Oriole Resources Regulatory News (ORR)

4 May 2007 07:00

Stratex International PLC04 May 2007 Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining 4 May 2007 Stratex International Plc (Stratex or the "Company") Stratex Defines Initial Resource at Inlice and Intersects Porphyry-Style Alteration Highlights • ACA Howe International Ltd ('ACA Howe') estimates JORC compliant mineral resource of 372,971 oz Au • Intersections from the oxide portion of the resource include 39.5m grading 5.98 g/t Au and 30.97m grading 2.37 g/t Au • Mineralisation open at depth and to the west • Porphyry style alteration identified 1,000 m north-west of resource area Stratex International Plc ("Stratex"), the AIM-quoted international explorationand development company currently focusing on gold and base metal opportunitiesin Turkey, is pleased to announce an initial independent resource at Inlice,which estimates a JORC-compliant total resource of 6,751,595t grading 1.72 g/tAu for 372,971 oz gold ('Au'). Additionally, the Company has identifiedporphyry style alteration at its 100% owned Inlice prospect in the KonyaVolcanic Belt, Turkey. The JORC compliant resource, prepared by ACA Howe, incorporates data from 3,828mof diamond drilling in 44 holes completed since April 2006. The total resourceof that portion of the Ana Zone drilled to date comprises an Indicated Resourceof 1,516,773 t at a grade of 3.02 g/t Au (155,304 oz Au) and an InferredResource of 3,190,143 t at a grade of 1.82 g/t Au (217,667 oz Au). The remainingresource consists of 10,129 oz Au from narrow hanging wall and footwall zonesclose to the Ana Zone and 28,718 oz Au from overlying talus and soil. Due to thevery sharp termination of the gold values at the contacts of the Ana mineralisedsilica zone, no cut-off grade was applied. The drilled section of the Ana Zone contains an Indicated Resource of 1,516,773t grading 3.02 g/t Au and an Inferred Resource of 3,190,143 t grading 1.82 g/tAu. ACA Howe commented, "The review of exploration data, its collection, analysisand interpretation, along with the quality control methodologies in place forthe Inlice project, suggest that data for use in resource estimation has beencollected in a thorough and professional manner and has enabled a high level ofconfidence to be applied to the indicated and inferred resource estimates." The resource calculation has not attempted to define separately the high grade "Gap Zone", which is open at depth and which will be the focus of furtherresource drilling by Stratex. In-house geological cross-section analysis of thiszone indicates true widths of up to 40m and grades averaging greater than theIndicated Resource grade of 3.02 g/t Au for the entire Ana Zone (e.g. INDD-11:38.85m grading 4.59 g/t Au; INDD-27: 54.6m grading 6.22 g/t Au; INDD-10: 32.2mgrading 5.79 g/t Au). Previously unannounced drill holes included in the ore resource estimation areas follows: • INDD-30: 20.85 m grading 7.44g/t Au (OXIDE) • INDD-30: 18.65 m grading 4.35 g/t Au (SULPHIDE) • INDD-34: 30.95 m grading 2.37 g/t Au (OXIDE) • INDD-35: 13.60 m grading 1.90 g/t Au (OXIDE & SULPHIDE) • INDD-36: 10.25 m grading 2.69 g/t Au (OXIDE) • INDD-37: 19.30 m grading 2.55 g/t Au (OXIDE) • INDD-38: 11.85 m grading 2.02 g/t Au (OXIDE) • INDD-39: 31.90 m grading 3.34 g/t Au (OXIDE & SULPHIDE) • INDD-41: 46.60 m grading 5.77 g/t Au (SULPHIDE) • INDD-42: 17.90 m grading 2.34 g/t Au (OXIDE) • INDD-43: 14.60 m grading 1.72 g/t Au (OXIDE) The term "OXIDE" refers to near-surface material that has been subjected tochemical breakdown in response to weathering processes, and "SULPHIDE" refers todeeper-seated primary sulphide mineralisation that has not been weathered. The Company is pleased to further announce that drillhole INDD-31, collared1,000 m north-west of the Ana resource area in the Merkez zone to test agold-molybdenum anomaly in soils, has intersected porphyry-style alteration asdefined by typical fine dark quartz veinlets similar to those recorded at theCompany's Doganbey project, together with associated phyllic alteration.Although the gold contents are sub-economic, averaging 0.05 g/t Au over avertical interval of 253.7m commencing at 5.3m below surface, the significanceof a potential porphyry system at Inlice is considerable. The high-sulphidationAna Zone appears to be linked geologically to this zone and it is the Company'sview that the porphyry alteration, identified in INDD-31 with values up to 0.128g/t Au and 0.017 % Mo, is peripheral to the main porphyry centre. The exploration and definition of the main porphyry centre is now a highpriority target for the Company and this will be a focus for drilling in thenear future. Drilling will also target further potential resources at depthbeneath the Inlice "Gap Zone" and within the numerous other silica zonesidentified in the Inlice licence area. David Hall, Executive Chairman, commented, "This resource represents some 97 ozof gold per metre drilled, which is excellent value for one's explorationdollar, but the significance of the definition of a potential porphyry goldcentre in addition to this initial resource at Inlice must be emphasised. Thismeans that it is possible that Stratex has identified the source of thegold-rich fluids that deposited the high-grade mineralisation in the Anaresource area. Kisladag, the newest gold mine to come online in Turkey, is aporphyry gold system and has reserves of five million ounces of gold. This firstMerkez drill hole increases the likelihood that Inlice may host both an economichigh-sulphidation gold system and porphyry gold mineralisation with as yetunknown grade and tonnage. The initial resource defined here is clearly only our first step in realisingthe potential of what could prove to be a new gold district with manysimilarities to the prolific Maricunga gold belt in Chile, as proposed byIndependent Consultant Dr. Richard Sillitoe in November last year." 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 9650 Bob Foster Stratex International Plc Tel: +44 (0)20 7830 9650 Anita Ghanekar Hanson Westhouse Limited Tel: +44(0) 20 7601 6100 Phil Swinfen Hanson Westhouse Limited Tel: +44 (0)20 7601 6100 Hugo 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 potential of the Inliceand surrounding Konya projects has been substantiated by the comparison made byDr. Richard Sillitoe with the Maricunga district in Chile. Prior to 1980, theMaricunga had no known copper or gold mineralization and due to new explorationhas past production and reserve / resources of 40 million ounces. Teck Cominco Limited 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