Merrex Gold Diakha Diamond Drilling Results including 19 metres averaging 9.28g/t Au from the Siribaya Gold Project, Mali
(firmenpresse) - Merrex Gold Diakha Diamond Drilling Results including 19 metres averaging 9.28g/t Au from the Siribaya Gold Project, Mali
HALIFAX, NOVA SCOTIA -- (August 30, 2016) - Greg Isenor, President and CEO of Merrex Gold Inc., ("Merrex" or the Company) (TSX Venture: MXI) announces:
Highlights
· 19 holes totaling 6,414 metres completed
· All completed drill holes intersected gold mineralization
· Hole 185 - 19 metres of 9.28g/t Au
· Hole 189 - 18 metres of 6.73g/t Au
· Hole 179 - 38 Metres of 2.37g/t Au
· Mineralization extended along strike and down dip
The 2016 Diamond Drilling Program
The 2016 diamond drilling program within the current Diakha resource area commenced in the second half of March and finished in late July, 2016 with two rigs active. The drill program was designed as a follow-up to the initial 2015 resource estimate (see details below) and further evaluated the geological model and controls on gold mineralization. The program specifically targeted areas with high-grade intersections near the bottom of the resource pit shell to test the down dip extension of high-grade mineralization.
A total of 19 holes totaling 6,414 metres were completed. All completed holes returned significant gold intercepts including hole 185 returning 19 metres of 9.28g/t Au, hole 189 returning 18 metres of 6.73g/t Au and hole 179 returning 38 metres of 2.37g/t Au. (See Table of Significant Assays below for a complete listing of significant assay results. The Table of Significant Assays was provided by the project operator.)
Although the interpretation of the drilling cross sections is still in progress, the 2016 diamond drilling results are believed to have extended mineralized zones along strike and down-dip where tested.
Additionally, some of the best results are in holes at the north and south ends of the resource area. To the north, where the southern resource area meets the newly permitted northern Diakha strike extension area, the diamond drill assay intervals together with the 2016 RC drill results in the northern extension area, (see News Release July 6, 2016) provide further evidence of the potential to expand the resource to the north with additional drilling. To the south, the strong diamond drill assay intervals, particularly in hole #185, may suggest continuity with previous high grade assay intervals previously reported in this area.
See Map 1 below for locations of drill holes in the southern Diakha resource area reported here.
These diamond drill results, and the RC drill results released July 6, 2016, will be incorporated in an updated resource model as warranted. (See 2015 Resource Estimate Table below.)
Commentary
We are extremely pleased with the positive results from the 2016 diamond drilling program completed in the Diakha resource area said Merrex president Greg Isenor. The continuity so far observed along strike and down-dip extensions of the gold mineralization within the Diakha deposit area is encouraging. Significant additional drilling, both RC and core, will be required to establish the combined size and grade of the expanding 800 metre southern Diakha resource area and the developing 600 metre northern Diakha mineralized zone.
Both this diamond drilling in the Diakha resource area and the RC drilling to the north of the resource area are expected to add to the current resource. Further drilling is required.
http://www.irw-press.at/prcom/images/messages/2016/37606/August 30 2016 DD drill results FINAL_PRCom.001.jpeg
Map 1 - Diakha Southern Region 2016 Diamond Drill Results Only
Table of Significant Assays
Diakha Deposit Southern Region - Diamond Drill Results -
2016
Hole# UTM WGS84 AZ DIP EOH FroTo LengtGoldGold
