Merrex Gold Inc.
TSX VENTURE : MXI

Merrex Gold Inc.

May 01, 2008 09:44 ET

Merrex Intersects 5.07 g/t Au Over 33 Metres in Siribaya Drilling, Launches IP Survey and 5,000 Metre Phase II Drill Program

HALIFAX, NOVA SCOTIA--(Marketwire - May 1, 2008) - Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ("Merrex")(TSX VENTURE:MXI) is pleased to release drill results for the final five of fifteen holes from the expanded Phase I 2008 diamond drill program at the Company's Siribaya Gold Project in West Mali.

"Siribaya drilling continues to deliver extremely impressive assay results" said Merrex President and CEO Greg Isenor, P. Geo. commenting on the new results from the final five holes reported here "with assay values as high as 5.07 g/t over 33 metres(i) and 5.92 g/t over 20 metres". (To view the Siribaya Structure map, please visit the following link: http://media3.marketwire.com/docs/gwimap501.pdf) Mr. Isenor further noted that "the sulphide and massive sulphide volcanic hydrothermal mineralization within which these impressive gold values occur, together with the associated faulting, suggest a major gold-mineralized zone and a number of other parallel trending zones also with impressive intersections. At Area 55 between previously announced drill hole 08-55 (3.89 g/t over 30 metres, including 5.54 g/t over 19.5 metres) and recent drill hole 08-56 (5.07 g/t over 33 metres, including 8.99 g/t over 9 metres) and recent drill hole 08-62 (5.92 g/t over 20 metres, including 8.04 g/t over 12 metres) we have drill-confirmed mineralized continuity over 200 metres of strike length. (See Map Attached) Our continuing structural interpretation suggests that the mineralized zone identified within Area 55 is at least three kilometres (3 km) in strike length from drill hole 08-55 southwards. This zone, which is located within the previously identified 10 kilometres long mineralized Siribaya structure, is open at both ends."



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Assay Highlights
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Hole Assay
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SR-DD-08-56 5.07 g/t over 33 metres including
(deepened from 110' to 200') 6.55 g/t over 13 metres including
8.99 g/t over 9 metres including
16.42 g/t over 3 metres
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SR-DD-08-61 3.09 g/t over 17 metres including
4.34 g/t over 8 metres
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SR-DD-08-62 5.92 g/t over 20 metres including
8.04 g/t over 12 metres including
24.60 g/t over 1 metre and
21.40 g/t over 1 metre
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(i) All intersections are core lengths not true widths.


Results from the first 10 holes of the 2008 Phase 1 drill program at Siribaya Zone 1B were released March 13 and March 27, 2008.

Phase I drilling concentrated on a 100 x 300 metre area within Zone 1B (To view the Siribaya Structure map, please visit the following link: http://media3.marketwire.com/docs/gwimap501.pdf) which is a one kilometre long portion of the previously drill-identified 10 kilometres long gold-mineralized Siribaya structure. Overall, Merrex's 700 square kilometre Siribaya land package hosts an estimated 100 kilometres of gold-anomalous structural lineaments that require aggressive exploration.

Phase 1 of the 2008 diamond drilling program increased significantly the understanding of the geology of the Siribaya project. Diamond drill holes 08-56, 59, 60, 61 and 62 intersected strong gold-polymetallic mineralization hosted by volcanic hydrothermal breccias, and stockworks in felsic rocks (rhyolite and rhyodacite). The mineralization at Area 55 includes pyrite, arsenopyrite, chalcopyrite, galena and sphalerite. Phase I drill holes returned significant grades over long intersections (5.07 g/t over 33 metres in drill hole 08-56 and 5.92 g/t over 20 metres in drill hole 08-62) (see Assay Table below) in sulphide rich felsic rocks including sections of massive sulphide and are interpreted as suggesting a volcanic hydrothermal gold-polymetallic environment. The gold-polymetallic mineralized lens at Area 55 has drill continuity over a strike length of 200 metres and has been drilled to 200 metres in depth. The mineralization is still open along strike and to depth. Our current interpretation suggests that the mineralization within Area 55 stretches for at least three kilometres from drill hole 08-55 southwards to the prolific old Berekegni workings of similar mineralization and is open at both ends within the previously indentified 10 kilometres long mineralized Siribaya structure. This recent drilling at Area 55 is expected to form the basis of a future resource estimate.

