Less Ads, More Data, More Tools Register for FREE

Pin to quick picksOriole Resources Regulatory News (ORR)

Share Price Information for Oriole Resources (ORR)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 0.35
Bid: 0.34
Ask: 0.39
Change: 0.005 (1.39%)
Spread: 0.05 (14.706%)
Open: 0.355
High: 0.355
Low: 0.35
Prev. Close: 0.36
ORR Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Oksut continues to deliver - 80.30 metres @ 2.22 g

28 Jul 2010 07:00

RNS Number : 0364Q
Stratex International PLC
28 July 2010
 

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

28 July 2010

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

Öksüt continues to deliver - 80.30 metres @ 2.22 g/t Au

Stratex International Plc, the AIM-quoted exploration and development (E&D) company focussed on gold and base metals with targets in Turkey, Ethiopia and Djibouti, announces an update on exploration undertaken at its Öksüt high-sulphidation gold project in Central Turkey, which is being funded by its joint venture/ option partner, Centerra Exploration B.V. ('Centerra'), a wholly owned subsidiary of the major North American gold miner Centerra Gold Inc.

Highlights

·; Completed five diamond drill holes totalling 1156.1 metres at the Ortaçam Zone of the Öksüt project to expand the preliminary resource

·; Best intersections include:

·; ODD-17 334.90 metres oxide + sulphide grading 0.52 g/t Au

including 51.00 metres oxide grading 1.74 g/t Au

·; ODD-18 30.30 metres oxide grading 1.61 g/t Au 

·; ODD-19 34.65 metres oxide grading 2.26 g/t Au

·; ODD-20 109.70 metres oxide grading 1.73 g/t Au

including80.30 metres oxide grading 2.22 g/t Au

·; Results show potential for high-tonnage, low-grade gold deposit at Ortaçam zone - wireframe 3D modelling of the mineralized zone is now being undertaken

·; Phase Two drilling underway on the first of five additional drill targets - initial focus on outcropping gold-bearing zone within the wider Öksüt licence area

Stratex CEO Bob Foster said, "These latest results demonstrate the exciting prospectivity of the project and highlight the potential of developing the Ortaçam Zone as a large-tonnage low-grade gold deposit in the future. Importantly, the drilling has increased our understanding of the geometry of the gold mineralization and illustrates the potential to increase the resource in the Ortaçam Zone, a preliminary estimate of which currently stands at 3.8 Mt grading 1.21 g/t Au for 147,814 oz gold. Drilling has now stepped out to the wider Öksüt area, focussing on three outcropping zones of gold-bearing silica before targeting the potential porphyry targets of Ortaçam Southwest and Devetaşi West.

"Our joint venture partner, Centerra, continues to support the exploration programme at Öksüt as we continue to fast-track the project. The Öksüt discovery, we believe, is also showing the potential to contain a significant porphyry gold +/- copper system, something which would create a major value uplift for the Company. With this in mind, we look forward to reporting further exciting news as the programme continues to develop."

Stratex and Centerra have completed a further five diamond drill holes totalling 1156.1 metres on the Ortaçam Zone of the Öksüt project. Results for intersections of oxide-gold zones are summarised in Table 1.

Table 1: Results from recent diamond drilling programme (oxide only)

Hole no.

Dip

From

Length1

Grade (g/t Au)

 

(degrees)

(m)

(m)

>0.2 g/t

>0.4 g/t

Other

ODD-17

-45

41.50

51.00

1.74 

including

47.50

24.00

3.02

ODD-18A

-50

0.00

30.30

1.61 

ODD-19

-45

0.00

34.65

2.26

including

6.70

21.20

3.48

ODD-20

-45

0.00

80.30

2.22

including

25.10

12.00

6.49

ODD-21

-45

No significant intersection

 1 Length not necessarily representative of true thickness

Drill hole ODD-18, was terminated at 89.20 m after intersecting difficult drilling conditions. Holes 17, 18A, 19, and 21 were scissor holes drilled in an easterly direction, opposite to the earlier holes reported previously that were mostly drilled in a westerly direction. This was undertaken to provide further information on the controls of the gold mineralization in the Ortaçam Zone. Drill hole ODD-20 was drilled obliquely across the zone in a south-south-westerly direction.

