Oriole Resources Regulatory News (ORR)

20 Nov 2007 11:15

Stratex International PLC20 November 2007 Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining 20th November 2007 Stratex International Plc (Stratex or the "Company") Identifies additional high-grade gold ("Au") mineralisation at surface at Altintepe, including 12.98 g/t Au over 14.0 metres Overview • New high-grade outcropping mineralisation on the Kayatepe Zone of the Altintepe property, including 12.98 g/t Au over 14.0 m and 6.63 g/t Au over 33.5 m • Peak grade of 30.4 g/t Au over 2.0 m • Exposed Kayatepe Zone is 400 m long and 50 m wide • New Sinan Zone extending 800 m by 50-60 m wide • Channel sample in adit in Camlik Zone returns 2.22 g/t Au over 25.4 m Stratex International Plc, the AIM-quoted international exploration anddevelopment company focusing on gold and base metal opportunities in Turkey, hasidentified further gold mineralisation in the Kayatepe Zone at the Altintepeproject in north-eastern Turkey. Through further drilling the Company aims toincrease the current Altintepe NI 43-101-compliant resource of 311,543 oz ofgold and assess the true economic potential of the project. Stratex has undertaken geological mapping at 1:1000 scale over the central partof the licence area and defined the exposed Kayatepe silicified zone along astrike length of 400 m and up to 50 m in width. A total of 8 grab samples, 43channel-chip and 109 channel samples were collected. Assays of some channelsamples (41 out of a total of 109) have been received whilst all chip sampleresults are to hand. Weighted average grade of selected chip and channel samples are: Channel-chip samples (continuous rock-chip samples)1.86g/t Au and 16.70 g/t Ag over 63.0 m;1.28 g/t Au and 12.77 g/t Ag over 60.0 m;2.13 g/t Au and 6.64 g/t Ag over 20.0 m; and2.49 g/t Au and 2.03 g/t Ag over 40.0 m. Channel samples (sampled using channels cut by diamond saw)1.21 g/t Au and 3.08 g/t Ag over 41.0 m;6.63 g/t Au and 16.31 g/t Ag over 33.5 m;12.98 g/t Au and 14.22 g/t Ag over 14.0 m and a maximum grade of 30.4 g/t Auover 2.0 m;0.95 g/t Au and 20.79 g/t Ag over 51.0 m; and0.82 g/t Au and 2.09 g/t Ag over 16.0 m. Channel sampling of the recently excavated adit at Camlik returned valuesranging from 1.58 g/t to 3.4 g/t Au and averaging 2.22 g/t Au over the 25.4 mlength of the adit. Initial sampling of sulphide mineralisation in the newly discovered Orta Zone,reported in the press release dated 23 October 2007, has returned values of upto 0.294 g/t Au over 5 m and zinc contents up to 2.03%. A further mineralisedzone, the Sinan Zone, has also been identified, extending approximately 800 mnorth-eastwards from Camlik East towards Orta. Although poorly exposed, theaverage width of the zone appears to be 50-60 m and it will be sampled as partof the ongoing exploration programme. Stratex CEO Bob Foster said, "These results from Kayatepe exceed ourexpectations and show near-surface good grade potential in the oxide part of thezone, all favourable for the potential economics of the project. It should alsobe noted that material from this zone has not previously been incorporated intoany resource estimate. Furthermore, the adit access at Camlik has allowed us toget an excellent representative sample that shows gold contents higher thanrecorded from the previous drilling in this zone, which suffered from poorrecoveries in the very hard ground. We see this as another area where Stratexwill add to the current resource. Confirmation that the Orta Zone isgold-bearing and identification of yet another substantial zone, the Sinan Zone,all reinforce our original assessment that this property has considerably morepotential than previously realised." Geological mapping and sampling is ongoing in anticipation of drill programme tocommence once all forestry permissions have been obtained. Stratex plans aminimum 2,000 m programme in Q1/Q2 2008. The Altintepe gold project is under option from Teck Cominco's Turkishsubsidiary, Teck Cominco Arama ve Madencilik Sanayi Ticaret A.S. ("TCAM").Stratex can acquire a 100% interest in the property by completing 5,000 m ofdrilling by July 31st 2009, subject to TCAM's earn-back and NSR royalty rights. Further information Historic resources at Altintepe were calculated by a third party for two zones:Extension Ridge, which has an inferred resource of 2.2 Mt grading 1.2 g/t Au(85,565 oz); and Camlik, which has an indicated resource of 1.2 Mt grading 1.87g/t Au and inferred resource of 3.1 Mt grading 1.52 g/t Au (total 220,000 oz). Bottle roll and column leach tests on oxide material from Camlik-Camlik East(formerly 2G-Camliktepe) have previously been carried out at the Kappes Cassidy& Associates Research Lab in