Oriole Resources Regulatory News (ORR)

25 Oct 2006 07:01

Stratex International PLC25 October 2006 Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining & Exploration 25th October 2006 Stratex Confirms Significant Porphyry Copper-Gold-Molybdenum Potential at Muratdere Stratex International Plc, the AIM-listed international exploration anddevelopment company currently focusing on gold and base metal opportunities inTurkey, is pleased to announce that results from a recent geochemical survey ofits Muratdere property in western Turkey, have defined a substantial porphyrycopper-gold-molybdenum ('Cu-Au-Mo') anomaly characterised by consistently highmetal-in-soil values. The extent of this previously identified anomaly is 3.7 kmx 200-400 m. Highlights • The 3,700 m by 200-400 m Cu-Au-Mo soil geochemical anomaly significantly extends the previously interpreted dimensions of the mineralised system • Strong gold and molybdenum anomaly identified over 2,700 m of strike, with gold values up to 0.4 g/t and molybdenum to 0.04% • Copper anomalies defined by 1,000-2,000 ppm (0.1-0.2% copper) outline two specific targets within the strong gold and molybdenum anomaly • On-going work now aimed at identifying potential drill targets The Muratdere granodiorite-porphyry system is represented by two poorly exposedelongate lobes 2,700 m and 1,000 m in length separated by and possiblyunderlying 700 m of cover. Soil sampling of the cumulative 3,700 m ofgranodiorite porphyry on a 100 m x 50 m grid (358 samples) demonstrates that itis anomalous in gold (>10 ppb) and copper (>100 ppm) along the complete strike.Molybdenum values are anomalous at the >10 ppm level along the 2,700 m-longeastern lobe, with a significant number of values in the range 102-414 ppm(0.01-0.04%). The high molybdenum values are broadly coincident with gold in therange 100-416 ppb (0.416 g/t), and two gold-molybdenum-rich areas are clearlycoincident with high values of copper in the range 1,000-2,000 ppm (0.1-0.2%). The Muratdere prospect was first identified by MTA, the Turkish GeologicalSurvey, in 1999 using stream-sediment and soil geochemistry. At that time thesystem was estimated to measure 1,200 m x 200 m. The recent work by Stratex nowprovides independent confirmation of the discovery and demonstrates that thesystem has strongly anomalous geochemistry over a much larger area of 3,700 m x200-400 m. Stratex CEO Dr. Bob Foster said: "These results are extremely encouraging andreinforce our opinion that the Muratdere property has the potential to be alarge-tonnage, porphyry copper-gold-molybdenum body that could be exploited byopen pit methods. The soil geochemistry has clearly defined a number of two andthree-element anomalous zones that represent exciting drill targets. Work in theregion was previously conducted by MTA in 2001. Given that one hole drilled onthe margin of one of the anomalous areas intersected 202 m of mineralisedgranodiorite-porphyry averaging 0.18% copper and 0.008% molybdenum, and withstrong anomalous gold values throughout (samples that were re-assayed byStratex), we have a very real expectation that future drilling of the propertywill yield exciting results." Sampling, assaying, and QA/QC Stratex's sampling of soil samples and outcropping rocks conform toindustry-wide good practise, with chain of custody being observed for allsamples. Analysis is undertaken by ALS Chemex at its laboratories in Vancouver,Canada, and the Company maintains QA/QC on all analytical work via the use ofcertified reference materials, field duplicates, and blank samples, in additionto monitoring of internal laboratory check-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 * * For further details on the Inlice project visit www.stratexinternational.com orcontact: 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. This style of mineralisation occurs at three of the largest andlowest cost gold mines placed into production in the last 15 years, namelyYanacocha, Pierina and Alto Chicama in 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 alsoreduced through the alliance with a major metal producer providing additionalproject funding, a wealth of technical expertise and a ready buyer for newresources ensuring rapid returns from discoveries. This information is provided by RNS The company news service from the London Stock Exchange