Merrex Gold

Published : July 06th, 2016

Diakha RC Drill Results including 70 metres averaging 1.55g/t Au from the Siribaya Gold Project, Mali

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Keywords :   9/11 | Diamond | Mali |

Diakha RC Drill Results including 70 metres averaging 1.55g/t Au from the Siribaya Gold Project, Mali

1a0c4b4b-c8db-4b79-aeb1-c0b3e935011a.pdf

NEWS RELEASE

Merrex Gold Diakha RC Drill Results including 70 metres averaging 1.55g/t Au from the Siribaya Gold Project, Mali

HALIFAX, NOVA SCOTIA -- (July 6, 2016) - Greg Isenor, President and CEO of Merrex Gold Inc., ("Merrex" or the "Company") (TSX Venture: MXI) announces:

Highlights

  • 41 holes totaling 6,623 metres completed

  • Over 80% of drill holes with significant mineralization

  • Hole 644 - 70 metres of 1.55g/t Au

RC Drill Results

During March and April, 2016 the Merrex-IAMGOLD joint venture completed 41 reverse circulation ("RC") drill holes totaling 6,623 metres within the northern extension of the Diakha deposit area of Siribaya gold project in Mali. Holes were drilled in a heel-to-toe pattern with depth ranging from 80 to 204m along drill fences approximately 100 to 150m apart with the objective of testing the gold mineralization in the projected strike extension of the Diakha deposit.

The results of this 'first pass' reconnaissance RC drill program returned significant gold mineralization in 34 of 41 holes and extended the mineralized strike length of the Diakha deposit area by approximately 600m from 800 metres to approximately 1.4 km.

These initial drill results in the northern extension area are comparable with the initial drill results from the 2014 'first pass' drill program in the southern Diakha deposit area. In both cases over 80% of the RC holes drilled returned significant gold mineralization. (see historical news release July 2, 2014)

See Map 1 below for locations of drill holes in the northern Diakha extension area reported here.

See Map 2 for a compilation of selected assay results from the 2014 and 2015 drilling programs in the Diakha southern deposit area.

See Table of Significant Assays below for a complete listing of significant assay results. The Table of Significant Assays was provided by the project operator.

Additional Program Updates

Diamond drilling is continuing with two rigs active within the southern Diakha resource area. Air core drilling is continuing on termite mound geochemical targets within a second structural trend to the northeast of the Diakha resource area.

Assays are pending and will be released when available.

Commentary

"We are pleased to report that the drilling program on the newly granted northern extension to the Diakha permit area has returned positive results and confirmed the extension of gold mineralization northward for approximately 600m along strike of the Diakha Deposit" said Merrex president Greg Isenor. "Of particular note hole SRC16-644 located near the centre of the extension area returned 70 metres with an average grade 1.55g/t Au. Additional drilling, both RC and core, will be required to better understand this extension to the Diakha deposit."

Map 1 RC drill hole locations - Diakha northern extension

Note: The red dotted line in the south (bottom) of the map represents the old boundary of the Kambaya permit. Both the southern Diakha deposit area (see Map 2) and the newly granted Diakha extension area are now encompassed in a new single amended Kambaya permit.

Map 2 Compilation of 2014 and 2015 drilling - Diakha southern deposit area

Note: The grey line labelled 'Permit Boundary' is the old permit boundary. The new permit boundary is approximately 1km north.

Table of Significant Assays

Diakha Deposit Northern Extension RC Drill Results

Hole#

UTM WGS84 Zone29

AZ

DIP

EOH

From

To

Length

Gold

Easting

Northing

Elevation

Degree

Degree

(m)

(m)

(m)

(m)

(g/t)

SRC16-621

240665

1370499

155.58

115

-60

114

100

102

2

0.50

SRC16-622

240776

1370441

157.85

115

-60

150

4

11

7

0.63

Including

4

6

2

1.46

52

72

20

0.59

SRC16-623

240845

1370409

157.56

115

-60

150

8

10

2

0.53

26

38

12

0.54

SRC16-626

240887

1370277

155.24

115

-60

150

92

96

4

0.56

SRC16-628

240577

1370544

153.32

115

-60

80

8

12

4

0.50

SRC16-629

240609

1370527

153.80

115

-60

120

90

92

2

0.59

SRC16-630

240663

1370103

153.72

115

-60

200

144

146

2

0.53

150

152

2

0.55

154

156

2

0.61

160

162

2

0.57

192

194

2

0.92

SRC16-631

240754

1370060

158.48

115

-60

200

8

12

4

0.67

70

78

8

0.55

108

110

2

0.51

198

200

2

0.66

SRC16-632

240849

1370016

161.15

115

-60

200

188

200

12

0.81

Including

188

190

2

1.26

SRC16-633

240938

1369974

161.04395

115

-60

100

6

8

2

0.90

20

24

4

4.22

70

74

4

1.35

84

94

10

0.74

SRC16-634

240981

1369953

159.22

115

-60

200

0

2

2

0.58

20

28

8

2.83

42

46

2

0.50

SRC16-635

241068

1369914

156.04

115

-60

200

0

2

2

0.77

SRC16-637

240581

1370139

149.23

115

-60

186

176

178

2

0.76

182

184

2

0.53

SRC16-638

240491

1370182

137.07

115

-60

200

16

34

18

0.53

Including

22

28

6

1.03

Including

42

58

16

0.68

52

58

6

0.92

SRC16-639

240410

1370223

137.49

115

-60

200

64

66

2

0.53

108

120

12

1.17

132

150

18

0.85

132

138

6

1

Read the rest of the article at www.publicnow.com
Data and Statistics for these countries : Mali | All
Gold and Silver Prices for these countries : Mali | All

Merrex Gold

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CODE : MXI.V
ISIN : CA59012H1047
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Merrex Gold is a gold exploration company based in Canada.

Merrex Gold holds various exploration projects in Mali.

Its main exploration properties are RED LAKE PROPERTIES and JUBILEE in Canada and SIRIBAYA and KAKADIAN in Mali.

Merrex Gold is listed in Canada. Its market capitalisation is CA$ 44.8 millions as of today (US$ 33.3 millions, € 31.4 millions).

Its stock quote reached its highest recent level on December 29, 2006 at CA$ 1.30, and its lowest recent point on December 13, 2013 at CA$ 0.02.

Merrex Gold has 199 230 000 shares outstanding.

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