Reno, Nevada, U.S.A. Very high gold recoveriesaveraging 96% were obtained with low sodium cyanide, lime and cement consumptioneven for low grade ore material. It is the Company's strategic plan to increase levels of confidence and add tothe current indicated and inferred resource base of 311,543 oz at Camlik andExtension Ridge (85,565 oz) and add new resources at Kayatepe and potentiallyalso the Orta and Sinan Zones. Sampling, assaying, and QA/QC Stratex's sampling of drill core and outcropping rocks conforms to industry-widegood practice, with drill core being split using a diamond saw, and with chainof custody being observed for all samples. Analysis is undertaken by ALS Chemexat its laboratories in Vancouver, Canada, and Romania, and the Company maintainsQA/QC on all analytical work via the use of certified reference materials, fieldduplicates, and blank samples in addition to monitoring of internal laboratorycheck-analyses. CEO Dr. Bob Foster, FIMM, CEng, is a Competent Person as defined by variousinternational instruments and takes responsibility for the release of thisinformation. * Altintepe - in Turkish alphabet there are two forms of the letter I. Theundotted version is pronounced "U" i.e. Altuntepe. * * ENDS * * For further information visit www.stratexinternational.com or contact: David Hall Stratex International Plc Tel: +44 (0)20 7830 9650Bob Foster Stratex International Plc Tel: +44 (0)20 7830 9650Anita Ghanekar Hanson Westhouse Limited Tel: +44(0) 20 7601 6100Hugo de Salis St Brides Media & Finance Ltd Tel: +44 (0)20 7242 4477 Notes to editors: Stratex International Plc is an AIM-quoted exploration and development (E&D)company currently focusing on gold and base metal opportunities in Turkey. TheCompany's strategy is to discover and develop new projects by focused low-costexploration, thus adding maximum value prior to optioning/joint venturing orselling on to a dedicated mining company. In the event of a major discovery,Stratex has a strategic partner in Teck Cominco Limited that will ultimatelyenable Stratex to realise cash flow without being exposed to the higherfinancial cost of taking projects to bankable feasibility studies. Stratex has discovered the Inlice high-sulphidation gold deposit and announcedan initial resource of 372,971 oz at a cost of less than US$2 per oz. Stratex isnow further evaluating this deposit through additional resource drilling andexploration. Directed by a highly experienced resource sector management team,Stratex's activities will continue to identify quality mineral resources,primarily gold, silver, copper, molybdenum, zinc, and nickel in Turkey but theCompany will also consider opportunities in other favourable jurisdictions. The mineral potential of the Inlice and surrounding Konya projects has beensubstantiated by the comparison by Dr. Richard Sillitoe with the Maricungadistrict in Chile. Prior to 1980, the Maricunga had no known copper or goldmineralization but subsequent exploration identified reserves and resourcestotalling 40 million ounces of gold. Stratex recently announced that Teck Cominco Limited's Turkish subsidiary, TeckCominco Arama ve Madencilik Sanayi Ticaret A.S. ("TCAM") has optioned the Konyaproject, excluding Inlice. This agreement commits TCAM to US$1 million ofexploration expenditures in Year 1 under Stratex management and provides theoption to acquire 51% of the project by incurring further expenditures of US$2million in the subsequent two years. The agreement provides independentconfirmation of the exploration potential of the Konya Volcanic Belt and, giventhat Stratex has only expended approximately US$100,000 on exploration in theKonya area, is an excellent example of how value can be added by focused andprofessionally directed exploration. Stratex has identified the new paradigm in the resource sector whereby dedicatedE&D companies partner mining companies. The increased cost, time, and permittingof major mining projects is the realm of dedicated mining companies, whereas E&Dcompanies focus on the value-adding search for new resources. Teck Cominco Limited: The Company has a 'Strategic Alliance' with Teck Cominco Limited, a diversifiedmining company headquartered in Vancouver, Canada. Teck Cominco holds 8.8% ofthe Company. The alliance enables the two parties to pool expertise, skills anddatabases to identify potential projects. Technical and financial risks toStratex are also being reduced through the alliance with a major metal producerthat can provide additional project funding, a wealth of technical expertise,and is a ready buyer for new resources, thus ensuring rapid returns fromdiscoveries. This information is provided by RNS The company news service from the London Stock Exchange