Update on 2014 Exploration Plan, Siribaya Gold Project
28 Février 2014 - 7:45PM
Access Wire
HALIFAX, NOVA SCOTIA / February
28, 2014 / ACCESSWIRE / Greg Isenor, President and CEO
of Merrex Gold Inc., ("Merrex") (TSX
Venture: MXI) announces:
Update on 2014 Exploration Plan, Siribaya Gold Project
Merrex and project operator
and JV partner IAMGOLD Corporation have finalized the 2014
exploration plan for the Siribaya Gold Project.
The 2014 exploration
plan includes 30,250 metres of drilling budgeted at US$1.75
million and is designed to test priority targets identified by
geochemical termite sampling. Greater emphasis will be placed on
targets occurring within the western permits (Kambaya and Siribaya
West), while those located further east will be further refined and
prioritized (Kofia to Diarindi).
Summary details of the 2014
exploration plan are as follows.
-Termite mound
infill sampling to 100m x 100m centres over the Diakha prospect and
over a possible northeast striking mineralized structure on the
Kambaya permit.
-7,750 metres of
RC drilling over the Diakha and Kono prospects.
-10,000 metres of
AC drilling initially at Kono with additional AC drilling to test
the Hafia, Liberta and Guia geochemical anomalies.
-12,500 metres of
shallow auger drilling over gold geochemical anomalies and trends
located in the eastern half of the project area.
-Complete
geological mapping over Diakha and Kono.
The
Siribaya camp is open with crews currently engaged in geological
mapping and geochemical sampling. The first phase of drilling on
the Diakha prospect will begin in March. IAMGOLD is funding the
US$1.75 million 2014 program and has agreed to extend the payment
deadline for all joint venture exploration contributions to
December 31, 2014 providing Merrex with additional time to
finance.
About Merrex's Siribaya Gold
Project
The
Siribaya Gold Project is a 50/50 joint Merrex-IAMGOLD
advanced-stage gold exploration project in West Mali comprised of
approximately 910 square kilometres of gold-prolific exploration
permits and permit applications pending. Exploration of the
Siribaya Gold Project is conducted under a joint management
committee. Expenditures to date on the Siribaya Project total
approximately $37 million.
The Siribaya Gold
Project presently hosts a NI 43-101 compliant gold resource
estimated at 303,900 ounces grading 2.34 g/t Indicated, and 301,400
ounces grading 2.17 g/t Inferred (July 31, 2012 ACA Howe
International Limited); the deposit areas are open to the north,
south and at depth. Numerous other gold-anomalous target areas have
been identified by geochemistry and require drilling.
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 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 Company's exploration activities or
to view the most recent corporate presentation visit Merrex's website at
www.merrexgold.com. To be added to Merrex's email contact list please
email your request to info@merrexgold.com.
On Behalf of the
Board
Gregory Isenor, P.Geo.
President & CEO
Merrex
Gold Inc.
Suite 802, 1550 Bedford Highway, Bedford, NS B4A 1E6
Tel.: (902) 832-5555 Fax: (902) 832-2223
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.
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