Merrex Gold (MXI-V) was eager get drill results to the market from its operations in Mali, so it issued partial results from phase one of drilling at its Siribaya gold project.
Results come from the first two of ten holes at the project and are highlighted by: Hole 55 returning 4.83 grams gold over 21.5 metres including 6 grams over 16.5 metres, and hole 53 intersecting 14 gold mineralized intervals the best of which was 4.65 grams per tonne over 17 metres including 5.85 grams gold over 10 metres and 4.07 grams over 13 metres.
Midday in Toronto, Bedford Nova Scotia-based Merrex shares were up a penny to 53 on a volume of 266,000 shares. Its shares have traded between 45 and $1.13 over the last 52-weeks, and the company has roughly 55 million shares outstanding.
Merrex president and chief executive, Gregory Isenor, said in a release that results were rush-assayed “because our field crew recognized that we had hit the right rock type at depth.” He went on to call hole 53 — which was drilled 500 metres south of hole 55 — the company’s best hole 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 come 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 over 700 sq. km and is applying for another 200 sq. km in the area.
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