Last checked at 20 Jan 2014 07:00
Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining
Stratex International Plc
("Stratex" or "the Company")
East Africa Update
Megenta Drilling Results
Stratex International Plc, the AIM-quoted exploration and development company focused on gold and base metals in Turkey, East Africa and West Africa, announces results from its second round of drilling at Megenta (the 'Project') that focused on deeper parts of the previously-identified system.
Highlights:
· Continuing definition of gold-bearing conduits at a high crustal level;
· 2,162 metre diamond drilling programme completed across 8 holes at Megenta gold project, within the Tendaho licence in Ethiopia, as part of earn-back to majority stake in the Project;
· Wider zones of lower-grade gold mineralization host multiple narrow higher-grade quartz veins. Best results include:
o 10.45 g/t Au over 0.5 m and 9.88 g/t Au over 0.6 m within 4.39 g/t Au over 2.6 m (MGDD13-03);
o 2 m @ 1.34 g/t Au, including 1 m @ 2.24 g/t Au (MGDD13-03);
o 0.7 m @ 3.56 g/t Au (MGDD13-05);
o 0.34 m @ 4.4 g/t Au (MGDD13-06);
o 6.67 m @ 0.77 g/t Au, including 0.64 m @ 1.15 g/t Au, 0.64 m @ 2.28 g/t Au and 0.7 m @ 2.14 g/t Au (MGDD13-07);
o 1.5 m @ 1.2 g/t Au (MGDD13-08);
o 4.15 m @ 0.72 g/t Au, including 0.8 m @ 2.73 g/t Au (MGDD13-08).
· The presence of calcite within many of the veins suggests that peak gold deposition, if present, will be at greater depths than those tested to date;
· Akehil and Lakeside discoveries still untested.
Commenting on the results, Stratex Executive Director David Hall said: "The continuing definition of gold-bearing conduits at a high crustal level is positive as we continue to develop our understanding of the controls on epithermal mineralization in this highly dynamic geological region. The relatively high gold content of the narrow veins intersected to date is encouraging, although we have yet to intersect true bonanza mineralization within cohesive quartz veins. We are reviewing the core and geochemistry, and look forward to the next drill programme at Oklila in Djibouti, where surface values are the best yet in the Afar epithermal exploration. In addition we will review results to assist with further work at the Akehil and Lakeside prospects within the Tendaho block."
Further Details
The Company has recently completed an 8-hole diamond drill programme for a total 2,162 metres at the Megenta gold project in the Afar Region of Ethiopia, as part of an earn-back (the 'Earn-Back') into the 1,671 sq. km Tendaho Exclusive Exploration Licence ('Tendaho EEL' or 'the licence') from partner Thani Ashanti (announcement dated 1 October 2013). This round of drilling focused on deeper parts of the previously-identified system, concentrating on earlier favourable results from the initial drilling at the Hyena and Gazelle Zones (announcement dated 6 September 2011), fully funded by Thani Ashanti.
Of the 646 selective samples taken, 28% graded above the 0.1 g/t Au cut-off, with 4% of those samples assaying over 1 g/t Au. Best results from the programme are shown in Table 1.
Table. 1 Key drill intercepts from phase two drilling at Megenta - 0.1 g/t Au cut-off, minimum of 2 m internal dilution.
Hole ID | Dip (o) | From (m) | To (m) | Width* (m) | Au (g/t) | Including |
MGDD13-03 | -60 | 48.75 | 52 | 3.25 | 0.41 | 0.25 m @ 1.15 g/t Au |
and | 57 | 68.57 | 11.57 | 0.35 | 1 m @ 1.49 g/t Au | |
and | 95 | 96 | 1 | 0.60 | ||
and | 104 | 106 | 2 | 1.34 | 1 m @ 2.4 g/t Au | |
and | 107 | 108.1 | 1.1 | 0.36 | ||
and | 109.3 | 110 | 0.7 | 0.35 | ||
and | 113 | 114 | 1 | 1.74 | ||
and | 116 | 117 | 1 | 0.58 | ||
and | 118 | 119 | 1 | 1.27 | 0.5 m @ 2.4 g/t Au | |
and | 120.5 | 121 | 0.5 | 1.56 | ||
and | 123.15 | 123.65 | 0.5 | 1.17 | ||
and | 125.5 | 128.1 | 2.6 | 4.39 | 0.6 m @ 9.88 g/t Au 0.5 m @ 10.45 g/t Au | |
and | 129.5 | 130.65 | 1.15 | 0.93 | ||
MGDD13-04 | -60 | 191.60 | 192.02 | 0.42 | 1.01 | |
MGDD13-05 | -65 | 56 | 56.7 | 0.7 | 3.56 | |
MGDD13-06 | -65 | 55.94 | 58.94 | 3 | 0.45 | 0.8 m @ 1.27 g/t Au |
and | 74.52 | 74.86 | 0.34 | 4.4 | ||
and | 105.94 | 106.7 | 0.76 | 0.36 | ||
and | 148.63 | 148.98 | 0.35 | 0.38 | ||
MGDD13-07 | -60 | 83.09 | 90.06 | 6.67 | 0.77 | 0.64 m @ 1.15 g/t Au 0.64 m @ 2.28 g/t Au 0.7 m @ 2.14 g/t Au |
