Last checked at 27 May 2008 08:30
Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining
27th May 2008
Stratex discovers extensive gold mineralisation at Öksüt
and continues to expand Altıntepe
Stratex International Plc ('Stratex' or 'the Company'), the AIM-quoted exploration and development company currently developing gold resources at Altıntepe and Inlice, and focusing on exploration for world class gold and base metal deposits in Turkey, is pleased to provide an update on its exploration and development activities over the past month.
Overview
21 m channel chip sample grading 2.91 g/t gold ("Au") in outcrop at new discovery at Öksüt
Mineralisation initially identified over a 200 m by 300 m area, up to 100 m thick and open laterally
131.2 m grading 0.4 g/t Au in oxide from drilling at Camlık in Altıntepe from zero metres
David Hall Executive Chairman, said "Drilling at Altıntepe continues to add new resources and, given the excellent metallurgical characteristics of the oxide mineralisation and the potential low stripping ratio, the project is advancing extremely well. In addition we remain focused on identifying projects with a 2 million ounce Au plus potential. We believe the discovery at Öksüt has the dimensions and grades in oxide to potentially host a resource of this size. The presence of silica replacement of near-horizontal permeable volcanic horizons over a large area and exposed at surface, shows similarities to the world class Yanacocha and Pierina high-sulphidation gold deposits in Peru. We will rapidly move this exciting project to the drill stage."
Öksüt
Öksüt is Stratex's latest high-sulphidation ('HS') gold discovery in Central Anatolia, Turkey as reported on 31 March 2008 with many similar characteristics of major HS deposits world-wide. Mapping and sampling during the past month has identified the Ortaçam zone as an early priority. Significant gold grades from chip samples include:
21 metres grading 2.91 g/t Au
111 metres grading 0.90 g/t Au
21 metres grading 2.67 g/t Au
24 metres grading 1.72 g/t Au
15 metres grading 1.84 g/t Au
Illustration of sampling and pictures available at -
http://www.rns-pdf.londonstockexchange.com/rns/2342V_1-2008-5-23.pdf
These samples were taken at different elevations ranging from 1,705 m to 1,788 m. The exposed zone of massive and vuggy silica covers an area of 200 m by 300 m with a gentle dip of 6 to 20 degrees north-east under cover. The total exposed vertical extent is estimated to be approximately 100 m.
An important observation is that the silica zones are both structurally and lithologically controlled, the latter relating to lateral replacement of near-horizontal volcanic beds. This lateral bed-controlled mineralisation has the potential of generating a large near-surface tonnage of mineralised material and is characteristic of the very large high-sulphidation deposits such as Yanacocha (35 Moz) and Pierina (9 Moz) in Peru. Work is ongoing with a view to commencing drilling later this year. A second zone, Büyükmese Tepe, is located a few hundred metres west of Ortaçam with similar dimensions and geometry for which results are awaited.
Altıntepe
Ongoing drilling at Altıntepe has recently focused on the near-surface oxide material of the Camlık Zone, which extends over an area of 200 m by 100 m. Significant results since the last release of 26 February 2008 include:
ST-CK-DD-2 131.2 metres grading 0.4 g/t Au
ST-CK-DD-3 89.5metres grading 0.6 g/t Au
ST-CK-DD-4 90.60 metres grading 0.52 g/t Au
Note all from zero metres.
A 0.2 g/t Au cut-off is being used by Stratex for oxide resource definition. These results complement historical drilling results of:
KD-27 136.0 metres grading 0.5 g/t Au from surface
KD-42 69 metres grading 0.6 g/t Au from 6 metres
KD-54 81 metres grading 0.48 g/t Au from surface
Stratex is compiling an in-house oxide resource for Kayatepe, Camlık and Camlık East that will be available shortly once all results have been received.
Konya
Stratex and its joint venture and strategic partner Teck Cominco Limited reviewed exploration progress on the Konya project at an on-site meeting in early May. Total expenditure by Teck Cominco has already exceeded the required US$1 million by $200,000 and the programme will now move to the next phase. A key element of the ongoing exploration will be further drilling at the Doğanbey prospect where the first three drill holes have already confirmed the presence of porphyry-style mineralisation, the best values to date being 273.90 m grading 0.13 g/t Au from 175.95 m to end of hole.
At the Altunhisar prospect, 200 km east of the Konya Volcanic Belt, ongoing exploration has defined seven areas of alteration linked to epithermal mineralization. These alteration zones range from 7.5 to 16 sq km in area. Stratex is highly encouraged by the early work and anticipates rapidly advancing a number of these targets to definition drilling as soon as possible.
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 Vancouver, Canada, and Romania, 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.
CEO Dr. Bob Foster, FIMM, CEng, is a Competent Person as defined by various international instruments and takes responsibility for the release of this information.
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For further information visit www.stratexinternational.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 - Investor Relations Tel: +44 (0) 20 7830 9650
Anita Ghanekar Hanson Westhouse Limited Tel: +44 (0) 20 7601 6100
Victoria Thomas 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 currently focusing on gold and base metal opportunities in Turkey. Its proven strategy is to discover and develop new projects by focused low-cost exploration, thus adding maximum value prior to optioning/joint venturing or selling on to a dedicated mining company.
Stratex's portfolio covers 11 licence blocks in central and western Turkey totalling approximately 1,630 sq km. These include the Inlice high-sulphidation gold deposit in the Konya Volcanic Belt, the Altıntepe multi-occurrence prospect comprising a number of discrete gold-bearing zones, Doğanbey - a new porphyry gold-molybdenum target within the Konya Volcanic Belt, Muratdere - a porphyry gold-copper-molybdenum occurrence and Karaağaç - a partially exposed, gently dipping gold-bearing zone. Ongoing resource drilling and exploration programmes are underway on a number of these licences, focused on increasing Stratex's total resources, currently standing at slightly more than 841,000 oz of gold. Furthermore, the Company has a healthy project pipeline portfolio, which it continues to strengthen through the acquisition of additional licences.
Stratex has a strategic partnership with Canadian major mining company, Teck Cominco Limited, which has an 8.8% stake in the Company, enabling the two parties to pool expertise, skills and databases to identify potential projects. For further information visit www.stratexinternational.com