Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. announces that Merrex is increasing its stake in the Siribaya Gold Project, by acquiring an additional 5% carried interest for 2,000,000 common shares.
Increase in Siribaya Ownership
“Merrex is acquiring the outstanding 5% carried interest from our Mali Partner, Touba Mining” said President Gregory Isenor. “Merrex will now own 100% of the working interest in the Siribaya Gold Project. Touba Mining, now a shareholder of Merrex, will continue to assist us as it has in the past. In addition, planning is underway for a major fall drilling campaign and we will release all details of those plans once they are finalized.”
Merrex’s 2008 Phase II core drill program consisted of 17 holes totalling in excess of 4,000 metres designed to test a hydrothermal, breccia-hosted, very high-grade sulphide/massive sulphide gold zone which had returned intersections as high as 5.07 g/t Au over core length of 33 metres and 5.92 g/t Au over 20 metres from earlier drilling. This particular sulphide/massive sulphide mineralized zone appears to extend for over three kilometres north and south from Zone 1B’s Area 55. Drilling has established the continuity of that zone along strike for 300 metres and to depth of 250 metres. The zone is open at depth and along strike to both the north and the south. (see map on Web Site)
Zone 1B is a one kilometre zone that is part of the ten kilometre Siribaya Structure which has yielded ore-grade drill intercepts along the entire length. To date, Merrex has invested over $8,000,000 in effective exploration at Siribaya, has secured over 700 square kilometres of contiguous exploration permits with a further 200 square kilometres in process. Merrex has commissioned a NI 43-101 compliant resource estimate and is developing what management believes will become a significant gold deposit.
The acquisition of the 5% carried interest is subject to TSX approval and other conditions.
VB2 Claims, Voisey’s Bay
Merrex has abandoned its option to acquire a 50% interest in the VB2 Claims in Voisey’s Bay.
Merrex Gold is a mineral resource exploration company focused on exploration for gold in West Mali, Africa, Turkey and in the Red Lake area of Ontario and zinc in Cape Breton, Nova Scotia, with a solid organization of people and projects to enable continued aggressive exploration, discovery, and growth.