Merrex RC Drilling Update
HALIFAX, NOVA SCOTIA -- (Marketwire) -- 09/08/11 -- Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ('Merrex') (TSX VENTURE: MXI) is pleased to release further assay results from the 2011 RC drill program at the Siribaya Gold Project in West Mali.
Highlights
-- Infill RC drilling confirms continuity in 1A substructure
-- RC outlines significant 1,000 metre zone in 1A, diamond drill ready
-- 31 metres grading 1.58 g/t(i) in hole TYC11-095
RC Drilling Results
RC drilling continues to increase confidence in the continuity and extension of the gold mineralization within the 1A substructure. Line RC-L-12 (750 metres south of the Zone 1B NI43-101 resource area and at 250 metre spacing between RC-L-4 and RC-L-3) is well-mineralized within the 1A substructure and further demonstrates the continuity of gold mineralization at Siribaya.
See map attached which details RC drill holes planned and completed for the 2011 drill season.
To view the map associated with this press release, please visit the following link: http://media3.marketwire.com/docs/mximap908.pdf
Commentary
'We are now seeing clear evidence of a strongly mineralized footprint within the 1A substructure of Siribaya. This mineralized zone continues to expand and we are confident that with additional drilling this extension to Zone 1A will add ounces to our gold resource' commented Merrex President and CEO Greg Isenor. 'We can clearly see the 1,000 metre footprint, noting that it is open to both the north and the south. RC hole TYC 11-095 was especially exciting as when applying a realistic mining width(i) the hole returned 31 metres grading 1.58 g/t. Additionally the RC holes are generally drilled to not more than 100 metres depth and we know that the mineralization at Siribaya extends to over 250 metres and remains open. Lastly we are getting early indications of gold mineralization in the northern areas along RC lines 9, 10 and 14.'
(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 a mineralized interval of less than 0.5 g/t between two intersections can provide, on occasion, a broader understanding of the mineralization within a drill hole. Hole TYC11-095, for example, has a four metre mineralized interval from 62 - 66 metres depth grading 0.31 g/t between two significant intersections. Calculated as one continuous mineralized down-hole interval, the intersection from 43 metres to 74 metres yields 31 metres grading 1.58 g/t. See details for hole TYC11-095 below:
--------------------------------------------------------------------
--------------------------------------------------------------------
HOLE # FROM TO INTERSECTION
--------------------------------------------------------------------
TYC11 - 095 43.0 m 62.0 m 1.99 g/t Au over 19.0 m
62.0 m 66.0 m 0.31 g/t Au over 4.0 m
66.0 m 74.0 m 1.26 g/t Au over 8.0 m
102.0 m 103.0 m 1.06 g/t Au over 1.0 m
--------------------------------------------------------------------
--------------------------------------------------------------------
Table of Significant Assays
(see http://www.merrexgold.com/ for full assay list)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
FROM TO INTERSECTION
HOLE # LINE # (m) (m) (gram Au/t)/m
----------------------------------------------------------------------------
----------------------------------------------------------------------------
SRC11 - 098 RC-L-10 145.0 146.0 0.52 g/t Au over 1.0 m
----------------------------------------------------------------------------
SRC11 - 102 RC-L-8 85.0 86.0 0.75 g/t Au over 1.0 m
98.0 99.0 0.50 g/t Au over 1.0 m
----------------------------------------------------------------------------
SRC11 - 110 Assay Results Pending
----------------------------------------------------------------------------
SRC11 - 111 Assay Results Pending
----------------------------------------------------------------------------
SRC11 - 112 Assay Results Pending
----------------------------------------------------------------------------
SRC11 - 113 Assay Results Pending
----------------------------------------------------------------------------
SRC11 - 114 Assay Results Pending
----------------------------------------------------------------------------
SRC11 - 115 Assay Results Pending
----------------------------------------------------------------------------
SRC11 - 116 Assay Results Pending
----------------------------------------------------------------------------
SRC11 - 117 Assay Results Pending
----------------------------------------------------------------------------
SRC11 - 118 RC-L-14 Assay Results Pending
