Merrex-IAMGOLD Siribaya JV Granted Permit Amendment along Strike of Diakha Deposit, Siribaya Gold Project, West Mali
(via Thenewswire.ca)
HALIFAX, NOVA SCOTIA / TheNewswire / March 21, 2016 - Greg Isenor, President and CEO of Merrex Gold Inc., ("Merrex" or the "Company") (TSX Venture: MXI) announces:
Permit Amendment - Diakha Deposit Area
The Merrex-IAMGOLD Corporation 50/50 JV Siribaya gold project in western Mali, West Africa, has been granted a permit amendment for the Kamaya exploration permit in the westernmost region of the project area. The amendment extends exploration rights northward along the interpreted strike of the Diakha mineralized zone. (See regional and close-up maps below.) As illustrated on the close-up map below the interpreted strike of the Diakha mineralized zone within the amended permit boundary hosts artisanal workings similar to those seen at the Diakha resource area immediately south and has a strong gold geochemical signature from termite mound sampling.
As disclosed by news release February 9, 2016 gold resources at the Siribaya gold project include Indicated Resources totalling 2.1 million tonnes averaging 1.90 grams of gold per tonne for 129,000 ounces and Inferred Resources comprised of 19.8 million tonnes averaging 1.71 grams of gold per tonne for 1.1 million ounces withthe bulk of the estimate being derived from the Diakha deposit which is open in all directions and at depth and has significant potential for expansion.
Additional drilling is planned at Diakha to increase confidence in the current resources and continue to expand the mineralization along strike and at depth.