Stratex strikes gold

Shares in gold and base metal explorer Stratex International zipped higher on Monday after the company announced a significant discovery of first epithermal gold mineralisation in Ethiopia.'The discovery of outcropping low-sulphidation gold mineralisation in the young volcanic rocks of the Ethiopian Rift Valley confirms the presence of a potentially important new metallogenic province,' claimed Stratex executive chairman David Hall.'This discovery, called Megenta, is evidence of the potential of the region and gives us first mover advantage, having secured a large land package around it. The prospect has good access, is close to tarred road and is well serviced by power and water,' Hall added.The company is hoping the Megenta prospect will have potential for large low-grade bulk potential similar to the Hycrost mine in western Nevada, which produced 1.2m ounces.