Less Ads, More Data, More Tools Register for FREE

Pin to quick picksOriole Resources Regulatory News (ORR)

Share Price Information for Oriole Resources (ORR)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 0.35
Bid: 0.34
Ask: 0.39
Change: 0.005 (1.39%)
Spread: 0.05 (14.706%)
Open: 0.355
High: 0.355
Low: 0.35
Prev. Close: 0.36
ORR Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Drilling update - Hasan?elebi gold project Turkey

4 May 2010 09:00

RNS Number : 2400L
Stratex International PLC
04 May 2010
 



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

4 May 2010

Stratex International Plc ('Stratex' or 'the Company')

Drilling commences at Hasançelebi gold project in Turkey

 

Overview

v Joint Venture partner Teck Madencilik Sanayi Ticaret A.S. commences 2,000m drilling programme at Hasançelebi high-sulphidation gold project in central Turkey

v Initial phase to include seven diamond drill holes totalling 1,300 m to target highest gold grade, thickest silica and deepest oxidation

v Mapping and sampling underway to define further drill targets for H2 2010

 

Stratex International Plc, the AIM quoted exploration and development company focussed on Turkey and Ethiopia, announces the commencement of drilling by Teck Madencilik Sanayi Ticaret A.S. ('Teck'), the 100% owned Turkish subsidiary of Teck Resources Limited at the Company's Hasançelebi high-sulphidation gold project in central Turkey.

 

Previous geological mapping and rock chip sampling has identified gold-bearing siliceous zones and associated alteration over a strike length of approximately 7,000m with best continuous values to date, within the western part of the prospect, averaging 0.69 g/t of gold ('Au') over a mean width of 7.4m along a strike distance of 858m. Within this, a higher-grade zone averaging 0.99 g/t Au over a width of 9.1m and a length of 278m has been identified (0.2 g/t Au cut-off grade).

 

The planned first phase of drilling consists of seven diamond drill holes totalling 1,300m and will target the highest gold grade, thickest silica, and deepest oxidation portions of the western part of the prospect. Mapping and sampling of other alteration zones are also underway to define further possible targets to be drill-tested during H2 2010.

 

Under the terms of the joint venture agreement, Teck has the option to fund US$2 million by 31 December 2012 to acquire a 51% interest in the project, with a commitment of US$500,000 (of the US$2 million) before 31 December 2010. The commitment includes a minimum of 2,000m of diamond and RC drilling.

 

This joint venture programme is an integral part of Stratex's established business model ofattracting senior mining partners to take initial 'grass roots' exploration projects on to the next stage of higher-cost exploration and development with minimum risk to shareholders. If a significant resource is delineated, Teck then has the option to increase its interest in the project to 70% by expending a further US$3 million over the subsequent three years ending December 2015. However, should a gold resource be identified and Teck declines to earn-in to 51%, then Stratex has the option to vend the project into NS Madencilik, the new Turkish gold mining company in which Stratex has a 45% holding. NS Madencilik has been formed as a joint-venture partnership with NTF Insaat Ticaret Ltd Sti, a major construction and contract mining company in Turkey, to develop and fast track gold projects through to production.

 

Stratex's Executive Chairman David J. Hall said, "This exploration and development programme aims to assess the economic potential of our Hasançelebi high-sulphidation gold discovery, where we have already demonstrated mineralisation over a strike distance of circa 7,000 metres. We are delighted that we have Teck, a well-funded mining major and our majority shareholder, working with us to develop this project."

 

For more information on the Hasançelebi project, please visit: http://www.stratexplc.com/operations/hasancelebi.asp

 

Executive Chairman, David Hall, EuroGeol, is a Competent Person as defined by various international instruments and takes responsibility for the release of this information.

 

* * ENDS * *

 

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

Claire Palmer

Stratex International Plc

Tel: +44 (0) 20 7830 9650

Tim Metcalfe

Westhouse Securities Limited

Tel: +44 (0) 20 7601 6100

Martin Davison

Westhouse Securities Limited

Tel: +44 (0) 20 7601 6100

Jason Bahnsen

Fox Davies Capital

Tel +44 (0) 20 7936 5230

Felicity Edwards

St Brides Media & Finance Ltd

Tel: +44 (0) 20 7236 1177

Isabel Crossley

St Brides Media & Finance Ltd

Tel: +44 (0) 20 7236 1177

 

 

Notes to editors:

Stratex International Plc is an AIM-quoted exploration and development company focussing on gold and base metal opportunities in Turkey, northern Ethiopia and the Rift Valley of eastern Ethiopia.

 

Stratex has a two-prong strategy: firstly it is moving to production through its partnership with NTF, with initial production targeted at Inlice by end 2011 and at Altıntepe by end 2012/early 2013; and secondly to discover and develop new projects by focused low-cost exploration, adding maximum value prior to optioning/joint venturing or selling on to a dedicated mining company, including NS Madencilik.