In addition, Phase I drilling revealed a number of other gold-bearing mineralized structures. (To view the Siribaya Structure map, please visit the following link: http://media3.marketwire.com/docs/gwimap501.pdf) To the northeast of the Area 55 gold-polymetallic mineralisation, a parallel trending zone returned intersections as high as 2.25 g/t over 30 metres, 2.05 g/t over 30 metres, 4.98 g/t over 14 metres, 4.08 g/t over 10 metres, 4.60 g/t over 8 metres and 3.79 g/t over 9 metres. Approximately 200 metres south of that zone several other possible zones returned intersections as high as 4.65 g/t over 17 metres, 6.14 g/t over 8 metres, 3.05 g/t over 18 metres, 2.80 g/t over 20 metres, 4.83 g/t over 9 metres, 2.83 g/t over 14 metres and 2.82 g/t over 12 metres. The style of the gold mineralization in these zones appears to be more typical of other producing mines in the West Mali gold belt.

To better guide future drilling in this important target an IP survey using the sulphide/massive sulphides of Area 55 as the control has been commissioned. The IP survey will be followed by a Phase II drill program planned for an initial 5,000 metres. A drill and adequate fuel and drill supplies are on-site. Drilling will commence as soon as the IP survey is sufficiently advanced to enable the drill holes to be spotted and will continue throughout the rainy season.



Table of New Assays

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Hole SR-DD-08-56
(deepened from 110' to 200')
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11.0 m - 12.0 m 0.99 g/t over 1.0 m
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39.0 m - 40.0 m 1.09 g/t over 1.0 m
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152.0 m - 158.0 m 2.42 g/t over 6.0 m
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162.0 m - 164.0 m 6.91 g/t over 2.0 m
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167.0 m - 200.0 m 5.07 g/t over 33.0 m including
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167.0 m - 180.0 m 6.55 g/t over 13.0 m including
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171.0 m - 180.0 m 8.99 g/t over 9.0 m including
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177.0 m - 180.0 m 16.42 g/t over 3.0 m including
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183.0 m - 189.0 m 5.31 g/t over 6.0 m including
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191.0 m - 200.0 m 5.46 g/t over 9.0 m
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Hole SR-DD-08-59
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40.0 m - 45.0 m 3.78 g/t over 5.0 m including
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42.0 m - 45.0 m 5.66 g/t over 3.0 m
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62.0 m - 69.0 m 2.36 g/t over 7.0 m including
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64.0 m - 66.0 m 4.90 g/t over 2.0 m
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121.0 m - 123.0 m 1.90 g/t over 2.0 m
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146.0 m - 147.0 m 0.74 g/t/ over 1 m
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150.0 m - 155.0 m 2.75 g/t over 5 m
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Hole SR-DD-08-60
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27.0 m - 35.0 m 0.72 g/t over 5.0 m
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192.0 m - 210.0 m 3.05 g/t over 18.0 m
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211.0 m - 212.0 m 0.74 g/t over 1.0 m
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214.0 m - 216.0 m 2.15 g/t over 2.0 m
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Hole SR-DD-08-61
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36.0 m - 37.0 m 1.86 g/t over 1.0 m
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39.0 m - 40.0 m 1.20 g/t over 1.0 m
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41.0 m - 47.0 m 1.69 g/t over 6.0 m
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97.0 m - 98.0 m 1.89 g/t over 1.0 m
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108.0 m - 110.0 m 1.00 g/t over 2.0 m
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147.0 m - 148.0 m 2.26 g/t over 1.0 m
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150.0 m - 167.0 m 3.09 g/t over 17.0 m including
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150.0 m - 158.0 m 4.34 g/t over 8.0 m
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184.5 m - 186.0 m 0.54 g/t over 1.5 m
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Hole SR-DD-08-62
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3.0 m - 4.0 m 0.74 g/t over 1.0 m
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22.0 m - 23.0 m 0.84 g/t over 1.0 m
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115.0 m - 119.0 m 3.35 g/t over 4.0 m
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122.0 m - 134.0 m 1.15 g/t over 12.0 m
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143.0 m - 152.0 m 3.58 g/t over 9.0 m
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161.0 m - 181.0 m 5.92 g/t over 20.0 m including
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162.0 m - 180.0 m 6.45 g/t over 18.0 m including
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168 m - 180.0 m 8.04 g/t over 12.0 m including
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169.0 m - 170.0 m 24.60 g/t over 1.0 m including
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179.0 m - 180.0 m 21.40 g/t over 1.0 m
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184.5 m - 186.0 m 0.80 g/t over 1.5 m
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Table of Assays Previously Reported

