Oriole Resources Regulatory News (ORR)

27 Oct 2008 07:00



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

27th October 2008 

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

Longest Gold Intersection To Date 

270.20 Metres Grading 1.22 g/t Au Confirms Significance of Öksüt Gold Discovery 

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 the initial diamond drilling results from Öksüt, its 100%-owned high-sulphidation gold discovery located in Central Anatolia in Turkey. 

Highlights

270.20 metres from surface grading 1.22 g/t Au in oxide and minor sulphide in hole ODD-8 - including 40.70 metres from 77.00 metres grading  2.77 g/t Au in oxide

62.45 metres grading 2.16 g/t Au in oxide in hole ODD-3

73.30 metres grading 1.36 g/t Au in oxide in hole ODD-4

Drilling initially targeted the Ortaçam Zone - part of 6 square kilometres of identified alteration and gold mineralisation at Öksüt

Stratex Executive Chairman David Hall said, "These are very encouraging initial results from Öksüt, the Company's latest gold discovery.  This confirmation of significant oxide gold grades in the drilling at the Ortaçam Zone and the recognition that oxidation persists to vertical depths of more than 100 metres is positive for the development of extensive oxide mineralization on the property.  These are still early days and the geological controls on the mineralisation represented by the extensive silica ledges are not yet fully defined.  However, such long intervals of potentially easily treatable oxide gold mineralisation strongly suggest the existence of a substantial gold system at Öksüt".  

Initial diamond drilling results at Ortaçam Zone, Öksüt

1 Length not necessarily representative of true thickness

All intersections in the table are defined by a cut-off grade of 0.2 g/t gold and all intersections are within the oxide zone.  ODD-8 provided a long and probably slightly oblique intersection of the mineralised zone and intersected three significant oxide zones of mineralisation with minor sulphide development deeper down the hole before the deepest oxidised interval at 224.60m:

Within the zone from surface to 262.80 metres, there is extensive low-grade mineralisation that enables the Company to report the full length as 270.20 metres averaging 1.22 g/t Au using a 0.2 g/t Au cut-off. This is the longest interval of continuous gold mineralization yet drilled by Stratex on any of its projects.

The Company commenced drilling at Öksüt in mid-August and has completed 1,658 metres to date.  These 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 silica zones. 

In addition, hole ODD-4 intersected 28.90 metres grading 0.30% copper ('Cu') from 116.20 metres and hole ODD-6 also intersected strongly anomalous copper values (0.03% to 0.06%) in the lowermost 20 metres. This may be indicative of related porphyry mineralisation west of the currently mapped silica zones and in an area of poor outcrop. The Company is now undertaking a soil sampling grid over this area. 

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 6 square kilometres and will be the focus for further exploration. 

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. 

Drillhole 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 recently announced the optioning of the Altıntepe and Inlice projects to Syrah Resources, an ASX-quoted company, with the view to rapidly develop the 542,318 oz oxide resources present. Syrah will undertake scoping studies to evaluate development scenarios for both of the projects and Stratex will have a significant equity stake in Syrah, in addition to a 30% free carried interest to feasibility.

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, 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 on a number of these licences, focused on increasing Stratex's total resources, currently standing at circa 1 million oz of gold and approximately 2.5 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.