The reported intersection in drill hole ODD-17 was dominantly oxide material but contained minor shear-related sulphides at 42.8-45.6 m and 59.2-77.2 m.

In addition to the higher-grade oxide-zone intersections summarized in Table 1 the drilling also confirmed long intersections of low-grade oxide and sulphide mineralization that could potentially be amenable to open pit exploitation:

ODD-17: 334.90 m @ 0.57 g/t Au: oxide and sulphide material, mostly >0.2 g/t Au

ODD-20: 109.70 m @ 1.73 g/t Au: oxide material with short sections

Wireframe modelling is now being undertaken to provide a three-dimensional appreciation of the geometry of the Ortaçam mineralized zone. In the meantime drilling is underway on the first of five additional drill targets within the wider Öksüt licence area, with the initial focus on the outcropping gold-bearing silica ledges of Büyükumeşe, Ortaçam North, and Kızılağil, before testing the potential porphyry zones of Ortaçam Southwest and Devetaşi West. The results of the recently completed ground-based magnetic and induced polarization surveys have aided considerably in delineation of specific targets for this Phase 2 drilling programme.

 About Centerra JV

Under the terms of the option/joint venture agreement, Centerra is to fund US$3 million over three years to acquire a 50% interest in the project with a minimum commitment of US$500,000 by Centerra in the first year. Centerra has the option to increase its interest to 70% after the first three years by expending an additional US$3 million over the following two years.

Following signing of the joint venture agreement with Centerra in August 2009, three diamond drill holes were completed during 2009, with the best hole ODD-16 reporting 42.35 m averaging 2.03 g/t Au. Stratex subsequently reported a preliminary in-house-calculated oxide gold resource of 147,814 oz gold at an average grade of 1.21 g/t Au. In addition, detailed geological mapping, geochemical sampling, ground geophysics, and trenching were undertaken during the latter part of 2009, confirming the presence of at least four further outcropping zones of silica similar to the Ortaçam Zone and each containing up to 0.3 g/t Au. A significant coincident Induced Polarisation (high chargeability) and magnetic anomaly was defined 400 metres south-west and down-dip of the Ortaçam Zone. The geophysical characteristics of this are similar to the silicified Ortaçam Zone, establishing the project as a high-priority drill target for possible high-sulphidation/porphyry style mineralisation.

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.

** ENDS * *

For further information please visit www.stratexinternational.com, email info@stratexplc.com, or contact:

David Hall

Stratex International Plc

Tel: +44 (0) 20 7830 9650

Bob Foster

Stratex International Plc

Tel: +44 (0) 20 7830 9650

Claire Palmer

Stratex International Plc

Tel: +44 (0) 20 7830 9650

Tim Metcalfe

Westhouse Securities Limited

Tel: +44 (0) 20 7601 6100

Martin Davison

Westhouse Securities Limited

Tel: +44 (0) 20 7601 6100

Jason Bahnsen

Fox Davies Capital

Tel +44 (0) 20 7936 5230

Felicity Edwards

St Brides Media & Finance Ltd

Tel: +44 (0) 20 7236 1177

Elisabeth Cowell

St Brides Media & Finance Ltd

Tel: +44 (0) 20 7236 1177

Notes to editors:

Stratex International Plc is an AIM-quoted exploration and development company focussing on gold and base metal opportunities in Turkey, northern Ethiopia and the Rift Valley of eastern Ethiopia.

Stratex has a two-prong strategy: firstly it is moving to production through its partnership with NTF, with initial production targeted at Inlice by end 2011 and at Altıntepe by end 2012/early 2013; and secondly to discover and develop new projects by focused low-cost exploration, adding maximum value prior to optioning/joint venturing or selling on to a dedicated mining company, including NS Madencilik.

Turkey

·; Total resources stand at 1.17 million oz of gold (combined oxide and sulphide gold) and approximately 3.2 million oz of silver

·; Partnership with NTF, a technically capable and well-financed Turkish company, to rapidly develop the 542,318 oz oxide resources present at the Inlice and Altıntepe projects

·; An option/joint venture agreement with Centerra Exploration B.V., a wholly owned subsidiary of Centerra Gold Inc., to explore and develop the Öksüt project, a high-sulphidation gold discovery located in Central Anatolia

·; An option/joint venture agreement over the Hasancelebi project, a high-sulphidation gold project in central Turkey with Teck Madencilik Sanayi Ticaret A.S., a Turkish subsidiary of Teck Resources Limited of Canada, a major shareholder in Stratex.

