Oriole Resources Regulatory News (ORR)

1 Dec 2009 07:00



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

1 December 2009

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

42.35 metres grading 2.03 g/t Au in New Zone of Gold Mineralisation at Öksüt Project - Turkey

Stratex International Plc, the AIM-quoted exploration and development ('E&D') company, is pleased to announce a drilling exploration update at its high-sulphidation gold discovery Öksüt project in Central Anatolia in Turkey which is funded by its joint venture partner, Centerra Gold Inc. ('Centerra').

Highlights

Three diamond drill holes completed September through November 2009 before the winter break

Best intersection of 42.35 metres grading 2.03 g/t Au from 4.75 m 

New zone of mineralisation is blind and not associated with brecciated or vuggy silica

High copper in hole ODD-15 with a maximum of 6.60 %

CEO Dr. Bob Foster commented "These drill results are very encouraging and further open up the potential for significant blind mineralisation below and beyond the currently known limits of the Ortaçam Zone. The new intersection of 42.35 metres grading at 2.03 g/t Au is especially exciting as it extends from near surface and has no surface expression. The association of these economic oxide grades with quartz-kaolinite-alunite alteration indicate a new style of mineralisation for these high-sulphidation/porphyry systems. With these results indicating the significant potential of the Öksüt gold deposit, plus a newly defined geophysical target coincident with rock and soil geochemical anomalies, this is an exciting priority for continued drilling at the start of the 2010 season."

Further Information

Drilling of three holes for a total of 674.60 metres was recently completed ahead of the break for winter.

Drill hole ODD-14 was drilled due south across the Ortaçam Zone from the site of drill hole ODD-6 at minus 45 degrees to aid definition of the geometry of the gold-bearing zones. The hole proved to be highly anomalous in gold throughout, with 0.00 to 37.00 metres grading at 0.43 g/t, Au all in oxide, although no significant zone of >1 g/t gold mineralisation was intersected.

Drill hole ODD-15 was drilled to the west of drill hole ODD-8 and along the section line of ODD-8 and ODD-5 to test the up-dip vertical extent of the buried silica ledge identified in drill hole ODD-8 and to test the zone of patchy silica for possible indications of porphyry-style mineralisation. The minus-45 degree hole was stopped in highly altered sulphidic rock including 8.10 metres averaging 1.79% copper with a maximum value of 6.60% over 1.10 metres.  The significance of this high-copper zone, and accompanying molybdenum values of 20-40 ppm, is being reviewed in terms of its relevance to porphyry gold-copper systems.

Drill hole ODD-16 was drilled down-slope westwards from drill hole ODD-15 at minus 60 degrees to test the area that drill hole ODD-15 failed to reach due to technical problems. A broad zone of patchy silica alteration containing kaolinite +/- alunite +/- pyrophyllite was intersected immediately beneath talus cover (soil and scree) and returned significant gold intercepts including 42.35 metres grading 2.03 g/t Au.

Summary of key results:

1 Length not necessarily representative of true thickness due to incomplete understanding of geometry of mineralised zones

Additionally, further detailed geological mapping, geochemical sampling, ground geophysics, and trenching has been undertaken since signing the agreement with Centerra. A significant coincident IP (high chargeability) and magnetic anomaly has been defined 400 metres south-west and down-dip of the Ortaçam Zone. The geophysical characteristics of this are similar to the silicified Ortaçam Zone and it constitutes a high-priority drill target for possible high-sulphidation/porphyry style mineralisation when drilling recommences after the winter break in March/April 2010.

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. 

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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 focussing on gold and base metal opportunities in Turkey and Ethiopia. In Turkey, the Company's total resources stand at circa 1 million oz of gold (combined oxide and sulphide gold) and approximately 3.2 million oz of silver.

Stratex's proven strategy is to discover and develop new projects by focussed low-cost exploration, thus adding maximum value prior to optioning/joint venturing or selling on to a dedicated mining company. In this respect it now has four key associations:

A partnership with NTF, a technically capable and well-financed Turkish company, to rapidly develop the 542,000 oz oxide gold resources present at the Altıntepe and Inlice projects in Turkey.

An option/joint venture agreement with Centerra Gold Inc. to explore and develop the Öksüt project, a high-sulphidation gold discovery located in Central Anatolia in Turkey. 

A joint venture agreement with Teck Resources of Canada, a major shareholder in Stratex, over the Hasancelebi project, a high-sulphidation gold project in central Turkey.

A joint venture with PLUS-quoted exploration company Sheba Exploration (UK) plc to earn-in to an initial 60% of the prospective 50 sq km Shehagne gold project in Ethiopia and explore targets in northern Ethiopia on a 70:30 joint venture basis. It also holds a 5.45% shareholding in Sheba Exploration (UK) plc.