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6 Jun 2012 07:00
Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining
Stratex International Plc
('Stratex' or the 'Company')
Further encouraging channel results from Pandora including 17.9 metres at 2.07 g/t Au; 65.70 g/t Au from second structure at Pandora
Stratex International plc, the AIM-quoted exploration and development company focussed in Turkey, East Africa and West Africa, is pleased to announce final results from the channel-chip sampling on the main Pandora epithermal gold vein, which has now been identified over a strike length of 2,300 metres. High-grade grab samples have also been recovered from an adjacent structure in the Oklila Exclusive Exploration Licence in the Republic of Djibouti, East Africa.
Highlights
·; Remaining channels-chip sampling results on main Pandora vein include:
- 2.07 g/t Au over 17.90 metres
- 8.55 g/t Au over 1.90 metres
·; Excellent continuity of gold grades now demonstrated over more than 2,300 metre strike of Pandora gold vein
·; Parallel structure located 250 metres SW of main structure returns high of 65.70 g/t Au
·; Parallel gold bearing vein shows upside for generating further drill targets
David Hall, Executive Director East Africa, said: "Sampling at Pandora has defined Stratex's most enticing drill target to date in the Afar Epithermal Province. Channel-chip samples now cover a total strike of 2,300 metres, with the main outcrop exposed continuously over 1,500 metres. Broad widths of up to 17.90 metres @ 2.07 g/t Au, combined with the previously reported higher-grade zones of up to 1.90 metres @ 20.35 g/t Au and widths of up to 23.28 metres, are highly encouraging for the future economic potential of the prospect. The presence of grades up to 65.70 g/t Au in a parallel structure add further excitement for this new discovery. We will now work with our partner Thani Ashanti to move this project to drilling by Q3-2012, with drilling tenders already submitted and logistical preparation underway."
Further Details
Stratex, with its strategic partner Thani Ashanti, has been undertaking further exploration in the Republic of Djibouti in East Africa within the Afar epithermal gold province defined by Stratex. Under the terms of a joint-venture agreement, Thani Ashanti (an AngloGold Ashanti Limited joint-venture company with Thani Investments, Dubai) are earning into 51% of the Afar Project by expending a total of US$3 million on exploration and development over two years.
Oklila EEL - Pandora
As part of a continuing exploration programme on the Oklila Exclusive Exploration Licence (EEL), the Company has now completed its systematic channel-chip sampling perpendicular to the main Pandora vein at 25 metre-intervals along the strike of Pandora vein. The final results from this programme are listed below and are additional to the initial rock-chip sampling and channel-chip results released in April and May, respectively (see press releases dated 16th April, 3rd May and 21st May 2012).
Table 1. Remaining results from systematic 25 metre-spaced channel-chip sampling programme on main Pandora vein
Total Channel (at 0.1 g/t Au cut-off) | Including best intersection (at 1.0 g/t Au cut-off) | ||
Channel | Interval (m) | Grade over interval (g/t) | |
P-CH-32 | 10.80 | 1.69 | 3.90 m @ 3.21 g/t Au |
P-CH-33 | 3.00 | 0.85 | |
P-CH-34 | 12.50 | 0.51 | 1.40 m @ 1.69 g/t Au |
P-CH-35 | 18.00 | 0.39 | |
P-CH-36 | 13.90 | 1.18 | 2.20 m @ 6.03 g/t Au |
P-CH-37 | 3.95 | 1.83 | 2.95 m @ 2.30 g/t Au which includes 0.50 m @ 5.80 g/t Au |
P-CH-38 | 17.90 | 2.07 | 12.30 m @ 2.00 g/t Au and 3.10 m @ 3.42 g/t Au |
P-CH-39 | 1.85 | 2.50 | 0.65 m @ 5.87 g/t Au |
PS-CH-13 | 3.30 | 1.82 | 1.00 m @ 5.14 g/t Au |
PS-CH-14 | 1.90 | 8.55 | 1.90 m @ 8.55 g/t Au |
Channels P-CH-32 to P-CH-39 sampled 190 metres of outcropping vein at Pandora, along strike to the NW of the previously reported channel P-CH-31 (see press releases dated 21st May). The total strike length evaluated by channels P-CH-1 to P-CH-39 now stands at 1,500 metres.
Channels PS-CH-13 and PS-CH-14 are located 510 metres and 535 metres SE of PS-CH-12, respectively (also reported on 21st May - for channel-chip location map see
http://www.stratexinternational.com/operations/exploration/ethiopia-djibouti/afar-project/oklila.aspx).
The Pandora vein is up to 2.5 metres wide at surface and can be traced NW-SE for approximately 1,500 metres, partly concealed by wadi sediments, before it is concealed beneath recent basalt flows. Mapping and sampling (PS-CH-13 and PS-CH-14) has demonstrated that this structure outcrops for a further 510 metres to the SE, giving a total vein strike length of 2,300 metres. The vein occurs in a major fault structure that extends for at least 5,000 metres. Like the Company's 95%-owned Blackrock project in Ethiopia, the vein comprises classic epithermal colloform quartz with silica-replaced calcite in places. Brecciation and strong alteration is also observed in the immediate wallrock.
Ten grab samples from a parallel structure 250 metres SW of the main Pandora structure yielded values ranging from 0.17 g/t Au to a high of 65.70 g/t Au, the latter being associated with a 1.50 metre-wide section of the vein. Other values in excess of 1 g/t Au include 1.09, 3.05 and 11.05 g/t Au.
Given the continuing success in the Afar region, Stratex and Thani Ashanti are moving quickly to identify and acquire further ground hosting mineralised systems in the Afar region of Djibouti.
For further information on Pandora and other projects within the Thani Ashanti JV portfolio, please visit:
http://www.stratexinternational.com/operations/exploration/ethiopia-djibouti/afar-project.aspx
Sampling, assaying, and Quality Assurance / Quality Control
Stratex's sampling of outcropping rocks, drill core, and other geological materials conforms to industry-wide good practice, with chain of custody being observed for all samples. Gold analysis is undertaken by ALS Chemex at its laboratories in Romania and 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.
David J. Hall, Executive Director East Africa, 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:
Stratex International Plc | Tel: +44 (0)20 7830 9650 |
|
David Hall / Bob Foster / Claire Bay
| ||
Grant Thornton Corporate Finance | Tel: +44 (0)20 7383 5100 | |
Gerry Beaney / Melanie Frean
| ||
Northland Capital Partners Limited | Tel: +44 (0)20 7796 8800 | |
Gavin Burnell / Tim Metcalfe John-Henry Wicks / John Howes (Sales)
| ||
Newgate Threadneedle | Tel: +44 (0)20 7653 9850 | |
Josh Royston / Beth Harris | ||
Glossary of Technical Terms
“channel-chip sample” | a sample comprising small chips of rock collected across the face of a rock body or vein |
“colloform” | semi-rounded, kidney-like texture |
“epithermal system” | formed from hydrothermal solutions within about one kilometre of the Earth’s surface in the range of 50-200 °C. Typically found in volcanic rocks; chief metals are gold, silver, copper, lead and zinc |
Notes to editors:
Stratex International is an 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.
It currently has a substantial portfolio of projects, with two in Turkey that are nearing gold production, currently scheduled for 2013. To date Stratex has discovered more than 2.2 million ounces of gold and 7.9 million ounces of silver.
For more information please see the Company's website at www.stratexinternational.com
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