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HALIFAX, NOVA SCOTIA–(Marketwire – Nov. 27, 2012) – Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. (“Merrex”) (TSX VENTURE:MXI) is pleased to release the following RC drill results from the Siribaya Gold Project in West Mali.
During 2012, 153 RC drill holes totaling 18,946 metres were completed. All assays have been received. The RC program focused on evaluating the Bambadinka gold-mineralized geochemical trend where 141 of the RC holes (16,946 metres) were drilled. (see Table of Significant Assays below.)
The Bambadinka gold mineralization is thought to be hosted in a stockwork quartz vein system with a stronger zone evidenced in the central portion of the Bambadinka trend.
See attached map for RC drill hole locations, available at the following link: http://media3.marketwire.com/docs/mxi1127.pdf.
| Table of Significant Assays for RC Drill Program Bambadinka Trend | ||||
| Hole # | Line # | From (m) |
To (m) |
Intersection (g Au/t)/m |
| SRC12 – 306 | NEW-20 | 41.0 | 42.0 | 0.85 g/t Au over 1.0 m |
| SRC12 – 307 | NEW-20 | 17.0 18.0 |
21.0 19.0 |
4.61 g/t Au over 4.0 m Incl. 10.25 g/t Au over 1.0 m |
| SRC12 – 330 | NEW-19 | 3.0 | 4.0 | 3.34 g/t Au over 1.0 m |
| SRC12 – 334 | NEW-19 | 94.0 | 96.0 | 0.81 g/t Au over 2.0 m |
| SRC12 – 359 | NEW-17 | 119.0 | 120.0 | 0.50 g/t Au over 1.0 m |
| SRC12 – 360 | NEW-17 | 2.0 | 3.0 | 1.00 g/t Au over 1.0 m |
| SRC12 – 363 | NEW-17 | 2.0 25.0 30.0 47.0 99.0 109.0 112.0 115.0 |
3.0 26.0 31.0 52.0 100.0 110.0 113.0 118.0 |
6.63 g/t Au over 1.0 m 2.26 g/t Au over 1.0 m 1.11 g/t Au over 1.0 m 1.61 g/t Au over 5.0 m 0.57 g/t Au over 1.0 m 0.61 g/t Au over 1.0 m 0.93 g/t Au over 1.0 m 2.68 g/t Au over 3.0 m |
| SRC12 – 364 | NEW-17 | 92.0 | 93.0 | 1.48 g/t Au over 1.0 m |
| SRC12 – 367 | NEW-17 | 113.0 | 114.0 | 1.06 g/t Au over 1.0 m |
| SRC12 – 368 | NEW-16 | 99.0 | 100.0 | 1.01 g/t Au over 1.0 m |
| SRC12 – 372 | NEW-16 | 13.0 16.0 84.0 |
14.0 17.0 85.0 |
0.80 g/t Au over 1.0 m 1.29 g/t Au over 1.0 m 1.49 g/t Au over 1.0 m |
| SRC12 – 373 | NEW-16 | 83.0 | 84.0 | 0.62 g/t Au over 1.0 m |
| SRC12 – 382 | NEW-15 | 14.0 | 15.0 | 2.09 g/t Au over 1.0 m |
| SRC12 – 383 | NEW-15 | 36.0 | 37.0 | 0.60 g/t Au over 1.0 m |
| SRC12 – 386 | NEW-15 | 118.0 | 120.0 | 1.44 g/t Au over 2.0 m |
| SRC12 – 387 | NEW-15 | 30.0 69.0 77.0 80.0 |
31.0 70.0 78.0 81.0 |
1.04 g/t Au over 1.0 m 0.64 g/t Au over 1.0 m 1.04 g/t Au over 1.0 m 0.50 g/t Au over 1.0 m |
| SRC12 – 392 | NEW-15 | 8.0 82.0 |
9.0 83.0 |
0.96 g/t Au over 1.0 m 0.91 g/t Au over 1.0 m |
| SRC12 – 394 | NEW-15 | 9.0 | 10.0 | 2.21 g/t Au over 1.0 m |
| SRC12 – 404 | NEW-14 | 59.0 | 60.0 | 1.02 g/t Au over 1.0 m |
| SRC12 – 406 | NEW-14 | 61.0 105.0 |
62.0 107.0 |
0.76 g/t Au over 1.0 m 1.26 g/t Au over 2.0 m |
| SRC12 – 408 | NEW-14 | 22.0 118.0 |
23.0 119.0 |
0.87 g/t Au over 1.0 m 0.57 g/t Au over 1.0 m |
| SRC12 – 409 | NEW-14 | 25.0 94.0 114.0 |
28.0 95.0 115.0 |
1.88 g/t Au over 3.0 m 0.70 g/t Au over 1.0 m 0.52 g/t Au over 1.0 m |
| SRC12 – 410 | NEW-14 | 63.0 | 64.0 | 0.68 g/t Au over 1.0 m |
Note 1: This table includes exhaustively all the mineralized intersections with a grade > 0.50 g/t Au; these intersections are considered as significant intersections.
About the Siribaya Gold Project
Merrex’s Siribaya Gold Project is a 50/50 joint Merrex-IAMGOLD advanced-stage gold exploration project in West Mali comprised of approximately 850 square kilometres of gold-prolific exploration permits and permits applications pending where exploration expenditures to date exceed $28 million. IAMGOLD has advised that the required $10.5 million of exploration expenditures under the terms of the Earn-In Option Agreement has been completed. The accounting review of those expenditures is substantially complete after which IAMGOLD’s 50% interest in the land package will formally vest.
Exploration of the Siribaya Gold Project is ongoing under a joint management committee. A total of 75,000 metres of drilling (Reverse Circulation, Diamond and Auger) was planned for 2012 at a budgeted expenditure of $11.86 million before contractual overhead fees; however, due to the March 2012 coup and the resulting drilling interruption the total meterage planned will not be completed during calendar year 2012.
For further details about Merrex Gold’s exploration activities visit Merrex’s website at www.merrexgold.com.
To be added to Merrex’s email contact list please email your request to [email protected]
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 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.
