HALIFAX, NOVA SCOTIA -- (March 7, 2016) - Greg Isenor, President and CEO of Merrex Gold Inc., ("Merrex" or the "Company") (TSX Venture: MXI) is pleased to announce the assay results from 31 reverse circulation ("RC") drill holes within the Siribaya Structure located on the Siribaya Joint Venture Gold Project in West Mali. The Siribaya Gold project is owned jointly by Merrex (50%) and IAMGOLD Corporation (50%) ("IAMGOLD").
Prior to the end of the 2015 drilling season the Merrex-IAMGOLD joint venture completed a 31 hole (3,474
metres) drill program on the Siribaya main structure. (news release December 29, 2015)
The objective of the drilling program was to evaluate for additional shallow oxide mineralization at the Zone 1B deposit area (20 holes totalling 2231 metres) and the adjacent Zone Taya-Ko deposit area (11 holes totalling 1243 metres) within areas that were sparsely drilled in 2005-2015 campaigns. The drill plans for the two zones were based on a review and reinterpretation of the geologic model of the deposit areas completed by IAMGOLD earlier in the year.
The drill program was successful with 22 of 31 drill holes returning significant mineralization (see tables of assays below) including Hole 615 which returned 72 metres @ 1.61 g/t, and validating the reinterpretation of the geologic model. Additional drilling within Zone 1B, Taya Ko and other selected zones within the Siribaya Structure is warranted and will be considered in future programs although for 2016 continued drilling at Diakha will be the exploration priority.
Zone 1B and Taya Ko were included in the December 31, 2015 NI 43-101 resource estimate (see table below) (see also news release February 9, 2016 for additional details of the resource estimate including Qualified Person disclosures). The holes released today were not included in that estimate but will be in future estimates as warranted.
SIRIBAYA PROJECT - MINERAL RESOURCE ESTIMATE |
December 31, 2015 |
Classification | Zone | Tonnage (000s) | Gold Grade (g/t Au) | Contained Ounces (Au) (000s) |
Indicated | Zone 1B | 2,102 | 1.90 | 129 |
Total Indicated | 2,102 | 1.90 | 129 | |
Inferred | Zone 1B | 4,094 | 1.52 | 200 |
Inferred | Taya Ko | 882 | 1.02 | 29 |
Inferred | Diakha | 14,840 | 1.81 | 863 |
Total Inferred | 19,816 | 1.71 | 1,092 |
Notes:
CIM definitions were followed for classification of Mineral Resources.
Cut-off grades range from 0.45 to 0.60 g/t Au and vary by weathering material type.
Mineral Resources are estimated using a gold price of US$1,500 per ounce.
Bulk density varies from 1.55 g/cm3 to 2.63 g/cm3 based on deposit and weathering code.
The resources are constrained by a Whittle optimized pit shell.
Numbers may not add due to rounding.
Assays are capped prior to compositing. Capping levels reduced the resource estimate gold grade for Diakha by approximately 12%, and for Zone 1B and Taya Ko by approximately 4%.
Hole# | UTM WGS84 Zone29 | AZ | DIP | EOH | From | To | Length | Gold | Comment | ||
Easting | Northing | Elevation | (m) | (m) | (m) | (g/t) | |||||
SRC15-590 | 261645 | 1373004 | 155 | 270 | -55 | 108 | 48 | 56 | 8 | 0.52 | Comment 1 |
SRC15-596 | 261509 | 1372528 | 161 | 270 | -55 | 114 | 26 | 30 | 4 | 1.36 | Comment 2 |
SRC15-599 | 261492 | 1372405 | 177 | 270 | -55 | 114 | 28 62 | 40 70 | 12 8 | 2.03 1.46 | Comment 1 |
