Oriole Resources Regulatory News (ORR)

23 Oct 2007 09:15

Stratex International PLC23 October 2007 Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining 23 October 2007 Stratex International Plc (Stratex or the "Company") Discovers New Gold Zone at Altintepe Project in Turkey Overview • New gold zone discovered and existing mineralisation extended • High grade anomalies defined - up to 18.5 g/t gold at surface • Extensive ongoing exploration aimed at building on current gold resource • Potential for porphyry copper mineralization demonstrated Stratex International Plc, the AIM-quoted international exploration anddevelopment company focusing on gold and base metal opportunities in Turkey, hasdiscovered a new large target gold zone and has extended its existingmineralisation at its Altintepe project in north-eastern Turkey. With new goldvalues of up to 18.5 g/t reported in outcropping bedrock at Kayatepe, theCompany believes that by implementing further exploration, the new zone and themineralisation extensions have the potential to significantly increase theproject's current NI 43-101 compliant in-situ resource of 311,543 ounces of gold(see April 17, 2007 release). The current resource calculation at Altintepe is based on an Indicated resourceof 1,191,377 tonnes grading 1.87 g/t Au and an Inferred resource of 5,355,577tonnes grading 1.39 g/t Au. This is hosted in two zones, Camlik East andExtension Ridge. The recent exploration work has indicated continuity of theExtension Ridge mineralisation circa 500 m eastwards to Kayatepe, and a newlarge target zone, Orta, has been identified along a distance of 500 m. Stratex CEO Bob Foster commented, "We have been rapidly advancing the Altintepeproject by detailed geological mapping and rock sampling, and the discovery ofnew zones underpins the exciting discovery potential of the project. Our aim isto expand on the current resource of 311,543 oz Au and build a resource basethat has the potential to be developed through to production. Altintepe isanother high-potential gold target in Turkey that strengthens our portfolio andproject-generation success rate." Further Details Stratex commenced full evaluation of all previous work at Altinepe including theestablishment of a working geological model with Dr. Richard Sillitoe, earlierthis year. Reconnaissance logging of drill core from 30 drill holes throughoutthe prospect area indicated that it is underlain by an advanced argilliclithocap* with a minimum size of 8 square kilometres. High-sulphidation*epithermal gold mineralisation is an integral part of the lithocap and consistsof wide zones dominated by silica alteration - Camlik and Camlik East. This isaccompanied by intermediate-sulphidation* epithermal gold mineralisation(Extension Ridge and Kayatepe) that occurs as a series of linear,fault-controlled veins and related stockworks. Line cutting on 50 metre fences was undertaken to enable additional geologicaland alteration mapping and sampling. This work has been supported by geologicalmapping consultant Dr. Warren Pratt. Initial rock chip sampling, primarily overthe Kayatepe, Extension Ridge, and Camlik Zones, returned 49 out of 70 samplesgreater than 0.5 g/t Au with 20 of the 49 samples assaying greater than 1.0 g/tAu with a peak value of 18.5 g/t Au on Kayatepe. A review of previous drilling at Kayatepe has highlighted broad zones ofgold-silver mineralization that contain elevated levels of zinc mineralization,e.g. KD-05 with 109.3 metres grading 0.612 g/t Au with Zn up to 0.835% andincluding 18.7 metres grading 0.208 % Zn; KD-15 with 109.5 metres grading 0.626g/t Au, 14.2 g/t Ag and Zn grades up to 0.959 %. An 111.8 m-long intersectionaveraging 0.321 % Zn (includes sections for which no zinc data are available andfor which 0 grade has been applied) substantially overlaps the gold-rich zone inKD-15. The estimated true width of the Kayatepe Zone is in excess of 100 metresand it extends more than 100 metres below surface. The newly identified Orta Zone comprises extensive silica-pyrite mineralizationassociated with quartz-vein stockwork and hydrothermal breccias. This has beenmapped over a strike length of at least 500 m. Results of sampling are awaited. Assaying of core drilled by previous operators, which were not previously cutand sampled, have returned encouraging values of gold including 46.60 metresaveraging 0.216 g/t Au from 2.6 metres downhole in hole ATD-18. In the opinionof Stratex this helps confirm the Company's belief that the full potential ofthe property has not been realised in the past. Both consultants, Dr Sillitoe and Dr Pratt, independently concur that there isthe potential for the discovery of porphyry copper mineralization beneath theknown mineralized zones. Dr Sillitoe highlighted the presence of >350 m widezone of pervasive quartz-pyrophyllite alteration immediately west of the Karakisas being an integral part of the lithocap alteration and mineralization andsuggested that it might provide a vector towards the possible porphyry centre. Stratex Chairman David Hall commented, "We are highly encouraged by theseresults as we continue to add value at all our projects with focused, qualityexploration. Drilling is due to commence shortly at Altintepe, scoping studiesfor development at Inlice (resources of 372,971oz - see May 4, 2007 release) arebeing implemented, and drilling at the Doganbey porphyry prospect is on-going.Additionally we