Ethiopia

·; 5.45% shareholding in PLUS-quoted exploration company Sheba Exploration (UK) plc ('Sheba')

·; A joint venture with Sheba to (i) earn-in to an initial 60% of the prospective 37 sq km Shehagne gold project in Ethiopia, and (ii) explore targets in northern Ethiopia on a 70:30 joint venture basis

·; 2,245 sq km land position over new epithermal gold discovery and multiple related gold targets in the Afar Rift region of eastern Ethiopia.

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCXDLLLBDFBBBL
Date   Source Headline
29th Jun 20167:33 amRNSGoldstone Announces Final Results
7th Jun 20167:00 amRNSRevision of Goldstone Loan Agreement
6th Jun 20166:25 pmRNSChief Executive Interview
6th Jun 20167:00 amRNSDalafin Exploration Update
6th May 20167:00 amRNSTembo Financing and Change of Director
3rd May 20163:48 pmRNSAGM Statement
28th Apr 201611:58 amRNSGoldstone Change of Holdings
20th Apr 20169:00 amRNSMining Capital Conference
19th Apr 20167:00 amRNSThani Stratex Raises US$2 million
18th Apr 20164:26 pmRNSChief Executive Interviews
18th Apr 20167:00 amRNSAltintepe Production Update
29th Mar 20165:00 pmRNSNotice of AGM
10th Mar 20164:20 pmRNSChairman Interviews
9th Mar 20167:00 amRNSFinal Results
8th Mar 20167:00 amRNSAltintepe Production and Legal Update
29th Feb 20167:00 amRNSDecision on Next Stage of Financing for Muratdere
25th Feb 20167:00 amRNSThani Stratex Secures US$1.25 million of Funding
18th Feb 20161:30 pmRNSChanges to Goldstone Board and Management
29th Jan 20167:00 amRNSAppointment of Non-Executive Director
22nd Dec 20157:00 amRNSSale of Oksut Royalty for US$4.5 M
1st Dec 20152:23 pmRNSGoldstone Holdings in Company Announcement
10th Nov 20154:25 pmRNSOksut Royalty Update
9th Nov 201511:00 amRNSStratex at Mines and Money London
6th Nov 20157:00 amRNSFirst Gold Pour Achieved at Altintepe Gold Mine
20th Oct 20157:00 amRNSGold Pour Imminent at Altintepe Gold Mine
13th Oct 20159:00 amRNSProactive Investors One2One Forum
30th Sep 20159:00 amRNSGoldStone Announces Interim Results
17th Sep 20157:00 amRNSCold Commissioning Complete at Altintepe Gold Mine
27th Aug 20157:01 amRNSInterim Results
11th Aug 20157:00 amRNSMineralisation Confirmed over 1.2 km at Dalafin
7th Aug 20159:00 amRNSHolding(s) in Company
5th Aug 20157:00 amRNSAltintepe Gold Mine Update
30th Jul 20154:37 pmRNSOksut Royalty Update
29th Jul 201510:31 amRNSCheif Executive Interview
25th Jun 20157:00 amRNSAltintepe Gold Project due for Completion Q3-2015
23rd Jun 20152:00 pmRNSGoldstone Final Results
10th Jun 20155:00 pmRNSHolding(s) in Company
4th Jun 20155:50 pmRNSHoldings in Company
4th Jun 20157:00 amRNSGoldstone Increases Interest in Homase, Ghana
21st May 20157:00 amRNSOperational Update, Ghana
12th May 20155:35 pmRNSHolding(s) in Company
5th May 20154:30 pmRNSResult of AGM
5th May 201510:06 amRNSReplacement - Update on Turkish Projects
5th May 20159:06 amRNSUpdate on Turkish Projects
31st Mar 20154:30 pmRNSNotice of AGM
17th Mar 20159:00 amRNSHoldings in Company
11th Mar 20157:05 amRNSFinal Results
11th Mar 20157:00 amRNSCompletion of Feasibility Study on Muratdere
23rd Feb 20157:00 amRNSConstruction Update at Altintepe Gold Project
11th Feb 20154:57 pmRNSHoldings in Company

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.