61.0 0.37 g/t Au over 2.0 m (dilution)
61.0 63.0 1.45 g/t Au over 2.0 m
70.0 72.0 0.67 g/t Au over 2.0 m
81.0 86.0 0.92 g/t Au over 5.0 m
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Table of Significant Assays
(see map for drill hole locations)
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FROM TO INTERSECTION
HOLE # LOCATION (m) (m) (g Au/t)/m
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Zone 1B
SRD11 - 104 (infill) 14.0 15.0 0.54 g/t Au over 1.0 m
48.0 50.0 0.61 g/t Au over 2.0 m
172.0 173.0 1.04 g/t Au over 1.0 m
176.0 177.0 1.95 g/t Au over 1.0 m
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Zone 1B
SRD11 - 105 (infill) 267.0 272.0 4.61 g/t Au over 5.0 m
267.0 270.0 Incl. 4.05 g/t Au over 3.0 m
270.0 271.0 Incl. Lost core over 1.0 m
271.0 272.0 Incl. 10.90 g/t Au over 1.0 m
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Zone 1B
SRD11 - 106 (infill) 68.0 73.0 1.21 g/t Au over 5.0 m
76.0 77.0 0.86 g/t Au over 1.0 m
81.0 84.0 0.82 g/t Au over 3.0 m
86.0 88.0 1.05 g/t Au over 2.0 m
111.0 112.0 0.82 g/t Au over 1.0 m
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Zone 1B
SRD11 - 107 (infill) 21.0 23.0 0.73 g/t Au over 2.0 m
26.0 38.0 3.61 g/t Au over 12.0 m
26.0 32.0 Incl. 6.41 g/t Au over 6.0 m
27.0 28.0 Incl. 20.40 g/t Au over 1.0 m
40.0 41.0 0.76 g/t Au over 1.0 m
44.0 56.0 2.31 g/t Au over 12.0 m
58.0 59.0 2.07 g/t Au over 1.0 m
61.0 63.0 1.45 g/t Au over 2.0 m
70.0 72.0 0.67 g/t Au over 2.0 m
81.0 86.0 0.92 g/t Au over 5.0 m
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Zone 1B
SRD11 - 108 (infill) 62.0 66.0 1.69 g/t Au over 4.0 m
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Zone 1B
SRD11 - 109 (infill) 4.0 8.0 1.22 g/t Au over 4.0 m
35.0 36.0 0.58 g/t Au over 1.0 m
40.0 44.0 0.66 g/t Au over 4.0 m
95.0 96.0 0.63 g/t Au over 1.0 m
100.0 101.0 1.73 g/t Au over 1.0 m
126.0 132.0 1.98 g/t Au over 6.0 m
132.0 133.0 Lost core over 1.0 m
133.0 146.5 Assay Results Pending
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Zone 1B
SRD11 - 115 (infill) 10.0 11.0 0.85 g/t Au over 1.0 m
38.0 39.0 4.14 g/t Au over 1.0 m
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1A
TY-DD-11- substructure 189.0 190.0 0.65 g/t Au over 1.0 m
44 197.0 200.0 0.62 g/t Au over 3.0 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.
Note 2: Intersections in bold characters refer to intersections with a grade
greater than 0.50 g/t Au, and a length greater than 1.0 m; these
intersections appear on the joint map.
Note 3: Intersections are down-hole intervals; true widths are not known at
this time.
2011 Diamond Drilling Program
The Siribaya Gold Project is a Merrex-IAMGOLD Corporation joint project with IAMGOLD Corporation earning-in for 50% of the project. Vesting of IAMGOLD Corporation's interest is anticipated for Q4 2011 or Q1 2012.
The plan for the 2011 diamond drill program is for 10,000 metres of drilling including infill drilling within the Zone 1B NI43-101 resource area, expansion drilling to the north and south of Zone 1B and targeted drilling within the 1A substructure in the interpreted northern extension of Zone 1A, all with the objective of increasing the present NI 43-101 resource estimate (see news release March 1, 2011 for more complete details of the diamond drill program).
(A summary of significant assays are listed above; complete assays tables are posted on the Company's website.)
Diamond drilling is by BLY Mali SA, the Malian division of Boart Longyear Canada of North Bay, Ontario. The project operator is IAMGOLD Corporation.
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.
For further details about the Siribaya Gold Project visit Merrex's website at www.merrexgold.com.
Merrex is 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