continue to define further targets in the Konya region and arelooking at other exciting projects outside of the country. Teck Cominco, whichhas already agreed its farm-in options on Konya and Doganbey, underpin theexcitement we are generating within the region. Generative exploration for newtarget definition is crucial and I believe our portfolio management anddevelopment reflects our dynamic, innovative, and aggressive approach to E&D." The Altintepe gold project is held under option from Teck Cominco Limited'sTurkish subsidiary whereby upon completing 5,000 metres of drilling Stratex canacquire the project 100% subject to Teck Cominco's earn-back right. Sampling, assaying, and QA/QC Stratex's sampling of drill core and outcropping rocks conforms 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 Romania, and the Company maintainsQA/QC on all analytical work via the use of certified reference materials, fieldduplicates, and blank samples in addition to monitoring of internal laboratorycheck-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 * * For further information visit www.stratexinternational.com or contact: David Hall Stratex International PlcTel: +44 (0)20 7830 9650 Bob Foster Stratex International PlcTel: +44 (0)20 7830 9650 Anita Ghanekar Hanson Westhouse Limited Tel: +44(0) 20 7601 6100 Hugo de Salis St Brides Media & Finance Ltd Tel: +44 (0)20 7242 4477 Notes to editors: Stratex International Plc is an AIM-quoted exploration and development (E&D)company currently focusing on gold and base metal opportunities in Turkey. TheCompany's strategy is to discover and develop new projects by focused low-costexploration, thus adding maximum value prior to optioning/joint venturing orselling on to a dedicated mining company. In the event of a major discovery,Stratex has a strategic partner in Teck Cominco Limited that will ultimatelyenable Stratex to realise cash flow without being exposed to the higherfinancial cost of taking projects to bankable feasibility studies. Stratex has discovered the Inlice high-sulphidation gold deposit and announcedan initial resource of 372,971 oz at a cost of less than US$2 per oz. Stratex isnow further evaluating this deposit through additional resource drilling andexploration. Directed by a highly experienced resource sector management team,Stratex's activities will continue to identify quality mineral resources,primarily gold, silver, copper, molybdenum, zinc, and nickel in Turkey but theCompany will also consider opportunities in other favourable jurisdictions. The mineral potential of the Inlice and surrounding Konya projects has beensubstantiated by the comparison by Dr. Richard Sillitoe with the Maricungadistrict in Chile. Prior to 1980, the Maricunga had no known copper or goldmineralization but subsequent exploration identified reserves and resourcestotalling 40 million ounces of gold. Stratex recently announced the joint venturing of the Konya project to TeckCominco Limited's Turkish Subsidiary ("TCAM"), excluding Inlice. This agreementcommits TCAM to US$1 million of exploration expenditures in Year 1 under Stratexmanagement and provides the option to acquire 51% of the project by incurringfurther expenditures of US$2 million in the subsequent two years. The agreementprovides independent confirmation of the exploration potential of the KonyaVolcanic Belt and, given that Stratex has only expended approximately US$100,000on exploration in the Konya area, is an excellent example of how value can beadded by focused and professionally directed exploration. Stratex has identified the new paradigm in the resource sector whereby dedicatedexploration and development (E&D) companies partner mining companies. Theincreased cost, time, and permitting of major mining projects is the realm ofdedicated mining companies, whereas E&D companies focus on the value-addingsearch for new resources. Teck Cominco Limited: The Company has a 'Strategic Alliance' with Teck Cominco Limited, a diversifiedmining company headquartered in Vancouver, Canada. Teck Cominco holds 8.8% ofthe Company. The alliance enables the two parties to pool expertise, skills anddatabases to identify potential projects. Technical and financial risks toStratex are also being reduced through the alliance with a major metal producerthat can provide additional project funding, a wealth of technical expertise,and is a ready buyer for new resources, thus ensuring rapid returns fromdiscoveries. Glossary: *Altintepe - in Turkish alphabet there are two forms of the letter I. Theundotted version is pronounced "U" i.e. Altuntepe. *Lithocap - lithocaps are large masses of pyritic advanced argillic and silicic(leached) alteration that are located between the subvolcanic intrusiveenvironment and the paleosurface. *High Sulphidation (HS) - HS deposits are one of three principal types ofepithermal deposits. Their defining features include pyrite-rich, highsulphidation state sulphide assemblages typified by enargite, luzonite,digenite, chalcocite and covellite; and advanced argillic alteration assemblagestypified by quartz, alunite, pyrophyllite, and kaolonite/dickite. *Intermediate Sulphidation (IS) - transitional between HS and Low Sulphidationand typified by sulphide assemblage of tennantite-tetrahedrite,hematite-pyrite-magnetite, pyrite, chalcopyrite and iron-poor sphalerite. This information is provided by RNS The company news service from the London Stock Exchange