Oriole Resources Regulatory News (ORR)

26 Jan 2009 10:00



Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining

26 January 2009

Stratex International Plc ('Stratex' or 'the Company') 

Exceptional drill intersection at Öksüt - 93.60 metres grading 5.61 g/t Au

Stratex International Plc, the AIM-quoted exploration and development company currently developing gold resources and exploring for world-class gold and base metal deposits in Turkey, is pleased to provide further diamond drilling results from Öksüt, its 100%-owned high-sulphidation gold discovery located in central Turkey, which further underline the significant potential of this project. 

Highlights

93.60 metres grading 5.61 g/t gold ('Au') in oxide material

Drilling targeted the Ortaçam Zone, the first target in an area of alteration and mineralisation now recognised to extend over 8 square kilometres

Soil and outcrop sampling highlighted four new exposed gold-bearing zones and a potential hidden porphyry system

Stratex Executive Chairman David Hall said, "The recent excellent results achieved, including the exceptional intersection of 93.6m returning 5.61g/t, have enabled us to gain a better understanding of the gold mineralisation controls at Öksüt and demonstrate that the Ortaçam Zone forms part of an even larger gold system than first anticipated. Recently undertaken mapping and soil sampling have highlighted new prospective target zones, which are scheduled to be explored in due course.  With these results indicating the significant potential of the Öksüt gold deposit, we look forward to continuing this exciting exploration programme in 2009 and reporting further results from the project."

Detailed Information 

Five further diamond drill holes have been drilled to investigate the extent of the oxide gold mineralisation identified within the Ortaçam Zone at Öksüt, the Company's latest significant gold discovery.

Table 1: Results from recent diamond drilling programme

1 Length not necessarily representative of true thickness

All intersections are within the oxide zone. ODD-12, like the previously reported ODD-8, represents an oblique intersection of the mineralised system.  The average grade for the upper part of ODD-12 includes values of 30.2 g/t and 26.9 g/t that are uncut as they are part of a near-surface high-grade zone (0.00-11.60 m - 7 samples) in which the lowest gold assay is 8.83 g/t.

Stratex commenced drilling at Öksüt in mid-August 2008 and has completed 2,677.9 metres. The results prove that partial to complete oxidation persists down to a vertical interval of more than 100 metres, dependent on the degree of pervasive fracturing present within the zone.  The mineralisation in the Ortaçam Zone is largely confined to steeply inclined breccia zones, with outcropping silica representing more extensive upper parts of breccia zones that taper at depth. Those holes with no significant intersections have enabled the Company to gain a better understanding of the geometry of the mineralisation.

The Ortaçam Zone, measuring approximately 200 metres x 300 metres, is the first of a number of discrete, possibly linked, silica zones in the Öksüt prospect that Stratex has investigated.  Extensive alteration and anomalous gold, with multiple values exceeding 0.1 g/t gold, have already been identified and mapped over an area of 8 square kilometres, extending the known area of mineralisation from the originally identified 6 square kilometres.  Four outcropping zones (Ortaçam North, Buyukmese, Kizilagil, Kucukmese) have been delineated for further exploration and possible drilling.  A soil geochemistry survey has also been completed over the full prospect area (4,000m x 4,000m) and has identified a fifth area (Devetası) defined by anomalous concentrations of Au (to 0.29 g/t), copper, molybdenum, and bismuth, and may be indicative of a concealed porphyry system.  All data are now being evaluated with the intention of prioritising a drilling programme for 2009.

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. 

Drill hole location plan and cross-sections are available at www.stratexinternational.com  

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For further information visit www.stratexinternational.com or contact:

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 is actively seeking a technically capable and well-financed partner with the view to rapidly developing the 542,318 oz oxide resources present at the Altıntepe and Inlice projects.

Stratex's portfolio covers 11 licence blocks in central and western Turkey totalling approximately 1,724 sq km. The Company's latest discovery is the Öksüt high-sulphidation gold deposit with diamond drilling reporting best intersection of 93.60 metres grading at 5.61 g/t gold.  Additional key projects include Doğanbey - one of four porphyry gold targets within the Konya Volcanic Belt, Muratdere - a porphyry gold-copper-molybdenum occurrence, and Karaağaç - a partially exposed, gently dipping gold-bearing zone. Ongoing drilling and exploration programmes are underway or anticipated on a number of these licences, focused on increasing Stratex's total resources, currently standing at circa 1 million oz of gold and approximately 3.2 million oz of silver. Additionally 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 holds an 8.8% stake in the Company, enabling the two parties to pool expertise, skills and databases to identify potential projects.