Oriole Resources Regulatory News (ORR)

28 Sep 2009 07:00



Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining

28 September 2009

Stratex International Plc ('Stratex' or 'the Company') 

Stratex options Hasançelebi Project in Turkey

Stratex International Plc, the AIM-quoted exploration and development ('E&D') company currently developing gold resources and exploring for world-class gold and base metal deposits in Turkey and Ethiopia, has signed an option/joint venture agreement with Teck Madencilik Sanayi Ticaret A.S., the 100% owned Turkish subsidiary of Teck Resources Limited ('Teck'), to advance the Hasançelebi project ('the Project'). This is one of a number of high-sulphidation gold projects recently identified by Stratex in central Turkey. 

Highlights

Teck to fund US$2 million to acquire a 51% interest in the Project by the end of 2012

Minimum expenditure of US$500,000 committed to exploration with at least 2,000 metres of drilling to be completed by the end of Q4 2010

Option for Teck to increase its interest to 70% after 2012 by expending an additional US$3 million by the end of 2015

High-sulphidation gold system identified at the Project

Stratex to manage the exploration programme for a minimum of one year 

Stratex CEO Dr. Bob Foster said, "We are delighted that our majority shareholder, Teck, has continued to endorse the success of our various exploration programmes in Turkey by funding the exploration of our recent gold discovery, Hasançelebi. Our team in Turkey has demonstrated that this high-sulphidation gold system can be traced over a distance of almost 7,000 metres and has identified a higher grade section in the western part of the property that we have targeted for drilling.  We believe that this system has considerable upside potential as a large-tonnage, low-grade deposit and with Teck's financial and technical resources we will be able to complete the comprehensive  exploration programme that is required to prove-up this major mineralised system.

"Teck was an early-stage shareholder in Stratex and we continue to work in partnership, combining our capabilities to the mutual benefit of both companies. Our shared vision led to Stratex's extensive exploration activities in the country and the resulting discovery of multiple new gold occurrences. Having recently increased its shareholding in Stratex from 8.75% to 14.32% and now moving to fund another key project, Teck continues to endorse our achievements and we welcome its continued interest and support."

Further Information

Stratex has signed a joint venture agreement with Teck to explore and develop one of its most recent high-sulphidation gold discoveries, Hasancelebi, located in central Turkey. Under the terms of the agreement, Teck will fund US$2 million before 31 December 2012 to acquire a 51% interest in the project. A minimum commitment of US$500,000 will be made by Teck before 31 December 2010, which will be utilised for a mapping, sampling and drilling programme with a commitment to at least 2,000 metres of drilling. Subsequent to vesting its 51% interest, Teck has the option to earn a further 19% in the Project, taking its interest to 70%, by expending an additional US$3 million over the following three years.

Stratex will manage the Project during the first year of the exploration programme and thereafter until further notice.

Hasançelebi 

The Company identified the extensive volcanic rocks of the Hasançelebi area as being analogous to those of its first major discovery, Konya (including the Inlice project) and commenced reconnaissance exploration in 2007. This led to the early-stage identification of a number of extensive areas of hydrothermal alteration in the volcanic rock sequence. Subsequent mapping, outcrop sampling, and stream sediment geochemical surveys resulted in the delineation of three significant zones of hydrothermal alteration, the largest of which proved to be 7,000 metres in length and contained multiple silica zones.  In the western part of this major zone two, possibly three, discrete silica zones are exposed over a distance of 3,500 metres and dip between 20 degrees and 50 degrees northwards. The widths of the zones range from 5 metres to over 20 metres and, together with intervening volcanic rocks, comprise a sequence well in excess of 100 metres.

The highest continuous value in one of these zones was 0.69 g/t Au over an average width of 7.4 metres along a strike distance of 858 metres. Within this, a higher-grade zone averaging 0.99 g/t Au over a greater width of 9.1 metres and a length of 278 metres has been identified.

The geological evidence points to the silica and contained gold being stratigraphically controlled, i.e. confined to discrete volcanic beds, a factor that is favourable for the development of a large-tonnage mineral resource.

Teck Resources Limited

Teck is a major Canadian TSX-listed diversified resource company committed to responsible mining and mineral development with major business units focused on copper, metallurgical coal, zinc, gold and energy.

CEO Dr. Bob Foster, FIMM, CEng, is a Competent Person as defined by various international instruments and takes responsibility for the release of this information.

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For further information visit www.stratexinternational.com or contact:

Notes to editors:

Stratex International Plc is an AIM-quoted exploration and development company currently focusing on gold and base metal opportunities in Turkey and Ethiopia. Its proven strategy is to discover and develop new projects by focused low-cost exploration, thus adding maximum value prior to optioning/joint venturing or selling on to a dedicated mining company. 

Stratex has joined with NTF, a technically capable and well-financed Turkish company to rapidly developing the 542,318 oz oxide resources present at the Altıntepe and Inlice projects. Additionally, Stratex has signed an option/joint venture agreement with Centerra Gold Inc. to explore and develop the Öksüt project, a high-sulphidation gold discovery located in Central Anatolia in Turkey. 

Stratex's portfolio covers 11 licence blocks in central and western Turkey totalling approximately 1,690 sq km. The Company's latest discovery is the Öksüt high-sulphidation gold deposit with early drilling reporting best intersections of 270.2 m from surface averaging 1.22 g/t Au and 62.45 m grading 2.16 g/t Au from 14.75 m down hole. Additional key projects include Doğanbey - one of four porphyry gold targets within the Konya Volcanic Belt, Muratdere - a porphyry gold-copper-molybdenum occurrence, and Karaağaç - a partially exposed, gently dipping gold-bearing zone. Ongoing drilling and exploration programmes are underway or anticipated on a number of these licences, focused on increasing Stratex's total resources, currently standing at circa 1 million oz of gold and approximately 3.2 million oz of silver. Additionally, the Company has a healthy project pipeline portfolio, which it continues to strengthen through the acquisition of additional licences.  In addition the Company is actively seeking new opportunities in areas with good geological potential, favourable legal/fiscal codes and easy workability where it can apply its successful model as shown by Turkey.

On 1 September 2009 Stratex announced that it had acquired a 5.45% shareholding in PLUS-quoted exploration company Sheba Exploration (UK) plc and had signed a binding letter of intent with Sheba to explore highly prospective licences held by Sheba in Ethiopia. The management of Stratex believes that Ethiopia is highly underexplored and offers exciting opportunities for discovery of a wide range of metal and mineral deposits, particularly gold and base metals.