SRC15-600 | 261487 | 1372322 | 168 | 270 | -55 | 96 | 4 26 | 14 28 | 10 2 | 1.61 1,33 | Comment 1 |
48 | 52 | 4 | 0.80 | ||||||||
SRC15-601 | 261485 | 1372281 | 169 | 270 | -55 | 114 | 6 | 28 | 22 | 1.70 | Comment 1 |
SRC15-602 | 261451 | 1372220 | 180 | 270 | -55 | 124 | 8 | 30 | 22 | 1.03 | Comment 1 |
SRC15-603 | 261459 | 1372166 | 175 | 270 | -55 | 120 | 2 | 18 | 16 | 1.61 | Comment 1 |
SRC15-604 | 261450 | 1372115 | 180 | 270 | -55 | 120 | 24 | 46 | 22 | 1.37 | Comment 1 |
SRC15-605 | 261482 | 1372042 | 174 | 270 | -55 | 78 | 2 | 16 | 14 | 1.63 | Comment 1 |
24 | 32 | 8 | 1.45 | ||||||||
SRC15-607 | 261401 | 1372002 | 171 | 270 | -55 | 90 | 4 | 10 | 6 | 0.63 | Comment 1 |
SRC15-608 | 261530 | 1372466 | 172 | 270 | -55 | 150 | 36 | 48 | 12 | 2.78 | Comment 3 |
61 | 68 | 7 | 1.02 | ||||||||
SRC15-616 | 261448 | 1372042 | 184 | 270 | -55 | 132 | 20 | 62 | 42 | 1.62 | Comment 1 |
including | 40 | 46 | 6 | 6.26 | |||||||
84 | 112 | 28 | 1.11 |
Hole# | UTM WGS84 Zone29 | AZ | DIP | EOH | From | To | Length | Gold | Comment | ||
Easting | Northing | Elevation | (m) | (m) | (m) | (g/t) | |||||
SRC15-609 | 262133 | 1371510 | 180 | 290 | -55 | 132 | 76 | 84 | 8 | 1.39 | Comment 3 |
including | 90 94 | 110 100 | 20 6 | 3.87 6.29 | |||||||
SRC15-610 | 262095 | 1371526 | 180 | 290 | -55 | 114 | 22 | 74 | 52 | 1.49 | Comment 4 |
108 | 112 | 4 | 1.43 | ||||||||
SRC15-611 | 262041 | 1371545 | 178 | 290 | -55 | 78 | 20 | 28 | 8 | 0.65 | Comment 4 |
44 | 48 | 4 | 0.59 | ||||||||
SRC15-612 | 262096 | 1371422 | 177 | 290 | -55 | 123 | 108 | 114 | 6 | 0.77 | Comment 1 |
SRC15-613 | 262044 | 1371439 | 183 | 290 | -55 | 120 | 32 | 50 | 18 | 2.08 | Comment 4 |
64 | 68 | 4 | 0.92 | ||||||||
SRC15-614 | 261998 | 1371459 | 184 | 290 | -55 | 110 | 8 | 18 | 10 | 1.38 | Comment 1 |
SRC15-615 | 261800 | 1371266 | 187 | 110 | -55 | 114 | 30 | 102 | 72 | 1.61 | Comment 1 |
including | 36 | 44 | 8 | 6,38 | |||||||
SRC15-619 | 261855 | 1371287 | 174 | 290 | -55 | 104 | 36 | 40 | 4 | 0.74 | Comment 1 |
52 | 58 | 6 | 1.96 | ||||||||
64 | 68 | 4 | 1.02 | ||||||||
SRC15-620 | 261878 | 1371262 | 178 | 290 | -55 | 126 | 80 | 94 | 14 | 0.62 | Comment 1 |
Comment 1 Drill hole is within the historical zone of mineralization Comment 2 Drill home is 90 metres north of the delineated mineralization
Comment 3 Drill home is 60 metres northeast of the delineated mineralization Comment 4 Drill home is 40 metres northeast of the delineated mineralization
Note 1: All samples sent to the laboratory are two meter samples
Note 2: QA/QC and additional technical information are described below
Note 3: Drill hole intercepts are calculated using a minimum down-hole length of 2 meter, a cut-off grade of 0.5 g/t gold, and may include up to 4 metres of internal dilution
Note 4: The widths of intersections are downhole lengths; true widths are unknown at this time
Note 5: Holes SRD15-591, 592, 593, 594, 595, 597, 598, 606, 617, and 618 did not return any significant values
Note 6: Elevations and hole locations were taken with hand held GPS. SOH means Start of Hole; EOH means End of Hole
All previously reported assay results are available in the Company's news release archive at
www.merrexgold.com.
Merrex Gold Inc. issued this content on 07 March 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 14 March 2016 21:17:54 UTC
Original Document: http://www.merrexgold.com/i/pdf/March 7, 2016 1B and Taya Ko drill results FINAL.pdf