71.0 72.0 0.64 g/t Au over 1.0 m
----------------------------------------------------------------------------
SRC11 - 126 Assay Results Pending
----------------------------------------------------------------------------
SRC11 - 127 Assay Results Pending
----------------------------------------------------------------------------
SRC11 - 128 Assay Results Pending
----------------------------------------------------------------------------
SRC11 - 129 Assay Results Pending
----------------------------------------------------------------------------
SRC11 - 130 Assay Results Pending
----------------------------------------------------------------------------
SRC11 - 133 RC-L-14 103.0 104.0 0.88 g/t Au over 1.0 m
----------------------------------------------------------------------------
SRC11 - 134 RC-L-14 80.0 81.0 0.57 g/t Au over 1.0 m
85.0 88.0 0.97 g/t Au over 3.0 m
102.0 103.0 0.55 g/t Au over 1.0 m
----------------------------------------------------------------------------
SRC11 - 135 Assay Results Pending
----------------------------------------------------------------------------
SRC11 - 136 Assay Results Pending
----------------------------------------------------------------------------
SRC11 - 137 Assay Results Pending
----------------------------------------------------------------------------
SRC11 - 144 to
SRC11 - 217 Assay Results Pending
----------------------------------------------------------------------------
TYC11 - 086 Assay Results Pending
----------------------------------------------------------------------------
TYC11 - 087 Assay Results Pending
----------------------------------------------------------------------------
TYC11 - 088 Assay Results Pending
----------------------------------------------------------------------------
TYC11 - 089 Assay Results Pending
----------------------------------------------------------------------------
TYC11 - 090 Assay Results Pending
----------------------------------------------------------------------------
TYC11 - 091 Assay Results Pending
----------------------------------------------------------------------------
TYC11 - 092 RC-L-12 Assay Results Pending
53.0 54.0 0.68 g/t Au over 1.0 m
----------------------------------------------------------------------------
TYC11 - 093 RC-L-12 28.0 31.0 1.86 g/t Au over 3.0 m
39.0 42.0 0.61 g/t Au over 3.0 m
----------------------------------------------------------------------------
TYC11 - 095 RC-L-12 43.0 62.0 1.99 g/t Au over 19.0 m
66.0 74.0 1.26 g/t Au over 8.0 m
102.0 103.0 1.06 g/t Au over 1.0 m
----------------------------------------------------------------------------
TYC11 - 098 RC-L-12 34.0 35.0 0.69 g/t Au over 1.0 m
50.0 64.0 1.87 g/t Au over 14.0 m
Incl. 5.30 g/t Au over 2.0 m
55.0 57.0 Assay Results Pending
----------------------------------------------------------------------------
TYC11 - 099
to
TYC11 - 144 Assay Results Pending
----------------------------------------------------------------------------
----------------------------------------------------------------------------
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.
RC 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 exploration plan for the 2011 RC drill program is for 30,000 metres of drilling across the 1A and 1B substructures to: i) investigate the strike length of the 1A and 1B Siribaya substructures north and south of Zone 1B, and ii) selective infill drilling along 200 - 300 metre spaced fences to follow up on mineralization intersected during 2010 drilling.
The 2011 RC drill program is designed to test the Siribaya Structure with long 'fences' of heel-to-toe RC holes to identify areas of gold mineralization within. This process of outlining a mineralized footprint has been very successful to date permitting more accurate pinpointing of follow-up detailed diamond drilling.
To date the RC drilling has shown the continuity of mineralization in the Siribaya Structure for 4 kilometres within both the 1A and 1B structures. Previous reconnaissance exploration including soil and termite geochemical sampling, RAB drilling, reconnaissance diamond drilling, high resolution airborne geophysical surveys, and mapping has outlined the Siribaya Structure for 10 kilometres.
There are approximately 16,000 RC samples for which assays are still pending.
To July 18, 2011, a total of 21,506 metres of RC drilling has been completed of a 30,000 metre program planned for 2011.
(A summary of significant assays are listed above; complete assays tables are posted on the Company's website.)
RC 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
