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Tuesday, 24th February 2009 (938 views)

Merrex Gold president and chief executive Gregory Isenor has announced the launch of a new $3 million (£2.1 million) exploration programme on the company's Siribaya gold project.

Now underway, the programme will consist of 5,000m of diamond drilling to boost gold resources, geochemical surveys on new target areas and a high-resolution Aero Mag survey of the 700 sq km prospect.

Located in west Mali, the Siribaya gold project is 100 per cent controlled by Merrex and an initial resource estimate of 123,000 ounces of indicated gold and 319,000 ounces of inferred gold has been established.

Mr Isenor reported that an extensive 2009 exploration programme has commenced on the property and the map and road rehabilitation work necessary to facilitate the operation have been completed.

He added that the firm's management expects that "with the aggressive drill programme and the benefit of the magnetic survey defining the structural controls, the 2009 drill programme will quickly add significantly to the initial resource estimate".

Based in Canada, mineral resource exploration firm Merrex Gold is focused on gold exploration projects in west Mali, Turkey and in the Red Lake area of Ontario, including the Siribaya property.

 

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