, Stock Forum
), on the heels of a market run yesterday, announced results today from its Phase II diamond drill program at its 50/50 advanced stage JV Siribaya Gold Project located in West Mali.
According to the news release
, the Phase II program focused on the Diakha Discovery Zone and seemed to support the impressive results from the company’s Phase I reverse circulation program.
Highlights from the assay results included 4.85 g/t gold over 34 metres at Hole 148, 4.31 g/t gold over 21 metres at Hole 145 and 10.99 g/t gold over 12 metres at Hole 146.
Assay results from the RC segment of the Phase II program are still pending and will be released once received, validated and compiled by Iamgold Corp. (TSX: T.IMG, Stock Forum)
, the company’s partner and operator on the project.
There are also approximately 15,000 metres of Air Core and 12,500 metres of mechanized auger drilling on anomalies in the eastern part of the Siribaya project land package with results still pending that need to be assessed by the JV partners to identify and prioritize drilling targets for future exploration.
Company President, Greg Isenor, commented on the results, “In June, the Siribaya joint venture partners expanded the 2014 exploration program at Diakha adding additional RC and DD drilling to follow up on the encouraging assay results received from the Phase I drilling which were released July 2, 2014.”
He went on to illustrate, “The infill DD holes here reported were designed to provide information on the geological controls of the mineralization and that interpretation will be released when available.”
Then he concluded, “What I can say now is that the DD assay results confirm the impressive assay results from the Phase I RC program and appear to demonstrate the down-dip continuity of gold mineralization within the Diakha discovery zone. I want to emphasize that the Diakha discovery zone is open in all directions and at depth and it is worth noting that DD hole 148, for example, intersected a strongly mineralized 34 metre zone grading 4.85 g/t (including 19 m @ 7.31 g/t and including 4 m @ 19.66 g/t) between 127 and 161 metres evidencing that the Diakha discovery zone mineralization does extend to depth with good grades.”
Merrex Gold was in the news recently when the company announced the commencement of Phase II drilling at Siribaya at the end of July
Shares were down 22.73% on the news to $0.17 per share.
Currently there are 155.6m outstanding shares with a market