Zone29 m h (capp
ed
*)
EastiNorthElevaDegrDegr(m) (m)(m)(m) (g/t(g/t)
ng ing tion ee ee )
SRD16-12407113697156 115 -60 303 20 24 4 0.660.66
72 1 53
88 11628 0.990.99
Inclu94 98 4 2.782.78
ding
Inclu1011098 1.261.26
ding
2292312 5.335.33
SRD16-12408113697161 115 -60 16 0 3 3 0.830.83
73 1 10
SRD16-12408113697171 115 -60 300 13 23 10 1.101.10
74 5 08
29 40 11 0.990.99
Inclu29 32 3 1.521.52
ding
Inclu35 40 5 1.211.21
ding
48 53 5 6.536.53
62 65 3 0.530.53
72 80 8 1.441.44
Inclu73 75 4 4.794.79
ding
96 1026 0.590.59
Inclu96 98 2 1.181.18
ding
1201244 1.921.92
1982046 0.910.91
2132163 7.427.42
SRD16-12406213697152 115 -60 400 58 60 2 1.471.47
75 2 96
1171192 0.910.91
23524510 2.692.69
Inclu2352416 4.284.28
ding
2962982 2.592.59
SRD16-12407513694169 115 -60 250 75 77 2 1.381.38
76 5 56
1921964 0.800.80
2052149 1.951.95
Inclu2072125 3.163.16
ding
SRD16-12406713694168 115 -60 375 1231252 0.560.56
77 0 97
1901933 0.720.72
2002044 0.970.97
2142162 0.560.56
2722764 0.730.73
2912932 0.930.93
3003066 0.700.70
31532510 0.770.77
3353394 1.111.11
SRD16-12406113695171 115 -60 450.62372425 1.421.42
78 3 22
4124164 0.980.98
SRD16-12407713693170 115 -60 251.378 11638 2.371.92
79 2 38
Inclu83 98 15 3.842.71
ding
Inclu1041117 3.623.62
ding
1761782 2.602.60
23824911 2.052.05
SRD16-12406613693167 115 -60 350 2012054 5.615.61
80 4 88
3353394 0.850.85
SRD16-12406113696160 115 -60 450 74 78 4 0.670.67
81 6 32
85 87 2 0.650.65
1001055 0.680.68
1611665 1.361.36
Inclu1611632 2.402.40
ding
2222253 2.372.37
4154172 0.530.53
SRD16-12409013691162 115 -60 250 25 30 5 3.063.06
82 7 67
Inclu26 28 2 7.027.02
ding
56 59 3 0.500.50
66 68 2 0.630.63
78 83 5 0.580.58
1041062 0.750.75
SRD16-12408213692172 115 -60 350.511512712 0.600.60
83 4 06
Inclu1151216 0.960.96
ding
1501522 0.960.96
1911976 0.510.51
2902977 0.890.89
Inclu2942973 1.071.07
ding
SRD16-12407513691160 115 -60 450 1251272 0.550.55
84 7 25
1291312 0.610.61
1511532 0.520.52
1691712 0.910.91
SRD16-12407413692148 115 -60 400 1031063 1.531.53
85 8 45
16118019 9.286.38
Inclu16718013 13.49.86
ding 4
Inclu1711754 36.524.90
ding 3
19220513 1.641.64
Inclu1962015 2.682.68
ding
2452527 0.620.62
2682702 1.531.53
SRD16-12406213695165 115 -60 320 93 95 2 0.530.53
86 3 72
1071092 0.630.63
2072125 1.261.26
2182213 0.500.50
2993067 1.611.61
SRD16-12407213696162 115 -60 400 60 68 8 2.712.71
87 1 94
Inclu64 66 2 9.459.45
ding
88 11628 0.970.97
Inclu88 10214 1.171.17
ding
1111165 1.511.51
2552594 1.721.72
2712743 0.720.72
SRD16-12407013698165 115 -60 397.727 31 4 0.980.98
88 6 05
45 51 6 1.301.30
10811810 1.491.49
1231329 1.521.52
13914910 0.510.51
1531563 0.670.67
1621653 0.550.55
2652672 0.930.93
28029111 0.800.80
Inclu2832874 1.351.35
ding
SRD16-12407613697165 115 -60 400 18 36 18 6.735.44
89 6 77
Inclu19 28 9 12.08.67
ding 1
84 90 6 0.800.80
95 99 4 0.560.56
11512611 1.121.12
21523722 1.401.40
2502522 0.670.67
SRD16-12407513694164 115 -60 300 35 37 2 0.610.61
90 7 05
58 60 2 0.600.60
67 69 2 26.516.59
9
74 76 2 0.560.56
1211232 0.510.51
1361393 0.640.64
14916112 0.520.52
1731763 1.201.20
20821810 0.530.53
2442484 4.244.24
2532552 3.043.04
Note: * Gold (capped). Assays were clipped at 25g/t
Note 1 : Elevation and collar locations are with hand GPS accuracy and may be imprecise
Note 2 : SOH = Start of Hole - EOH = End Of Hole
Note 3 : Minimum Interval grade = 0.5g/t, Cut off = 0.3g/t Max. Dilution = 6m
Note 4: Three (3) holes are abandoned holes at 5,6 and 16 metres-
Note 5 : Reported Azimuth and Dip is at surface (0m)-
siribaya Project - Mineral
Resource
Estimate*
ClassificationZone Tonnage Gold Contained
(000s) Grade Ounces
(g/t Au)(Au) (000s)
Indicated Zone 2,102 1.90 129
1B
Total 2,102 1.90 129
Indicated
Inferred Zone 4,094 1.52 200
1B
Inferred Taya K882 1.02 29
o
Inferred Diakha14,840 1.81 863
Total Inferred 19,816 1.71 1,092
Notes:
