Merrex Releases Bambadinka Trend Auger Drilling Update
HALIFAX, NOVA SCOTIA -- (Marketwire) -- 08/25/11 -- Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ('Merrex') (TSX VENTURE: MXI) is pleased to provide the following update on the mechanized auger drilling program on the Bambadinka Trend at the Siribaya Gold Project in West Mali.
Highlights
-- New gold anomalous trend verified by assays from auger drilling at
Bambadinka
-- Bambadinka Trend now confirmed for 10 kilometres along strike
-- Anomalous gold assays in both surface laterite and in situ saprolite
rock
-- Bambadinka Trend a priority target with RC drilling planned for late
2011 or early 2012
-- Termite mound geochemical gold anomalous zone between Bambadinka and
Siribaya tested positive with auger drilling
See attached map for details: http://media3.marketwire.com/docs/Merrex_Auger_Map.pdf.
Commentary
'These final assay results from the auger drill program confirm the 10 km strike extent of the gold trend at Bambabinka. I am pleased that Merrex has a new, significant and extensive priority target to test with drilling' commented Merrex President and CEO Greg Isenor.
Bambadinka Trend
The Bambadinka Trend is a gold-anomalous trend located two kilometres west of the Siribaya mega-structure.
Originally called Zone Bambadinka (see insert on map attached), the zone was characterized by a massive 1 km by 5 km long geochemical anomaly with 25 soil samples from the early soil sampling programs assaying over one gram per tonne. The original Zone Bambadinka was later extended by soils geochemistry to a 10 km strike, and a re-sampling program with termite mound geochemistry provided increased definition particularly in the south of the trend.
Bambadinka has now been tested with approximately 9,781 metres of mechanized auger drilling. The purpose of the shallow mechanized auger drilling program was to follow up on the termite mound geochemical gold anomalies, penetrate the 5 to 10 metre surface laterite cover and sample the first 3 to 5 metres of in-place saprolite bedrock below. The east-west lines are of variable length but generally are approximately 1 kilometre long with 20 metre hole spacing and to varying depths but approximately 10-12 metres. The northern fences in the area of the strongest geochemical response are spaced at 200 metre step-outs and the southern fences at 400 metre step-outs.
The auger drilling has now confirmed the re-named Bambadinka Trend over the approximately 10 kilometres north-south strike and approximately 1 kilometre east-west, with significant gold mineralized intersections occurring in both the surface laterite and the near-surface in situ saprolite bedrock at various locations along the trend. Assays as high as 3.40 g/t over 4.5 m from the laterite and 2.56 g/t over 4.5 m from the saprolite rock have been received. While the possibility that the surface laterite was transported to its current location remains, the assays from samples taken from in situ saprolite rock are an expression of the bedrock gold geochemistry.
The Bambadinka Trend is considered a priority satellite exploration target and initial RC drilling is planned for late 2011or early 2012.
Additionally, drill holes in auger line (map line AGR-L-31) across a termite mound geochemistry gold anomaly in the area between northern Bambadinka and Siribaya tested positive, returning assays of 0.75 g/t over 1.5 and 0.57 g/t over 1.5 m, both samples from the near-surface saprolite.
See the list of significant assays below detailing whether the sample was taken from surface laterite or in place saprolite bedrock.
