Oriole Resources Regulatory News (ORR)

18 Jul 2006 09:45

Stratex International PLC18 July 2006 Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining 18 July 2006 Stratex International Plc HIGH GRADE INTERSECTIONS AT INLICE GOLD PROJECT IN TURKEY Stratex International Plc ("Stratex" or the "Company"), the AIM-listedinternational exploration and development company currently focusing on gold andbase metal opportunities in Turkey, is pleased to announce further positiveresults from its ongoing core drilling programme at its wholly-owned Inlice goldproject in south-western Turkey. These results reinforce the Company's view thatthey have discovered a new high-sulphidation gold system with the potential tohost a multi-million ounce gold deposit. Highlights €16.50 metres grading 8.53 g/t gold from 39.9 metres down hole; within 32.2 metres grading 5.75 g/t gold (hole INDD-10) €3.00 metres grading 4.16 g/t gold from 23 metres down hole (hole INDD-9) €3.05 metres grading 2.80 g/t gold from 61 metres (hole INDD-9) €17.00 metres grading 1.73 g/t gold from 81 metres (hole INDD-9) Stratex CEO Bob Foster said, "High grade gold mineralization with values of thismagnitude is rare in high-sulphidation systems. These results therefore enhancethe multi-million-ounce potential of the Inlice discovery which extends over adistance of 3 kilometres. We are planning further drilling, based on ourprevious geological mapping and soil sampling results, as well as on ourincreasing knowledge of the gold system gained from the current drillprogramme." Results The results are taken from holes INDD-9 & 10 of the ongoing drilling programmeand were drilled at the western end of the Inlice Main Zone. The intersectionsconsist of classic vuggy silica-pyrite, with a highest grade of 12.80 g/t goldover 3.00 metres in INDD-10. The continuous mineralized interval in INDD-10indicates thickening of the gold mineralization in a westerly direction, with anestimated true width of 25 metres. As a consequence, the Company undertookdetailed channel sampling of the outcropping West Extension of the Main Zone.The results of this sampling returned an average of 1.41 g/t gold over a further155 metres of strike and strongly anomalous values are evident over anadditional 200 metres of strike to the west. Following these results, INDD-11 was drilled beneath the outcropping WestExtension and intersected 39.9 metres of vuggy silica-pyrite mineralization.Further assay results are awaited and will be announced as soon as possible. Anadditional hole (INDD-12) is now being drilled into the West Extension some 50metres west of INDD-11 to further define the mineralization. In tandem with the drill programme, the Company has completed a soilgeochemistry grid over an area of approximately 2,000 metres by 650 metres toinvestigate the extent of mineralization to the west and north of the currentdrilling. Geological mapping has already demonstrated the presence of silicazones and breccia bodies in this area and the Company believes that there isconsiderable potential for the discovery of further mineralization. Additional drilling has also been undertaken along the eastern part of the MainZone. Four holes intersected the mineralized zone and confirmed the results ofearlier surface sampling, which suggested that gold grades may decreaseeastward. However, the geology and geochemistry of these holes provided theCompany with good triangulation data indicating that the gold grade was likelyto increase to the west, leading to the important intersections reported fromholes INDD-9 and 10. Stratex recently identified a further new gold target within the Konya VolcanicComplex (KVC), the same area that hosts the Inlice gold discovery, as announcedin June. The new zone, "Doganbey", was discovered following initial geologicalsampling and mapping and is currently defined by a gold geochemical anomalycovering 1,000 metres by 600 metres (open to the south) with grades up to 0.68 g/t gold in surface rock chip samples. Further work is currently underway. Sampling, assaying, and QA/QC Stratex's sampling of drill core and outcropping rocks conform 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 the Company maintains QA/QC on allanalytical work via the use of certified reference materials and fieldduplicates, in addition to 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 * * Contacts: David Hall Stratex International Plc Tel: +44 (0)20 7830 9650 Bob Foster Stratex International Plc Tel: +44 (0)20 7830 9650 Imran Ahmad HB Corporate Tel: +44 (0)20 7510 1166 Hugo 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 identifiedwidespread evidence for a 'high-sulphidation' style of gold mineralization onits Inlice property. This style of mineralization occurs at three of the largestand lowest 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 14.5% ofthe Company. This enables the two parties to pool expertise, skills anddatabases to identify potential projects. Technical and financial risks are alsobeing reduced through the alliance with a major metal producer providingadditional project funding, a wealth of technical expertise and a ready buyerfor new resources ensuring rapid returns from discoveries. This information is provided by RNS The company news service from the London Stock Exchange