Oriole Resources Regulatory News (ORR)

20 Sep 2006 07:01

Stratex International PLC20 September 2006 Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining 20 September 2006 STRATEX INTERSECTS CONTINUOUS NEAR-SURFACE GOLD MINERALIZATION IN FIRST-PHASE DRILLING AT KARAAGAC, TURKEY 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 first results ofits reconnaissance diamond drilling (DD) and reverse circulation (RC) drillingprogramme on the Karaagac property, optioned from the Turkish subsidiary of TeckCominco Limited (TCAM). The Company has intersected significant gold valuesthat can be traced for more than 1,000 m along a flat-lying fault (thrust) zone.These results confirm the Company's belief in the considerable mineral potentialof the property. Highlights: • Best intersection of 13 m @ 1.33 g/t gold from surface; • With one exception all drillholes reported intersected gold at >0.15 g/t gold near surface; • Potential for identification of near-surface open-pittable resource. The results were obtained from two diamond drillholes totalling 155.5 m and 11RC holes totalling 319 m. These confirm that gold is confined to a near-surfaceblanket-like body defined by a gently undulating near-horizontal faulted(thrust) contact between overlying serpentinite and underlying altered andre-crystallized limestone. The blanket-like body extends over an area ofapproximately 3.5 sq km and the first phase of drilling has focused on thesouth-east quadrant of the prospect. With the exception of KARC-2, all the holesyielded significant intersections with gold values commonly exceeding 0.15 g/tgold, with the best intersection being 13.00 m @ 1.33 g/t gold. The betterintersections are summarized in the following table: Hole Dip From Intersection Au g/t Ag g/t (m) (m) KARC-4 -90 24.00 5.00 1.54 33.59 degreesKARC-7 -90 2.00 8.00 0.90 7.42 degreesKARC-8 -90 0.00 13.00 1.33 3.10 degreesKARC-11 -90 0.00 7.00 1.91 21.00 degreesKADD-1 -70 0.00 7.95 1.47 6.95 degrees KARC - reverse circulation drillholes; KADD - diamond drillhole The Company is waiting further drill assays for this target and has nowcompleted reconnaissance drilling of the second south-west target; drilling ofthe north-west target will commence shortly. The next step will then be toundertake more detailed infill and step-out drilling on the first south-easttarget with the prime objective of defining a gold resource. Being near surfaceand commonly outcropping, such a resource would have the added bonus of beingamenable to open-pit mining and all the cost-savings that that could entail. Results from the ongoing drill programme will be reported in due course. Stratex CEO Dr. Bob Foster said, "These results from the first phase of ourreconnaissance drilling at Karaagac are highly encouraging. The modelledgeology and gold distribution are consistent with the exploration model wegenerated in response to the detailed mapping and outcrop sampling completedlate last year. "Following the success of our exploration and drilling programme at the Inliceproject near Konya, the Company is delighted to be in a position where we couldsoon undertake resource drilling on a second property at such an early stage inour development." 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, blank samples andfield duplicates 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 * * Contacts: David Hall Stratex International Plc Tel: +44 (0)20 7830 9650Bob Foster Stratex International Plc Tel: +44 (0)20 7830 9650Imran Ahmad HB Corporate Tel:+44 (0)20 7510 1166Hugo 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 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. Mineralization is of high sulphidation variety and this style ofmineralization occurs at three of the largest and lowest cost gold mines placedinto production in the last 15 years, namely Yanacocha, Pierina and Alto Chicamain Peru. Teck Cominco Limited The Company has a 'Strategic Alliance' with Teck Cominco Limited, a diversifiedmining company headquartered in Vancouver, Canada. Teck Cominco holds 13.04% 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