Last checked at 28 Jul 2010 07:00
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.