and | 183.19 | 183.46 | 0.27 | 0.97 | ||
and | 297.54 | 297.84 | 0.3 | 0.41 | ||
and | 441.2 | 442 | 0.8 | 0.85 | ||
MGDD13-08 | -60 | 29.5 | 29.8 | 0.3 | 0.72 | |
and | 48.6 | 50.1 | 1.5 | 1.2 | ||
and | 104.1 | 105.1 | 1 | 0.7 | ||
and | 108.2 | 108.5 | 0.3 | 0.82 | ||
and | 119 | 119.4 | 0.4 | 0.4 | ||
and | 187.75 | 188.1 | 0.35 | 0.37 | ||
and | 240.45 | 244.6 | 4.15 | 0.72 | 0.8 m @ 2.73 g/t Au |
NB. Table 1 highlights intercepts grading >0.3 g/t Au; a number of additional assays, not included in the table, returned 0.1-0.3 g/t Au over widths of up to 18.85 metres.
This latest drilling has confirmed that the mineralized system continues to vertical depths of around 400 metres from surface. However, as in the first programme, drilling is yet to intersect cohesive, well-mineralized veins and boiling textures (potentially indicative of peak gold deposition). Instead, multiple moderate to high-grades intercepts (1 - 10.45 g/t Au) have been returned from selective samples containing 1-25 cm banded quartz veins, commonly within wider zones (1- 11.75 metres) of lower grade (
Calcite still forms a large component of many of the veins, suggesting that peak gold deposition, if present, will be at greater depths than those tested to date.
The Company is currently reviewing all data for both Tendaho and also for the Blackrock project. Furthermore, the Akehil and Lakeside areas of alteration to the north and south of Megenta respectively may well merit future exploration.
Following completion of the Earn-Back, Stratex will hold a majority stake in the Tendaho EEL; exact percentage is dependent on total expenditure. Thani Ashanti has the option to buy back to 51% of the licence by reimbursing Stratex in cash three times the total expenditure of the drill programme within 60 days of receiving all assay data and associated technical report.
For more information on the Company's Tendaho licence and the Megenta project, please visit http://www.stratexinternational.com/project/tendaho
Sampling, assaying, and QA/QC
Stratex's sampling of outcropping rocks, drill core, and other geological materials conforms to industry-wide good practice, with chain of custody being observed for all samples. Gold analysis is undertaken by ALS Chemex at its laboratories in 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.
David J. Hall, Executive Director, is a Competent Person as defined by various international instruments and takes responsibility for the release of this information.
* * ENDS * *
For further information please visit www.stratexinternational.com, email info@stratexplc.com, or contact:
Stratex International Plc | Tel: +44 (0)20 7830 9650 |
Bob Foster / Christopher Hall / Claire Bay | |
Grant Thornton UK LLP | Tel: +44 (0)20 7383 5100 |
Philip Secrett / Melanie Frean / Jen Clarke | |
Northland Capital Partners Limited | Tel: +44 (0)20 7796 8800 |
Gavin Burnell / Luke Cairns / Alice Lane /John Howes | |
SP Angel Corporate Finance LLP | Tel: +44 (0)20 3463 2260 |
Ewan Leggat / Tercel Moore | |
Yellow Jersey PR Limited | Tel: +44 (0)20 3664 4087 |
Dominic Barretto / Anna Legge / Philip Ranger |
Notes to Editors:
AIM-quoted (2006) Stratex International is focussed on the exploration and development of gold and high-value base-metal deposits in Turkey and East and West Africa.
It has discovered more than 2.2 million ounces of gold and 7.9 million ounces of silver and has a strong cash position following the US$ 20M sale of its interest in the Öksüt gold project in Turkey, and its c. US$ 20M future production royalties, along with the sales of Inlice project and 51 per cent of its Muratdere project. Stratex has a well-developed strategy to use its cash balance to move it towards a sustainable cash flow position from operations.
Its focus has been to form joint-venture partnerships with local private companies and major international mining companies, such as Antofagasta and Centerra in Turkey, and Thani Ashanti in East Africa while the corporate objectives are to progress majority-owned projects towards economic evaluation and development and to take advantage of quality opportunities in the smaller exploration company sector.