Oriole Resources Regulatory News (ORR)

Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining

Stratex International Plc

('Stratex' or 'The Company')

Drilling Restarts at the Dalafin Gold Project, Senegal

Stratex International Plc, the AIM-quoted exploration and development company, is pleased to announce that, following the rainy season, drilling has restarted at its Dalafin project ('Dalafin' or 'the Project') located in Senegal. Drilling will continue to focus on the Faré and Madina Bafé prospects, where broad zones of gold mineralisation have already been identified.

The 472.5 sq km Dalafin gold licence, which the Company owns 85% through its wholly-owned subsidiary Stratex West Africa, is located in the south-east of the country within the highly prospective Kédougou-Keniéba Gold Belt.

Highlights

· Stratex commences c.11,000 m reverse circulation (RC) and diamond drilling programme at Dalafin gold project;

· Drilling to focus on the Faré and Madina Bafé prospects;

· Faré South drilling to include deeper and step-out drilling on the basis of high-resolution IP ('induced polarisation') geophysical survey results; and

· First results expected Q1-2015

Bob Foster, Chief Executive Officer, said: "We continue to be very excited by the potential of what is still a relatively early exploration and drill programme in a geological terrane that has already yielded multiple multi-million-ounce discoveries and seen the development of a number of major gold mines.

"We look forward to updating the market as first results are received in Q1-2015." 

Further Details

The Company has previously announced very encouraging results from RC and diamond drilling (4,800 m and 3,937 m drilled respectively) at its Dalafin gold project, particularly from the Faré South target, including 7 m @ 86.39 g/t Au (FARC-07; announcement dated 18th December 2013) and 59.6 m @ 2.2 g/t Au (FADD-04; Announcement dated 19th February 2014).

Following a three-month period of seasonal rains, the next phase of RC and diamond drilling has commenced and will comprise approximately 154 holes totalling 11,000 metres, although the programme will be constantly evaluated and re-directed as results are received.

Following completion of an IP survey (Press Announcement dated 16 July 2014) over the Faré South prospect, the team has developed a focused drilling programme that will continue to test the Faré (North and South) and Madina Bafé prospects, where significant zones of mineralisation have already been identified. At Faré South, a small number of diamond drillholes will target the down-dip continuity of mineralised zones, whilst at the same time targeting potential parallel zones identified from the geophysical surveys. Priority will also be given to step-out drilling to assess the strike extent of the currently defined 600 m-long system, which remains open to the north-east and south-west and is hosted by a major NE-trending structural corridor. The same corridor hosts the Faré North prospect approximately 2,000 m to the north-east and drilling here will target the strike extension of similar mineralised zones identified from the earlier airborne magnetic survey and soil geochemical anomalies.

At Madina Bafé, detailed geological mapping and sampling of mineralised exposures was completed over the summer to assist targeting. Drilling will be predominantly focused on the high-grade near-surface zones intersected in MBDD-002 (9.60 m @ 16.08 g/t Au) and MBRC-117 (15 m @ 6.10 g/t Au), both of which comprise quartz-tourmaline veins within a granodioritic rock. 

It is anticipated that first results will be released during the first quarter of 2015.

For further details on the Dalafin Project, please visit http://www.stratexinternational.com/project/dalafin.

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For further information please visit www.stratexinternational.com, email info@stratexplc.com, or contact:

Notes to editors:

Stratex International is a well-funded AIM-quoted exploration and development company focussed on gold and high-value base metals in Turkey, East Africa and West Africa. Since listing on AIM in 2006, Stratex has had an impressive track record of successful exploration supported by joint-venture partnerships, both with major international mining companies and local companies to maximise the potential of its discoveries.

In December 2012 the Company announced the sale of its 30% interest in the Öksüt gold project for cash of 20 times its original US$1 million investment and retained a royalty of 1% up to a maximum additional value of US$20 million.

To date Stratex has discovered more than 2.2 million ounces of gold and 7.9 million ounces of silver, as well as 186,000 tonnes of copper. The Company has a robust cash balance and is therefore well-placed to advance its existing exploration programmes and is also actively seeking to acquire advanced projects that are at the drill-ready stage or even have identified resources, particularly in East Africa and West Africa.