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merrex gold inc (MXI) Snapshot

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Previous Close
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06/27/14 - C$0.15
52 Week Low
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Market Cap
22.6M
Average Volume 10 Days
134.8K
EPS TTM
C$-0.01
Shares Outstanding
155.6M
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Current Stock Chart for MERREX GOLD INC (MXI)

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merrex gold inc (MXI) Details

Merrex Gold Inc., a junior mineral exploration company, engages in the acquisition, exploration, and evaluation of natural resource properties. Its principal properties include the Siribaya gold project, which consists of 6 contiguous exploration permits covering an area of approximately 800 square kilometers located in west Mali, Africa; and the Jubilee property, a zinc lead property that comprise 189 contiguous claims in the Little Narrows area of Cape Breton Island, in Nova Scotia, Canada. The company is headquartered in Bedford, Canada.

merrex gold inc (MXI) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: C$200.0K
Chief Financial Officer, Executive Vice Presi...
Total Annual Compensation: C$175.0K
Compensation as of Fiscal Year 2013.

merrex gold inc (MXI) Key Developments

Merrex Gold Inc. Announces Reverse Circulation Drilling at Siribaya Gold Project

Merrex Gold Inc. announced that reverse circulation drilling at the Siribaya gold project's Diakha anomaly in West Mali confirms a significant new gold discovery with multiple zones of gold mineralization. The 2014 Phase I 2014 Reverse Circulation (RC) drill program on the Diakha gold anomaly at the Siribaya project was comprised of 54 drill holes totaling 5,211 metres. This area, which is located in the western-most of the 910 km2 Siribaya exploration concessions, occurs several kilometres south along strike of IAMGOLD's Boto gold discoveries in Senegal and B2Gold/Papillon's Fekola deposit in Mali. The Diakha area was highlighted for exploration by the presence of a strong gold geochemical anomaly delineated from a regional termite mound sampling survey and coincident with significant artisanal (orpailleur) mining activity. Initial assay results (reported April 30, 2014) from the first eight RC drill holes returned encouraging results confirming the presence of gold mineralization. The assay results from the remaining 44 holes (two holes were abandoned) have now been received, validated and compiled and are reported herein. These assay results confirm the presence of multiple zones of gold mineralization over a wide area associated with altered (albite-hematite-chlorite) sandstone lithologies carrying trace to 2% disseminated pyrite + chalcopyrite-arsenopyrite, occasionally with visible gold. The expanded Phase I and Phase II 2014 exploration plan includes 32,750 metres of RC and Air Core drilling and 1,250 metres of diamond drilling budgeted at $2,127,000, and is designed to test priority targets identified by geochemical termite sampling. Greater emphasis is being placed on targets occurring within the western permits (Kambaya and Siribaya West), while those located further east are being further refined and prioritized (Kofia to Diarindi). Lastly, up to 12,500 metres of mechanized auger drilling is planned for targets in the eastern portion of the project area. IAMGOLD is funding the expanded $2.127 million 2014 program and has agreed to extend the payment deadline for all joint venture exploration contributions to December 31, 2014. The sampling of, and assay data from, rock chips is monitored through the implementation of a quality assurance - quality control program by IAMGOLD. Rock chips from the Reverse Circulation drilling are collected at the rig site, at one metre intervals, under the direct supervision of IAMGOLD geologists. Samples are riffle split to obtain two 3 kg samples. One sample is retained for reference purposes and the other is used to prepare 2-meters composite samples for assay. The 2 meter composite samples are prepared at the project site, by trained technicians supervised by IAMGOLD geologists. Samples are analyzed at the ALS Chemex Analytical Laboratory in Bamako, Mali, using a standard fire assay with a 50 gram charge and an Atomic Absorption finish.

Merrex Gold, Inc. Announces Drilling Update at Siribaya Gold Project

Merrex Gold Inc. announced drilling program expanded in phase II at Siribaya Gold Project. Based upon the encouraging reverse circulation (RC) drill results being obtained from the phase I drilling on the Diakha target (54 RC drill holes totaling 5,211 meters completed), the joint venture partners have agreed to expand the current 2014 program by adding a second phase of drilling (phase II). This additional phase II of the program will consist of both increased RC drilling and diamond drilling. The RC drilling will test areas of the Diakha discovery zone that were inaccessible during April and May, and will evaluate a potential Southern extension along strike. Approximately 4,500 meters of additional RC drilling is proposed to complete phase II of the program. The diamond (core) drilling program of up to 1,250 meters within the Diakha discovery zone will provide information on the host rock lithologies, alteration and sulphide mineralization associated with gold, as well as information on the structural attitudes of the gold-bearing structures influencing the distribution of gold mineralization and which may control higher-grade lenses. Due to the constraints of seasonal heavy rains which can make access to some permit areas difficult, this phase II program was started before the commencement of the rains and is expected to continue for as long as ground conditions allow. Arrangements have been made to leave the drill rig on site during the wet season to provide the option of completing further drilling in late Fourth Quarter of 2014. Sufficient fuel is stored at the camp to allow for the completion of this phase II program and to support camp operations through to mid-January 2015 at which time water levels in the Faleme River will have receded and it can be forded by resupply vehicles. The current 2014 joint venture exploration budget is USD 1,750,000. The budget to accomplish the phase II drill programme is an additional USD 377,000 which will bring the revised 2014 exploration budget to a new total of USD 2,127,000. The expanded phase I and phase II 2014 exploration plan includes 32,750 meters of RC and AC drilling and 1,250 meters of diamond drilling budgeted at USD 2,127,000, and is designed to test priority targets identified by geochemical termite sampling. Greater emphasis is being placed on targets occurring within the western permits (Kambaya and Siribaya West), while those located further east are being further refined and prioritized (Kofia to Diarindi). Lastly, up to 12,500 meters of mechanized auger drilling is planned for targets in the eastern portion of the project area.

Merrex Gold Provides Siribaya Gold Project Drilling Update

Merrex Gold Inc. announced the drilling continues on the Siribaya Gold project. To date 5,652 metres of reverse circulation drilling have been completed at the Diakha prospect. The assay results from the remaining holes will be released as soon as they are available. Additionally 11,816 metres of air core drilling and 2,137 metres of mechanized auger drilling have been completed on the Kofia and Babara permit areas testing numerous gold anomalies identified by termite mound geochemical sampling. Drill results from the AC and auger drilling will be released as soon as they are available.

 

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