Oriole Resources Regulatory News (ORR)

25 Apr 2006 07:02

Stratex International PLC25 April 2006 Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining 25th April 2006 Stratex Intersects 5.92 g/t Au over 13.20 metres at Inlice Stratex International Plc ('Stratex' or 'the Company'), the AIM-listedinternational exploration and development company currently focusing on gold andbase metal opportunities in Turkey, is pleased to announce the assay resultsfrom the first drill hole at the Inlice high-sulphidation gold prospect inwestern Turkey. The diamond drill hole, inclined at -70 degrees, intersectedthree zones of vuggy silica beneath the western part of the outcroppingmineralization of the Main Zone. Highlights include: • 38.45 metres grading 2.98 g/t Au including • 13.20 metres averaging 5.92 g/t Au; and • Gold mineralization defined to 150 metres depth from surface. Gold intersections from the drilling at a cut-off of 0.5 g/t are: Intersection from (m) Length (m) Gold (g/t) Silver (g/t)Zone 1 17.55 38.45 2.98 0.78Zone 2 98.00 1.20 0.27 0.19Zone 3 146.20 8.40 1.35 4.15 Zone 1 includes 13.20 m grading 5.92 g/t Au and a highest value of 2.60 mgrading 9.06 g/t Au. Core recoveries were 79%, 92%, and 70% respectively forZones 1, 2, and 3. True widths of Zones 1 and 3 are estimated to be 23 m and 5 m respectively,based on an observed dip of the zones of 70 degrees. The drilling confirmscontinuity of Zone 1 to a vertical depth of approximately 60 m below surface andZone 3 to 150 m. The outcropping expression of Zone 1 grades 2.12 g/t Au over an average exposedwidth of 19.60 m along a strike length of 400 m, as defined previously by eightchip-sampling profiles and a total of 32 samples across the width of the zone.The mineralization has been traced for 900 metres along the Main Zone, withextensions to the northwest traced for a further 840 metres. The drillingprogramme at Inlice is continuing with the second diamond drill hole of thenine-hole scout drilling campaign already underway. Stratex CEO Bob Foster said: "We are delighted with the results of this firsthole in our 2006 drilling programme aimed at evaluating the Inlice Main Zone.The Zone 1 results in particular confirm the continuity of gold values to adepth of at least 60 m below surface and importantly the estimated truethickness of 26 m is considerably greater than the 8.20 m width observed in thispart of Zone 1 at the surface. Zone 3 is a bonus, given that it is carryingsignificantly higher gold values than previously recorded from surface outcrop.Importantly this is also at a vertical depth of 150 m below surface. Thesevalues are highly significant given that the average grade for majorhigh-sulphidation gold deposits such as Yanacocha is commonly around 1 g/t gold." Stratex has also commenced its 2006 evaluation programme on other high-priorityprospects in the same Konya volcanic belt that hosts the Inlice system.Preliminary geological mapping and sampling of the Doganbey and Oglackihigh-sulphidation systems has resulted in the identification of multiple zonesof vuggy silica similar to those observed at Inlice. Commenting on the wider potential of the Konya area Chairman David Hall said, "It is important to put the Inlice drilling results into perspective. Exciting asthey are, this early drilling is focusing on only one part of onehigh-sulphidation system, Inlice, and our ongoing exploration work has confirmedthat there are a further 20 alteration systems exhibiting broadly similarcharacteristics within our tenements in the Konya area. Our initial fieldwork onthe Doganbey and Oglacki prospects has confirmed our belief that the Konyavolcanic belt has considerable potential to yield multiple gold-bearing systems." Sampling, assaying, and QA/QC Stratex's sampling of drill core and outcropping rocks conform to industry-widegood practice, 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 the Company maintains QA/QC on allanalytical work via the use of certified reference materials and fieldduplicates, in addition to monitoring of internal laboratory check-analyses. CEO Dr. Bob Foster, FIMM, CEng, is a Competent Person as defined by variousinternational instruments and takes responsibility for the release of thisinformation. Teck Cominco Limited The Company has a 'Strategic Alliance' with major Canadian mining, mineralprocessing and metallurgical company Teck Cominco Limited, which holds 14.5% 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. * * ENDS * * Contacts: David Hall Stratex International Plc Tel: +44 (0)20 7830 9650 Bob Foster Stratex International Plc Tel: +44 (0)20 7830 9650 Imran Ahmad HB Corporate Tel: +44 (0)20 7510 1166 Hugo de Salis St Brides Media & Finance Ltd Tel: +44 (0)20 7242 4477 Notes to editors: Stratex International Plc is an AIM listed 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 planning an extensive exploration and resource drilling programme,together with mapping and sampling of key prospects. The Company has identifiedwidespread evidence for a 'high sulphidation' style of gold mineralization onits Inlice property. This style of mineralization occurs at three of the largestand lowest cost gold mines placed into production in the last 15 years, namelyYanacocha, Pierina and Alto Chicama in Peru. This information is provided by RNS The company news service from the London Stock Exchange