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Depth Assay
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Hole SR-DD-08-48
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0.0 m - 250.0 m Lost Hole
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Hole SR-DD-08-49
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220.0 m - 222.0 m 1.05 g/t over 2.0 m
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245.0 m - 246.0 m 1.05 g/t over 1.0 m
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250.0 m - 263.0 m 1.80 g/t over 13.0 m including
----------------------------------------------------------------------------
260.0 m - 263.0 m 4.05 g/t over 3.0 m
----------------------------------------------------------------------------
271.0 m - 272.0 m 0.74 g/t over 1.0 m
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275.0 m - 276.0 m 0.64 g/t over 1.0 m
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278.0 m - 279.0 m 0.69 g/t over 1.0 m
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Hole SR-DD-08-50
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19.5 m - 26.0 m 1.15 g/t over 6.5 m
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48.0 m - 50.0 m 0.83 g/t over 2.0 m
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59.0 m - 61.0 m 0.96 g/t over 2.0 m
----------------------------------------------------------------------------
63.0 m - 64.0 m 0.53 g/t over 1.0 m
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116.0 m - 119.0 m 0.67 g/t over 3.0 m
----------------------------------------------------------------------------
135.0 m - 136.0 m 1.34 g/t over 1.0 m
----------------------------------------------------------------------------
222.0 m - 223.0 m 3.01 g/t over 1.0 m
----------------------------------------------------------------------------
226.0 m - 227.0 m 0.81 g/t over 1.0 m
----------------------------------------------------------------------------
Hole SR-DD-08-51
----------------------------------------------------------------------------
139.0 m - 140.0 m 4.39 g/t over 1.0 m
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Hole SR-DD-08-52
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96.0 m - 97.0 m 0.61 g/t over 1.0 m
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107.0 m - 108.0 m 0.91 g/t over 1.0 m
----------------------------------------------------------------------------
110.0 m - 111.0 m 1.05 g/t over 1.0 m
----------------------------------------------------------------------------
121.0 m - 126.0 m 1.29 g/t over 5.0 m
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129.0 m - 130.0 m 1.03 g/t over 1.0 m
----------------------------------------------------------------------------
Hole SR-DD-08-53
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77.0 m - 97.0 m 2.80 g/t over 20.0 m including
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78.0 m - 87.0 m 5.17 g/t over 9.0 m
----------------------------------------------------------------------------
103.0 m - 105.0 m 1.66 g/t over 2.0 m
----------------------------------------------------------------------------
106.0 m - 107.0 m 0.5 g/t over 1.0 m
----------------------------------------------------------------------------
108.0 m - 110.0 m 0.90 g/t over 2.0 m
----------------------------------------------------------------------------
111.0 m - 113.0 m 0.89 g/t over 2.0 m
----------------------------------------------------------------------------
120.0 m - 123.0 m 1.06 g/t over 3.0 m
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141.0 m - 154.0 m 1.78 g/t over 13.0 m
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155.0 m - 156.0 m 0.64 g/t over 1.0 m
----------------------------------------------------------------------------
160.0 m - 161.0 m 0.79 g/t over 1.0 m
----------------------------------------------------------------------------
162.0 m - 163.0 m 0.60 g/t over 1.0 m
----------------------------------------------------------------------------
171.0 m - 188.0 m 4.65 g/t over 17.0 m including
----------------------------------------------------------------------------
171.0 m - 176.0 m 3.96 g/t over 5.0 m including
----------------------------------------------------------------------------
178.0 m - 188.0 m 5.86 g/t over 10.0 m including
----------------------------------------------------------------------------
182.0 m - 188.0 m 8.45 g/t over 6.0 m
----------------------------------------------------------------------------
Hole SR-DD-08-54
----------------------------------------------------------------------------
56.0 m - 57.0 m 5.57 g/t over 1.0 m
----------------------------------------------------------------------------
63.0 m - 66.0 m 2.28 g/t over 3.0 m
----------------------------------------------------------------------------
100.5 m - 102.0 m 0.79 g/t over 1.5 m
----------------------------------------------------------------------------
103.5 m - 106.5 m 0.63 g/t over 3.0 m
----------------------------------------------------------------------------
111.0 m - 114.0 m 1.80 g/t over 3.0 m
----------------------------------------------------------------------------
125.0 m - 127.0 m 0.83 g/t over 2.0 m
----------------------------------------------------------------------------
142.0 m - 145.0 m 1.18 g/t over 3.0 m
----------------------------------------------------------------------------
227.0 m - 229.0 m 0.68 g/t over 2.0 m
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231.0 m - 234.0 m 1.30 g/t over 3.0 m
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Hole SR-DD-08-55
----------------------------------------------------------------------------
25.0 m - 34.0 m 3.79 g/t over 9.0 m including
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29.0 m - 32.0 m 7.18 g/t over 3.0 m
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39.0 m - 46.0 m 1.32 g/t over 7.0 m
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48.0 m - 49.0 m 0.79 g/t over 1.0 m
----------------------------------------------------------------------------
62.0 m - 67.0 m 1.31 g/t over 5.0 m
----------------------------------------------------------------------------
70.0 m - 71.0 m 0.52 g/t over 1.0 m
----------------------------------------------------------------------------
103.0 m - 104.0 m 1.18 g/t over 1.0 m
----------------------------------------------------------------------------
105.0 m - 107.0 m 1.70 g/t over 2.0 m
----------------------------------------------------------------------------
108.0 m - 114.0 m 1.49 g/t over 6.0 m
----------------------------------------------------------------------------
115.0 m - 117.0 m 0.71 g/t over 2.0 m
----------------------------------------------------------------------------
118.0 m - 121.0 m 1.53 g/t over 3.0 m
----------------------------------------------------------------------------
142.0 m - 172.0 m 3.89 g/t over 30.0 m including
----------------------------------------------------------------------------
147.0 m - 166.5 m 5.54 g/t over 19.5 m including
----------------------------------------------------------------------------
147.0 m - 148.0 m 23.8 g/t over 1.0 m
----------------------------------------------------------------------------
Hole SR-DD-08-57
----------------------------------------------------------------------------
88.0 m - 89.0 m 0.54 g/t over 1.0 m
----------------------------------------------------------------------------
90.0 m - 91.0 m 0.50 g/t over 1.0 m
----------------------------------------------------------------------------
92.0 m - 94.0 m 2.60 g/t over 2.0 m
----------------------------------------------------------------------------
100.0 m - 101.0 m 0.75 g/t over 1.0 m
----------------------------------------------------------------------------
107.0 m - 109.0 m 0.75 g/t over 2.0 m
----------------------------------------------------------------------------
Hole SR-DD-08-58
----------------------------------------------------------------------------
11.0 m - 12.0 m 0.69 g/t over 1.0 m
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13.0 m - 21.0 m 4.60 g/t over 8.0 m
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26.0 m - 27.0 m .064 g/t over 1.0 m
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28.0 m - 29.0 m 1.91 g/t over 1.0 m
----------------------------------------------------------------------------
103.0 m - 107.0 m 8.11 g/t over 4.0 m including
----------------------------------------------------------------------------
106.0 m - 107.0 m 24.10 g/t over 1.0 m
----------------------------------------------------------------------------
179.0 m - 180.0 m 21.40 g/t over 1.0 m
----------------------------------------------------------------------------
184.5 m - 186.0 m 0.80 g/t over 1.5 m
----------------------------------------------------------------------------
----------------------------------------------------------------------------


