Oriole Resources Regulatory News (ORR)

19 Mar 2007 07:01

Stratex International PLC19 March 2007 Stratex International plc / Index: AIM / Epic: STI / Sector: Mining 19 March 2007 Stratex International plc Stratex reports best intersections to date at Inlice - 54.60 metres grading 6.22 g/t Au Stratex International plc ("Stratex" or the "Company"), the AIM-quotedinternational exploration and development company currently focusing on gold andbase metal opportunities in Turkey, is pleased to announce the highest grades todate from the ongoing resource drilling programme at its Inlice gold project.The intersections, with a highlight of 54.60 metres grading 6.22 g/t Auincluding 17.10 metres grading 10.88 g/t Au, underpin the Board's confidencethat the Inlice gold system is a potentially major high-sulphidation epithermalgold system. Highlights: • INDD-27 54.60 metres grading 6.22 g/t Au from 4.10 m, including 17.10 metres grading 10.88 g/t Au • INDD-26 33.80 metres grading 5.12 g/t Au, including 19.50 metres grading 7.86 g/t Au • INDD-24 21.40 metres grading 2.36 g/t Au • INDD-23 10.50 metres grading 1.91 g/t Au • INDD-22 12.80 metres grading 0.67 g/t Au • INDD-20 21.90 metres grading 1.88 g/t Au The drilling programme, centred on the Inlice Ana Zone, has indicated increasinggold grades heading towards the shallow valley ('the Gap') between thepreviously drilled Ana East and Ana West zones. These latest drill holes confirmthat the Gap is largely underlain by a substantial gold-bearing zone. INDD-27, drilled near the western end of Ana East on the edge of the Gap,intersected exceptional widths and grades including 0.5 metres grading 32.2 g/tAu (1 oz/t), the highest gold value yet recorded at Inlice. The mineralised zonewas intersected at a depth of only 4.1 metres down hole and returned 54.60metres averaging 6.22 g/t Au, including 17.10 metres grading 10.22 g/t Au.Cutting the three high gold values that exceeded 20 g/t to 20 g/t reduces theaverage grade to 5.92 g/t Au. The estimated true width of the mineralised zonebased on a 70 degree dip of the silica zone is 42 metres and horizontal width 45metres. INDD-20 was drilled beneath the central part of the Gap and intersected what isinterpreted to be a fault zone containing fragmented zones of vuggy silica withan average grade of 1.88 g/t Au over 21.90 metres. To the east of INDD-27, drill holes INDD-23 and INDD-26 were drilled on the samefence line as INDD-1 and 9 (former 38.45 metres @ 2.98 g/t Au and latter 17.0metres @1.71 g/t Au). INDD-26 intersected oxide material from 2.50 metres downhole and this averaged 19.5 metres grading 7.86 g/t Au, with an overall downhole intersection, including lower sulphide material, of 33.80 metres grading5.12 g/t Au. INDD-23 intersected the silica zone below INDD-26 and returned 10.5metres grading 1.91 g/t Au. INDD-24 was drilled to investigate the Ana Zone between the INDD-1-26 fence lineand INDD-2 and intersected vuggy silica from 36.6 metres down hole, returning2.36 g/t Au over 21.4 metres. INDD-22 was drilled at the same location as INDD-3 and 4 to test the zone thathad previously yielded poor core recoveries but again the overall recovery wasonly 66%. As part of the wider exploration of the Inlice licence area, INDD-21 was drilledto test the roadside outcrop of the Discovery Zone. This hole intersectedchalcedonic silica with 6 metres grading 0.55 g/t Au and best individual valueof 2 metres grading1.23 g/t Au from 82 metres down hole. Stratex CEO Bob Foster said, "The gold grades in INDD-26 are excellent for thistype of high-sulphidation mineralisation but those of INDD-27 are trulyexceptional and tend to confirm our interpretation that the Gap actually relatesto a zone of significantly enhanced gold concentration. The presence of unusualhighly mineralised breccia material in the drill core from INDD-27, that has notyet been observed anywhere else in the Inlice area, also underpins thisinterpretation. The potential for discovering similar gold-rich breccia-relatedbodies under soil cover in the surrounding licence area is very real and we nowintend to undertake geophysical surveys to assist in identifying any such bodiesprior to drilling. In the meantime, we are continuing with our programme ofresource drilling and these new high-grade gold intersections will contributesignificantly to the forthcoming independent resource estimation that we havecommissioned. "Our early drilling of the Discovery Zone, although not yielding particularlyhigh gold assays from the first hole, INDD-21, has nevertheless demonstrated therobustness and gold-bearing potential of other silica zones within the Inlicelicence area." Sampling, assaying, and QA/QC Stratex's sampling of drill core and outcropping rocks conforms to industry-widegood practise, with drill core being split using a diamond saw, and with chainof custody being observed for all samples. Analysis is undertaken by ALS Chemexat its laboratories in Vancouver, Canada, and Romania, and the Company maintainsQA/QC on all analytical work via the use of certified reference materials, fieldduplicates, and blank samples in addition to monitoring of internal laboratorycheck-analyses. CEO Dr. Bob Foster, FIMM, CEng, is a Competent Person as defined by variousinternational instruments and takes responsibility for the release of thisinformation. * * ENDS * * For further information visit www.stratexinternational.com or contact: David Hall Stratex International Plc Tel: +44 (0)20 7830 9650Bob Foster Stratex International Plc Tel: +44 (0)20 7830 9650Anita Ghanekar Hanson Westhouse Limited Tel: +44 (0)20 7601 6100Phil Swinfen Hanson Westhouse Limited Tel: +44 (0)20 7601 6100Hugo de Salis St Brides Media & Finance Ltd Tel: +44 (0)20 7242 4477 Notes to editors: Stratex International Plc is an AIM-quoted exploration and development companycurrently focusing on gold and base metal opportunities in Turkey. Directed by ahighly experienced resource sector management team, Stratex's activities willidentify quality mineral resources, primarily gold, silver, copper, molybdenum,zinc, and nickel. Stratex has developed four high-priority prospects in central and western Turkeyand is undertaking an extensive exploration and resource drilling programme,together with mapping and sampling of key prospects. The Company has confirmedthe Inlice discovery as the first significant gold discovery in Turkey of the21st century. The potential of the Inlice and surrounding Konya projects hasbeen substantiated by the comparison by Dr. Richard Sillitoe with the Maricungadistrict in Chile. Prior to 1980, the Maricunga had no known copper or goldmineralization and due to new exploration has past production and reserve /resources of 40 million ounces. The Company has a 'Strategic Alliance' with Teck Cominco Limited, a diversifiedmining company headquartered in Vancouver, Canada. Teck Cominco holds 13.35% ofthe Company. This enables the two parties to pool expertise, skills anddatabases to identify potential projects. Technical and financial risks are alsobeing reduced through the alliance with a major metal producer providingadditional project funding, a wealth of technical expertise and a ready buyerfor new resources ensuring rapid returns from discoveries. This information is provided by RNS The company news service from the London Stock Exchange