UpdateMerrex Gold Inc.
TSX VENTURE:
MXI
Oct 07, 2010 10:23 ET
Merrex Gold-IAMGOLD Accelerates 2010 Exploration Expenditures at Siribaya
HALIFAX, NOVA SCOTIA--(Marketwire - Oct. 7, 2010) -Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc.("Merrex") (TSX VENTURE:MXI) announces that IAMGOLD Corporation("IAMGOLD") is accelerating exploration expenditures through toDecember 31, 2010 at Merrex`s West Mali Siribaya Gold Project.
- 4,000 metres of RC drilling to complete the planned 14,500 2010 RC drill program
- An additional 4,000 metres of RC drilling to follow-up on excellent intersections encountered earlier this year
- An extension of the ground geophysics (gradient array IP) to cover the remainder of the Bambadinka trend
- A further 3200 m of Auger drilling along the Bambadinka trend.
- Purchase a portable XRF to perform multi-element analyses on all drill pulp samples (DD, RC, RAB and auger) and on all termite mound samples
- Initiate preliminary work on a bridge over the Faleme River
IAMGOLD,operator of the Siribaya Gold Project, has advised Merrex of its planto accelerate exploration expenditures at Siribaya by approximatelyCDN$750,000 through to December 31, 2010.
Commencingonce the seasonal rains subside 4,000 metres of RC drilling along theSiribaya Mega-structure will complete the planned 2010 drill program of14,500 metres.
An additional 4,000 metres of RCdrilling will follow-up on excellent intersections encountered earlierthis year. This drilling will start when access across the Faleme Riverbecomes possible for heavy equipment, likely by the beginning ofDecember.
The ground geophysical survey (gradientarray IP) will be extended to cover the remainder of the Bambadinkatrend and the mechanized auger program will be extended by 3,200 metresalong the Bambadinka trend.
In addition, a portable XRF(x-ray fluorescence) analyzer will be purchased to analyse all dry pulpsamples (including diamond drill, reverse circulation, rotary air blastand auger) and termite mound samples to identify pathfinder elementsthat could assist in drill targeting. A warehouse has been rented inBamako to begin preparation of the pulps for multi-element analysis.
Lastly,IAMGOLD is initiating preliminary work on the planned bridge across theFaleme River which would vastly improve access to the project area andextend the field season. The bridge is scheduled for constructionduring the 2010-2011 dry season.
About the Siribaya Gold Project
Merrexcontrols 100% of the Siribaya Gold Project comprising over 840 squarekilometres of contiguous exploration permits in West Mali including theSiribaya Mega-structure. The Siribaya Mega-structure has a CIMcompliant NI43-101 resource estimate of 4,015,000 tonnes grading 2.39g/t Indicated (308,200 oz Au) and 946,000 tonnes grading 2.29 g/tInferred (69,500 oz Au). The NI43-101 resource is open to the north,south and at depth. Within the Siribaya Mega-structure there are atleast two distinct substructures; the 500 metre wide x 10.5 kilometrelong 1B substructure and the twin 500 metre wide x 9.5 kilometre long1A sub-structure. The Siribaya Mega-structure has yielded ore-gradedrill intercepts in a number of selected targets along its entirelength. Recent RC drilling has confirmed extension of the Zone 1Bmineralization to an interpreted continuity of over 3 kilometres andthe extension of the Zone 1A mineralization to an interpretedcontinuity of over 2 kilometres with additional mineralized zonesdiscovered also with an interpreted continuity of over 2 kilometres.
The 2010 exploration program also confirmed significant new gold trends at Babara, Bambadinka and West Siribaya.
InDecember, 2008 Merrex closed an Option Agreement with IAMGOLD pursuantto which IAMGOLD may incur up to CDN$10.5 million in explorationexpenditures over 4 years, to earn a 50% interest in the Siribaya GoldProject, of which approximately CDN$5.5 million has been spent toOctober 1, 2010.
Since 2005 the combined exploration expenditures of Merrex and IAMGOLD total over CDN$13,500,000 at Siribaya.
GregoryP. Isenor, P. Geo., is the Qualified Person as defined under NI 43-101who has reviewed and is responsible for the technical informationpresented in this news release.
Merrex is a Malifocused gold exploration company with experienced management, a solidexploration team, a prominent gold-producer as a partner and anexpanding gold resource … a winning combination offering investors anextraordinary 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