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

Expands Epithermal Gold Licence Area

9 Jun 2010 07:00

RNS Number : 2877N
Stratex International PLC
09 June 2010
 



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

 

9 June 2010

 

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

Expands Epithermal Gold Licence Area in the Afar Depression of the Main Ethiopian Rift

 

Stratex, the AIM quoted company focussed on gold and base metals with exploration and development targets in Turkey and in Ethiopia,announces it has expanded its activities into Djibouti, having been awarded six new licences covering 535 km2 in the highly prospective Afar Depression of the Main Ethiopian Rift. This brings the Company's total land package in the Afar Depression to 2,780 km², straddling the border of both Ethiopia and Djibouti, and gives Stratex a large number of Rift-related epithermal gold targets in this exciting new metallogenic province.

 

Overview

v Six highly prospective licences totalling 535 km2 acquired over epithermal gold targets in Djibouti

v New licences represent extension of recently discovered epithermal gold province in the Afar Depression, with total package now 2,780 km²

v Previous surface sampling and drilling on alteration targets already confirmed presence of Megenta-type gold mineralization in Djibouti

Initial two year licence term on Djibouti licences - with option to extend

v Management team strengthened by international consultant

v Stratex to hold 90% interest in licences with 5% retained by government and 5% retained by founders of Green River Company in return for exploration database

 

David Hall Executive Chairman of Stratex said, "Having explored for epithermal gold in South America and elsewhere for many years, I believe the Afar Depression represents an exciting new epithermal gold province. Importantly, we have an early-mover advantage in the region, and we have used this to stake a large ground position which straddles the border between eastern Ethiopia and Djibouti.

"Given the Company's healthy cash position, coupled with the support we have received from the governments in both Ethiopia and Djibouti, we are ideally positioned to rapidly advance our development programme in the Afar region and define the economic potential of our land position.

 

"Stratex would also like to welcome Franco Maranzana, as consultant to the Afar programme. Franco is a highly experienced geologist and manager of 40 years experience and is fluent in eight languages including French and Arabic. His invaluable experience will be extremely useful in this region."

 

The outstanding potential of the area has been confirmed by leading epithermal independent consultant Richard Sillitoe, after a recent field visit to the area for Stratex (Reported 7 June 2010).

Richard Sillitoe commented, "Recognition of the Megenta hydrothermal system clearly highlights the potential of the rest of the Afar Depression for low-sulphidation epithermal gold systems, some of which may have been more deeply exhumed than the Company's recent Megenta gold discovery in Ethiopia."

Detailed Information 

The 535 km² licence areas in Djibouti cover the geological extension of the Company's Tendaho licences in Ethiopia where the initial discovery of the Megenta gold occurrence has led to the identification of a number of Rift settings with the potential for hosting gold.  The main paved highway from the port of Djibouti to Ethiopia transects the Djibouti licence package and the Tendaho licence area in Ethiopia.

 

The Djibouti licences have been granted for an initial period of two years and thereafter are extendable for two further periods of eighteen months each. Stratex holds a 90% interest in the licences, with the Djibouti government retaining a 5% interest and has the right but not the obligation to purchase a further interest, up to a maximum of 35% by funding the costs of the required capital investment for mine construction, following completion of a successful exploration programme and a feasibility study. Stratex also has an agreement with the founding partners of former Djibouti-focussed exploration company Green River Geology for their entire exploration database in return for a 5% interest in any concession. This interest can be purchased by Stratex for US$2 million upon a decision as to production.

 

Since identifying the potential of the northern part of the Main Ethiopian Rift as prospective for hot-spring-related gold deposits over two years ago, Stratex has moved rapidly to acquire an extensive land position in the Afar Depression. Desk-based research of geothermal reports, remote sensing and follow-up ground work led to the discovery of the Company's Megenta project in eastern Ethiopia, an un-eroded, gold-bearing, low-sulphidation epithermal system. Additionally, rock chip samples returned up to 16.7 g/t Au from chalcedonic silica veins that outcrop over an area of some 6 km² and which highlight the potential for unexposed gold mineralization (Reported on 7 June 2010).

 

Stratex's management believe that the Afar Depression could hold similar epithermal systems as those found at the Cerro Vanguardia mine in Patagonia, and the Sleeper mine in Nevada, which have hosted multi-million-ounce deposits and are commonly characterized by bonanza grades in excess of 30 g/t.

Stratex has been well received by the authorities in Djibouti. The licence terms, and legal and fiscal conditions are competitive whilst the Minister and Secretary General of the Ministry of Energy and Natural Resources have also been very supportive.

To expedite the administration and management of the Djibouti holdings and exploration Stratex has appointed Dr. Franco Maranzana as lead consultant for the Djibouti project. He has 40 years experience in project management and assessment of natural resources, evaluation of mineral potential, natural risks mitigation, and environmental factors. Franco has had longstanding international exposure, and has been involved with Governments and international organisations in projects world-wide.

Djibouti

The potential of Djibouti was first recognised by Don Gustafson, the lead geologist in the discovery of the McLaughlin hot-spring gold deposit in Nevada, whilst working for the United States Geological Survey. Subsequent but limited work was undertaken by the Green River Geology company, a private company founded by Don Gustafson with two senior Anglo American geologists - Murray Surtees and Roy Corrans.

