Last checked at 19 Dec 2013 07:00
Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining
Stratex International Plc
("Stratex" or "the Company")
Drilling Recommences at Tembo Gold Project
Stratex International Plc, the AIM-quoted exploration and development company focussed on gold and base metals in Turkey, East Africa and West Africa is pleased to announce that, following the successful completion of the first non-brokered tranche of equity financing in Tembo Gold Corporation (TSXV: TEM; "TGC"; announcement dated 3rd December 2013), one diamond drill rig has now commenced drilling on the Tembo gold project ("Tembo" or the "Project").
Drilling at the Project will initially focus on the Ngula 1 target, to follow-up on high-grade intersections previously identified by TGC, the best being 15.00 m @ 22.81 g/t Au. Ngula 1 consists of a 600 metre long, 150-200 metre wide corridor of massive and locally sheared mafic meta-volcanic rocks and thin intercalated meta-sedimentary units. This package contains numerous intensely deformed, veined and altered shear structures that typically have elevated gold values.
It is anticipated that an additional diamond drill rig will be mobilised to site during Q1 2014 following a major on-site project review by the existing Tembo team together with Bob Foster and one or more representatives of co-investor New Africa Mining Fund II. A priority target is likely to be the Buly Zone, which is located on the main northeast-trending Bulyhanhulu structure that hosts the 14M oz Bulyhanhulu Mine (African Barrick Gold) and extends into the Tembo licence over an estimated distance of 1,000 metres.
Commenting on the commencement of drilling, Stratex Chief Executive Officer Dr Bob Foster said:"I am delighted that the subscription by Stratex and our co-investors New African Mining Fund II and Concept Capital Management Limited has now been finalised and that drilling has commenced. Initial focus is on the Ngula 1 prospect where the latest drilling in December 2012 (drillhole TDD0041) returned 15.00 m averaging 22.81 g/t Au. This hole was terminated prematurely at the end of the 2012 field season but is now being extended, and a further hole will be drilled to test for the down-plunge extent of the mineralization.
"In parallel with this renewed activity I will meet with the very experienced Tembo management team on site in January, together with a representative of the NAMF II Fund, to finalise the drilling programme for the remainder of 2014. One priority will certainly be the Buly Zone, which lies on the same structural trend as African Barrick's 14 m oz Bulyanhulu gold mine. Tembo's previous exploration work has also identified at least a further four zones of mineralization and we will be prioritising these for further drilling during what promises to be a definitive year for Tembo"
Further details are set out in the equivalent Tembo press release that can be accessed on Tembo's SEDAR profile at www.sedar.com.
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For further information please visit www.stratexinternational.com, email info@stratexplc.com, or contact:
Stratex International Plc | Tel: +44 (0)20 7830 9650 |
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Bob Foster / Christopher Hall / Claire Bay
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Grant Thornton UK LLP | Tel: +44 (0)20 7383 5100 |
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Philip Secrett / Melanie Frean / Jen Clarke
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Northland Capital Partners Limited | Tel: +44 (0)20 7796 8800 |
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Gavin Burnell / Luke Cairns / Alice Lane /John Howes
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SP Angel Corporate Finance LLP | Tel: +44 (0)20 3463 2260 |
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Ewan Leggat / Tercel Moore
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Yellow Jersey PR Limited | Tel: +44 (0)20 3664 4087 |
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Dominic Barretto / Philip Ranger / Anna Legge |
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Notes to editors:
AIM-quoted (2006) Stratex International is focussed on the exploration and development of gold and high-value base-metal deposits in Turkey and East and West Africa.
It has discovered more than 2.2 million ounces of gold and 7.9 million ounces of silver and has a strong cash position following the US$ 20M sale of its interest in the Öksüt gold project in Turkey, and its c. US$ 20M future production royalties, along with the sales of 45 and 51 per cent of its Inlice and Muratdere projects, respectively. Stratex has a well-developed strategy to use its cash balance to move it towards a sustainable cash flow position from operations.
Its focus has been to form joint-venture partnerships with local private companies and major international mining companies, such as Antofagasta and Centerra in Turkey, and Thani Ashanti in East Africa while the corporate objectives are to progress majority-owned projects towards economic evaluation and development and to take advantage of quality opportunities in the smaller exploration company sector.