HALIFAX, NOVA SCOTIA -- (November 5, 2015) - Greg Isenor, President and CEO of Merrex Gold Inc., ("Merrex" or the "Company") (TSX Venture: MXI) is pleased to provide shareholders with the following update on 2015 exploration program at the Diakha Deposit located on the Merrex-IAMGOLD Siribaya JV Gold Project in West Mali.
During 2015 under the direction of project operator IAMGOLD Corporation "IAMGOLD" the 50/50 Merrex/IAMGOLD Siribaya joint venture successfully completed an infill and expansion drilling program at the Diakha deposit area in West Mali. The Diakha deposit area is an interpreted extension of the Fekola-Boto mineralized trend and shows similarities to the other deposits within the trend.
The 2015 program included 92 reverse circulation ("RC") holes (11,208.5 metres) and 18 diamond drill ("DD") core holes (3,137.3 metres) including both extension of previously drilled RC holes and tails to previously drilled DD holes for a total of 110 holes (14,345.8 metres). See Diakha
Drilling Tabulation Table.
The combined 2014 and 2015 drill programs at Diakha have outlined a mineralized area with a surface expression of up to approximately 700 metres width and 1.2 kilometres length and open in all directions. Recent diamond drilling (see Merrex news release September 22, 2015) which included hole #171 which returned
16 m @ 7.76 g/t (incl.
11 m @ 10.6 g/t) from
271 to 287 metres hole depth and
14 m @ 5.93 g/t (including
4 m @19.99 g/t) from
310 to 324 metres hole depthconfirmed two deep high-grade zones of gold mineralization and was considered significant in that it confirmed that the Diakha mineralization extended to
at least 250 metres vertical depth with good widths and grades at that depth and still open. See
Compilation Map* of Diakha Drilling for selected assays from the 2014 and 2015 drill programs.
*NOTE: Readers are cautioned that Compilation Map this is a summary compilation only. Readers should review the detailed assay information in Merrex's historical news releases at
www.merrexgold.com.
Based on the encouraging drill results to date the Siribaya JV is proceeding with a resource estimate which is expected to be available by year end. A comprehensive review and interpretation of the drill results, and deposit modelling is in process under the guidance of IAMGOLD's chief geologist. Independent consultants Roscoe Postle Associates Inc. ("RPA") have been engaged to complete the resource estimate and prepare the supporting technical report in compliance with National Instrument 43-101 and representatives of RPA are conducting a site visit. Metallurgical testing to support the resource estimate is in progress. Composite samples have been selected and shipped to SGS in Lakefield, Ontario. Initial test work will involve evaluation of gold recovery involving both gravity and leaching tests as well as comminution testing (bond abrasion and rod and ball mill grindability).