Lastly, the Company's plans to re-structure by transferring its non-core, non-Mali assets into two separate companies and distributing the shares of those new companies to the Merrex shareholders is still proceeding.

Please visit our website at www.merrexgold.com for full details of the exploration history of the Siribaya Gold Project including tables of all assay results from this and prior drill programs.

Quality Assurance/Quality Control

HQ size drill core samples were detail logged, sampled in 1 metre lengths down the entire hole and the samples shipped for gold analysis. Analysis of half core samples was carried out by ALS Chemex ABILAB Laboratory in Bamako and Merrex's independent Quality Control and Quality Assurance protocols for drill core included blank samples and duplicate samples. The program is being carried out under the supervision of Jean-Marc Gagnon, P. Eng., MBA, the qualified person, as defined under National Instrument 43-101, responsible for the technical information presented in this news release. The driller was the African division of Longyear Canada, of North Bay, Ontario.

Merrex owns a large land position in the prolific West Mali Gold Belt from which in excess of one million ounces of gold are produced annually from such well-known large gold deposits as the Sadiola and Loulo mines. Together with strategic partner Touba Mining, Merrex has acquired five mineral permits covering over 700 square kilometres and has permit applications in progress for an additional approximately 200 square kilometres, all within the prolific West Mali Gold Belt. The Merrex permits cover highly prospective land with significant geological structures, associated geochemically anomalous gold zones, extensive orpailleur alluvial gold workings and artisinal underground workings.

Merrex Gold is a mineral resource exploration company focused on exploration for gold in West Mali, Africa, zinc in Cape Breton, Nova Scotia, nickel in West Voisey's Bay, Labrador, and gold in Red Lake, Ontario, with a solid organization of people and projects to enable continued aggressive exploration, discovery, and growth.

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.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OF THIS RELEASE.

Contact Information

  • Merrex Gold Inc.
    Greg Isenor
    President & CEO
    (902) 832-5555
    (902) 832-2223 (FAX)
    Website: www.merrexgold.com