1. CIM definitions were followed for classification of Mineral Resources.
2. Cut-off grades range from 0.45 to 0.60 g/t Au and vary by weathering material type.
3. Mineral Resources are estimated using a gold price of US$1,500 per ounce.
4. Bulk density varies from 1.55 g/cm3 to 2.63 g/cm3 based on deposit and weathering code.
5. The resources are constrained by a Whittle optimized pit shell.
6. Numbers may not add due to rounding.
7. Assays are capped prior to compositing. Capping levels reduced the resource estimate gold grade
of Diakha by approximately 12%, and of Zone 1B and Taya Ko by approximately 4%.
*The resource estimate was prepared by RPA Inc. and is as at December 31, 2015. Readers are referred to Merrex news release of February 9, 2016 and the complete NI43-101 Technical Report filed on SEDAR March 8, 2016.
Technical Information and Quality Control Notes
The Siribaya Gold Project drilling results contained in this news release were prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects. The sampling of, and assay data from, drill core was monitored through the implementation of a quality assurance - quality control program designed to follow industry best practice.
Drill core (HQ and NQ size) samples were selected by the IAMGOLD geologists and sawn in half with a diamond saw at the project site. Half of the core was retained at the site for reference purposes. Sample intervals are generally one metre in length. The samples were assayed at the SGS Minerals Analytical Laboratory in Bamako, Mali, using a standard fire assay with a 50 gram charge and an Atomic Absorption finish.
About Merrexs Siribaya Gold Project
The Siribaya Gold Project is a 50/50 joint Merrex-IAMGOLD advanced-stage gold exploration project in West Mali which consists of 11 contiguous exploration permits which cover a total area of 876.5 square kilometres and is located in the Kédougou-Kéniéba inlier of the West African Craton region of western Mali along the borders with Senegal and Guinea.
Qualified Person
Greg Isenor, P.Geo., President of Merrex Gold and a Qualified Person as defined by NI 43-101, has reviewed and approved the contents of this release.
The mineral resource estimate referred to above, including verification of the data disclosed, is at December 31, 2015, was prepared by RPA Inc. and reported in accordance with National Instrument 43-101 (NI43-101) requirements and CIM Estimation Best Practice Guidelines. The supporting NI 43-101 Technical Report is available on SEDAR at www.sedar.com and on the Companys website at www.merrexgold.com.
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 Companys exploration activities visit Merrex''s website at www.merrexgold.com. To be added to Merrexs email contact list please email your request to info(at)merrexgold.com.
On Behalf of the Board
Gregory Isenor
Gregory Isenor, P.Geo.
President & CEO
MERREXGOLD
Suite 802, 1550 Bedford Highway,
Bedford, NS B4A 1E6
Tel.: (902) 832-5555 Fax: (902) 832-2223
Forward Looking Statement
This news release contains forward-looking statements. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding expected, estimated or planned gold and niobium production, cash costs, margin expansion, capital expenditures and exploration expenditures and statements regarding the estimation of mineral resources, exploration results, potential mineralization, potential mineral resources and mineral reserves) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "outlook", "guidance", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company''s ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation: changes in the global prices for gold, niobium, copper, silver or certain other commodities (such as diesel, aluminum and electricity); changes in U.S. dollar and other currency exchange rates, interest rates or gold lease rates; risks arising from holding derivative instruments; the level of liquidity and capital resources; access to capital markets, financing and interest rates; mining tax regimes; ability to successfully integrate acquired assets; legislative, political or economic developments in the jurisdictions in which the Company carries on business; operating or technical difficulties in connection with mining or development activities; laws and regulations governing the protection of the environment; employee relations; availability and increasing costs associated with mining inputs and labour; the speculative nature of exploration and development; contests over title to properties, particularly title to undeveloped properties; and the risks involved in the exploration, development and mining business. Risks and unknowns inherent in all projects include the inaccuracy of estimated reserves and resources, metallurgical recoveries, capital and operating costs of such projects, and the future prices for the relevant minerals. Development projects have no operating history upon which to base estimates of future cash flows. The capital expenditures and time required to develop new mines or other projects are considerable, and changes in costs or construction schedules can affect project economics. Actual costs and economic returns may differ materially from estimates and the Company could fail to obtain the governmental approvals necessary for the operation of a project; in either case, the project may not proceed, either on its original timing or at all.
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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