Merrex Gold (MXI-V, MXGIF-O)was eager get to drill results to the market from its operations in Mali, so it issued partial results from the first phase of drilling at its Siribaya gold project.
Results come from the first two of 10 holes at the project, with highlights of: 21.5 metres grading 4.83 grams gold per tonne, including 16.5 metres of 6 grams gold in hole 55, and 14 gold-mineralized intervals in hole 53, the best of which was 17 metres of 4.65 grams gold, including 10 metres of 5.85 grams gold and 13 metres of 4.07 grams gold.
In a release, Merrex president and chief executive Gregory Isenor said that results were rush-assayed “because our field crew recognized that we had hit the right rock type at depth.” He called hole 53, drilled 500 metres south of hole 55, the company’s best to date.
The strike and depth extensions in the targeted zone remain open and the company says the Siribaya structure could be part of a major gold-bearing system.
The partial results are from a drill program that will total 20,000 metres at the 750-sq.-km property.
With its partner Touba Mining, Merrex has five mineral permits covering more than 700 sq. km and is applying for another 200 sq. km in the area.
Shares in Bedford, N. S.-based Merrex were up a penny on the news to 53 on a trading volume of 266,000 shares. The stock has traded from 45-$1.13 over the last 52 weeks, and the company has roughly 55 million shares outstanding.
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