 

Turkey

·; Total resources stand at 1.17 million oz of gold (combined oxide and sulphide gold) and approximately 3.2 million oz of silver

·; Partnership with NTF, a technically capable and well-financed Turkish company, to rapidly develop the 542,318 oz oxide resources present at the Inlice and Altıntepe projects

·; An option/joint venture agreement with Centerra Exploration B.V., a wholly owned subsidiary of Centerra Gold Inc., to explore and develop the Öksüt project, a high-sulphidation gold discovery located in Central Anatolia

·; An option/joint venture agreement over the Hasancelebi project, a high-sulphidation gold project in central Turkey with Teck Madencilik Sanayi Ticaret A.S., a Turkish subsidiary of Teck Resources Limited of Canada, a major shareholder in Stratex

 

Ethiopia

·; 5.45% shareholding in PLUS-quoted exploration company Sheba Exploration (UK) plc ('Sheba')

·; Ajoint venture with Sheba to (i) earn-in to an initial 60% of the prospective 37 sq km Shehagne gold project in Ethiopia, and (ii) explore targets in northern Ethiopia on a 70:30 joint venture basis

·; 2,245 sq km land position over new epithermal gold discovery and multiple related gold targets in the Afar Rift region of eastern Ethiopia

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
DRLLIFSDEFISIII
Date   Source Headline
29th Oct 20197:00 amRNSUnlocking Value in Turkey
30th Sep 20197:00 amRNSExpands Footprint in Cameroon
29th Aug 20197:00 amRNSInterim Results for the period ended 30 June 2019
12th Aug 201910:48 amRNSHolding(s) in Company
5th Aug 20197:00 amRNSIAMGOLD Completes AC Drilling at Madina Bafé
22nd Jul 20197:00 amRNSHolding(s) in Company
7th Jun 201911:00 amRNSHolding(s) in Company
6th Jun 201912:04 pmRNSDirector's Dealings
6th Jun 20197:01 amRNSSignificant Gold Anomalism Defined
6th Jun 20197:00 amRNSAppointment of Corporate Broker
5th Jun 20197:00 amRNSHolding(s) in Company
4th Jun 201911:30 amRNSHolding(s) in Company
3rd Jun 20195:57 pmRNSHolding(s) in Company
22nd May 20194:17 pmRNSDirector Dealings
21st May 20197:00 amRNSFinal Results Phase 1 Trenching - Bibemi
16th May 20193:58 pmRNSAGM Results and Strategic Overview
29th Apr 20197:00 amRNS£0.5M VAT Repayment Received
15th Apr 20197:00 amRNSPosting of Annual Report and Notice of AGM
19th Mar 20197:00 amRNSIssue of Share Options
18th Mar 20197:00 amRNS8km-Long Gold Anomaly Confirmed at Wapouzé
13th Mar 20197:00 amRNSFinal Results and Notice of AGM
11th Mar 20197:00 amRNSTurkish investment to deliver US$0.5m
8th Mar 20197:00 amRNSRoyalty Update for Muratdere Project, Turkey
6th Mar 20197:00 amRNSEncouraging Phase 1 Trenching Results, Cameroon
28th Feb 20197:00 amRNSIAMGOLD to Commence Year 2 Earn-In at Dalafin
21st Feb 20197:00 amRNS£40,000 R&D Rebate from HMRC
6th Feb 20197:00 amRNSDrilling Confirms Mineralisation at Madina Bafé
31st Jan 201911:13 amRNS121 and Mining Indaba Conferences
31st Jan 20197:00 amRNSResolution of VAT Dispute to Deliver £0.5M
6th Dec 20188:33 amRNSCORRECTION Reverse Circulation Drilling at Dalafin
6th Dec 20187:00 amRNSReserve Circulation Drilling Underway at Dalafin
27th Nov 20187:00 amRNSBonanza Gold Grades at Bibemi, Cameroon
22nd Nov 201810:03 amRNSMines and Money London
19th Nov 20187:00 amRNSCameroon Update
15th Nov 201811:18 amRNS121 Mining Investment London
13th Nov 20187:00 amRNSSignificant Progress made on VAT Appeal
25th Oct 20187:00 amRNSExploration Confirms Significant Gold Anomalism
2nd Oct 20184:30 pmRNSHolding(s) in Company
26th Sep 20183:19 pmRNSTurner Pope Investor Evening
25th Sep 201811:11 amRNSHolding(s) in Company
19th Sep 20184:27 pmRNSHolding(s) in Company
14th Sep 20182:40 pmRNSHolding(s) in Company
10th Sep 20182:45 pmRNSHolding(s) in Company
4th Sep 201811:18 amRNSResults of General Meeting
16th Aug 20187:01 amRNSNotice of General Meeting & Company Update
16th Aug 20187:00 amRNSInterim Results
29th Jun 20185:33 pmRNSHolding(s) in Company
28th Jun 20185:25 pmRNSHolding(s) in Company
25th Jun 20181:41 pmRNSTurner and Pope Investor Evening
21st Jun 20185:41 pmRNSHolding(s) in Company

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.