The French Territory of the Afars and the Issas became Djibouti in 1977. Located in Eastern Africa, Djibouti occupies a strategic geographic location at the mouths of the Gulf of Aden and the Red Sea. It shares borders with Eritrea, Ethiopia, and Somalia, and serves as an important transhipment location for goods entering and leaving the East African highlands.

The directors have found the government authorities to be very supportive of Stratex's plans and anticipate that exploration will commence in the near future.

 

For more details on Stratex's concession areas in the Afar Depression, please visit our website at http://www.stratexinternational.com/operations/afardepression.asp 

Sampling, assaying, and QA/QC

 

Stratex's sampling of drill core and outcropping rocks conforms to industry-wide good practice, with drill core being split using a diamond saw, and with chain of custody being observed for all samples. Analysis is undertaken by ALS Chemex at its laboratories in Johannesburg, South Africa, and the Company maintains QA/QC on all analytical work via the use of certified reference materials, field duplicates, and blank samples in addition to monitoring of internal laboratory check-analyses.

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

Elisabeth Cowell

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 Afar Depression of eastern Ethiopia and Djibouti.

 

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 of 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 Hasançelebi 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

·; 2,780 sq km land position over new epithermal gold discovery and multiple related gold targets in the Afar Depression which straddles the border of eastern Ethiopia and Djibouti.

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCUWSBRRRANRAR
Date   Source Headline
29th Jun 20167:33 amRNSGoldstone Announces Final Results
7th Jun 20167:00 amRNSRevision of Goldstone Loan Agreement
6th Jun 20166:25 pmRNSChief Executive Interview
6th Jun 20167:00 amRNSDalafin Exploration Update
6th May 20167:00 amRNSTembo Financing and Change of Director
3rd May 20163:48 pmRNSAGM Statement
28th Apr 201611:58 amRNSGoldstone Change of Holdings
20th Apr 20169:00 amRNSMining Capital Conference
19th Apr 20167:00 amRNSThani Stratex Raises US$2 million
18th Apr 20164:26 pmRNSChief Executive Interviews
18th Apr 20167:00 amRNSAltintepe Production Update
29th Mar 20165:00 pmRNSNotice of AGM
10th Mar 20164:20 pmRNSChairman Interviews
9th Mar 20167:00 amRNSFinal Results
8th Mar 20167:00 amRNSAltintepe Production and Legal Update
29th Feb 20167:00 amRNSDecision on Next Stage of Financing for Muratdere
25th Feb 20167:00 amRNSThani Stratex Secures US$1.25 million of Funding
18th Feb 20161:30 pmRNSChanges to Goldstone Board and Management
29th Jan 20167:00 amRNSAppointment of Non-Executive Director
22nd Dec 20157:00 amRNSSale of Oksut Royalty for US$4.5 M
1st Dec 20152:23 pmRNSGoldstone Holdings in Company Announcement
10th Nov 20154:25 pmRNSOksut Royalty Update
9th Nov 201511:00 amRNSStratex at Mines and Money London
6th Nov 20157:00 amRNSFirst Gold Pour Achieved at Altintepe Gold Mine
20th Oct 20157:00 amRNSGold Pour Imminent at Altintepe Gold Mine
13th Oct 20159:00 amRNSProactive Investors One2One Forum
30th Sep 20159:00 amRNSGoldStone Announces Interim Results
17th Sep 20157:00 amRNSCold Commissioning Complete at Altintepe Gold Mine
27th Aug 20157:01 amRNSInterim Results
11th Aug 20157:00 amRNSMineralisation Confirmed over 1.2 km at Dalafin
7th Aug 20159:00 amRNSHolding(s) in Company
5th Aug 20157:00 amRNSAltintepe Gold Mine Update
30th Jul 20154:37 pmRNSOksut Royalty Update
29th Jul 201510:31 amRNSCheif Executive Interview
25th Jun 20157:00 amRNSAltintepe Gold Project due for Completion Q3-2015
23rd Jun 20152:00 pmRNSGoldstone Final Results
10th Jun 20155:00 pmRNSHolding(s) in Company
4th Jun 20155:50 pmRNSHoldings in Company
4th Jun 20157:00 amRNSGoldstone Increases Interest in Homase, Ghana
21st May 20157:00 amRNSOperational Update, Ghana
12th May 20155:35 pmRNSHolding(s) in Company
5th May 20154:30 pmRNSResult of AGM
5th May 201510:06 amRNSReplacement - Update on Turkish Projects
5th May 20159:06 amRNSUpdate on Turkish Projects
31st Mar 20154:30 pmRNSNotice of AGM
17th Mar 20159:00 amRNSHoldings in Company
11th Mar 20157:05 amRNSFinal Results
11th Mar 20157:00 amRNSCompletion of Feasibility Study on Muratdere
23rd Feb 20157:00 amRNSConstruction Update at Altintepe Gold Project
11th Feb 20154:57 pmRNSHoldings 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.