List of Significant Assays - Auger Drilling Program
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Line # FROM TO INTERSECTION
Hole # (m) (m) (gr Au/t)/m DESCRIPTION
----------------------------------------------------------------------------
----------------------------------------------------------------------------
SRT10-007 L-8 4.0 5.5 0.64 gr/t Au over 1.5 m Laterite
----------------------------------------------------------------------------
SRT10-048 L-2 8.5 10.0 0.65 gr/t Au over 1.5 m Saprolite
----------------------------------------------------------------------------
SRT10-062 L-3 1.0 2.5 2.00 gr/t Au over 1.5 m Laterite
----------------------------------------------------------------------------
SRT10-083 L-4 2.5 4.0 2.40 gr/t Au over 1.5 m Saprolite
----------------------------------------------------------------------------
SRT10-084 L-4 8.5 10.0 1.00 gr/t Au over 1.5 m Saprolite
----------------------------------------------------------------------------
SRT10-100 L-2 2.5 4.0 2.72 gr/t Au over 1.5 m Laterite
----------------------------------------------------------------------------
SRT10-129 L-4 2.5 4.0 2.56 gr/t Au over 1.5 m Laterite
----------------------------------------------------------------------------
SRT10-131 L-4 7.0 8.5 0.73 gr/t Au over 1.5 m Saprolite
----------------------------------------------------------------------------
SRT10-161 L-6 4.0 5.5 0.55 gr/t Au over 1.5 m Saprolite
----------------------------------------------------------------------------
SRT10-176 L-7 4.0 5.5 0.99 gr/t Au over 1.5 m Laterite
----------------------------------------------------------------------------
SRT10-221 L-5 1.0 5.5 3.40 gr/t Au over 4.5 m Laterite
----------------------------------------------------------------------------
SRT10-285 L-10 7.0 10.0 3.02 gr/t Au over 3.0 m Metasediment
----------------------------------------------------------------------------
SRT10-333 L-12 5.5 7.0 1.76 gr/t Au over 1.5 m Saprolite
----------------------------------------------------------------------------
SRT10-402 L-13 8.5 10.0 0.59 gr/t Au over 1.5 m Saprolite
----------------------------------------------------------------------------
SRT11-496 L-15 5.5 7.0 0.52 gr/t Au over 1.5 m Saprolite
----------------------------------------------------------------------------
SRT11-517 L-16 5.5 10.0 2.56 gr/t Au over 4.5 m Saprolite
----------------------------------------------------------------------------
SRT11-535 L-17 1.0 2.5 3.23 gr/t Au over 1.5 m Laterite
7.0 8.5 0.57 gr/t Au over 1.5 m Mottled Zone
----------------------------------------------------------------------------
SRT11-587 L-18 8.5 10.0 2.14 gr/t Au over 1.5 m Saprolite
----------------------------------------------------------------------------
SRT11-612 L-19 4.0 5.5 0.56 gr/t Au over 1.5 m Mottled Zone
----------------------------------------------------------------------------
SRT11-673 L-22 8.5 10.0 0.61 gr/t Au over 1.5 m Mottled Zone
----------------------------------------------------------------------------
SRT11-775 L-27 2.5 4.0 1.64 gr/t Au over 1.5 m Laterite
----------------------------------------------------------------------------
SRT11-878 L-31 4.0 5.5 0.75 gr/t Au over 1.5 m Saprolite
----------------------------------------------------------------------------
SRT11-886 L-31 2.5 4.0 0.57 gr/t Au over 1.5 m Saprolite
----------------------------------------------------------------------------
Note: this table includes exhaustively all the mineralized intersections with a grade greater than 0.50 gr/t Au; these intersections are considered significant.
About the Siribaya Gold Project
The 848 square kilometre Siribaya Gold Project in West Mali is Merrex's flagship property. The Siribaya Gold Project is being explored in conjunction with Merrex's 50% earn-in partner and project operator IAMGOLD Corporation. The 2011 exploration program within the Siribaya mega-structure includes 30,000 metres of RC drilling to further extend the explored strike length of the Siribaya trends from three to six kilometres of which 21,506 were completed prior to the commencement of the seasonal rains, and 10,000 metres of diamond drilling to increase the present NI 43-101 resource of which 6,571 were completed prior to the commencement of the seasonal rains. Substantial numbers of assays from both the RC and diamond drilling programs remain outstanding.
Outside of the Siribaya structures new mineralized trends have been discovered; Siribaya West which lies to the west of the Bambadinka Trend, and the Babara-Kofia trends which lie to the east of Siribaya on the Babara and Kofia permits. These trends will be further tested during the 2011 and 2012 field seasons.
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 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
