Oriole Resources Regulatory News (ORR)

9 Oct 2006 08:24

Stratex International PLC09 October 2006 Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining 9th October Stratex Confirms Significant Gold Discovery in Turkey with 68.4m Grading 2.96 g/t Au Under Cover Stratex International Plc ("Stratex" or "the Company"), the AIM-listedinternational exploration and development company currently focusing on gold andbase metal opportunities in Turkey, is pleased to announce further positiveresults from the Company's ongoing diamond drilling programme at itswholly-owned Inlice gold project in south-western Turkey. The results furtherconfirmed the continuous nature of the mineralization but, more significantly,defined the mineralization under cover adjacent to outcropping silica ledges. INDD-13 was drilled to test the covered area between the outcropping western endof the Ana East Zone (previously known as the "Main Zone") and eastern end ofthe Ana West Zone (previously the "Main Zone Extension"). The hole intersectedmineralization below thin cover with highlights being: • 68. 4 m grading 2.96 g/t Au from 47.6 m down hole; including • 28.5 m grading 5.47 g/t Au from 71 m; with • 15.0 m grading 7.69 g/t Au. These intercepts correlate well with previously reported results from drillholesINDD-10 and INDD-11 on either side, with highlights being: • 34.10 m averaging 5.45 g/t Au; • 38.85 m grading 4.59 g/t Au respectively. Within both of these earlier drillholes, high-grade intersections equal to orgreater than 7.0 g/t Au were obtained - INDD-10 with 23.6 m grading 7.23g/t Auand INDD-11 with 19.0 m grading 7.0 g/t Au. The Company now has three drillintercepts of high-grade vuggy silica mineralization at Inlice over 200 m ofstrike, with the deepest intercept being 100 m. In INDD-13, the results from 144.35 m to the end of the hole are pending. TheCompany advises that it does not expect any further results of significancebeyond those quoted above. Drill hole INDD-12, sited to investigate the robust western extension of the AnaWest silica zone and located 100 m west of INDD-11, intersected silica zonesintercalated with strongly sheared and altered volcanic rocks. Best assay valueswere 4.40 m grading 0.76 g/t Au and 5.10 m grading 0.33 g/t Au, thus confirmingthe westward continuity of the zone. Further drilling is planned to test thefootwall of this zone and also the north-west extension, which continues for afurther 750 m before intersecting the complex mix of breccia bodies and silicazones that comprise the Merkez Zone. In addition the Company is pleased to announce that, as result of soil samplingwithin the Inlice prospect, a well-defined Au-As-Bi-Mo anomaly has been definedover the Merkez Zone, an area of silica ledges, breccia bodies, and intensealteration located at the north-western end of Ana West. The anomaly extendssome 500 m in an east-west direction and 1,000 m northwest-southeast. There isalso a prominent soil anomaly defined by gold and other trace elements over theDiscovery Zone 500 m south-west of the main Ana Zone. This work suggests that alarge area of approximately 500 m x 500 m extending southwards from INDD-13 tothe Discovery Zone is now a viable drill target. The Company has tendered for a further 5,000 m of diamond drilling with theintention of confirming the magnitude of the resource within the 600 m strike ofthe Ana Zone (including the 200 m strike of high-grade material), together withexploration drilling of the western extension of Ana West and the new targetsdefined by the soil geochemistry survey. David Hall, Executive Chairman, commented, "The results from INDD-13dramatically increase the scale and potential of the whole Inlice project. Wehave defined and mapped many silica ledges outcropping at the surface butINDD-13, has for the first time, demonstrated that significant silicamineralization can remain concealed by cover. Consequently we now recognize thatpreviously untargeted areas adjacent to the outcropping ledges have thepotential to contribute considerable tonnage and ounces with grades of 3 to 5 g/t gold." CEO Bob Foster added, "This is an exciting development and further reinforcesour belief that Inlice is the first significant generative grassroots golddiscovery in Turkey of the 21st Century. The soil geochemistry has worked wellin defining a large target area in addition to the already-defined Ana East andWest Zones and represents another important step in our exploration of theInlice prospect. The project will now be rapidly advanced with the arrival of asecond drill rig." Stratex will be exhibiting at the Mines and Money 2006 conference where theCompany will make a formal presentation on Inlice and its other explorationactivities and will be exhibiting diamond drill core, detailed maps and sectionsfrom the Inlice Project. 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 details on the Inlice project visit www.stratexinternational.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 Imran Ahmad HB Corporate Tel: +44 (0)20 7510 1166 Hugo de Salis St Brides Media & Finance Ltd Tel: +44 (0)20 7242 4477 Notes to editors: Stratex International Plc is an AIM-listed exploration and development companycurrently focusing on gold and base metal opportunities in Turkey. Directed by ahighly experienced resource sector management team, Stratex's activities willidentify quality mineral resources, primarily gold, silver, copper, molybdenum,zinc, and nickel. Stratex has developed four high-priority prospects in central and western Turkeyand is undertaking an extensive exploration and resource drilling programme,together with mapping and sampling of key prospects. The Company has confirmedthe Inlice discovery as the first significant gold discovery in Turkey of the21st Century. This style of mineralization occurs at three of the largest andlowest cost gold mines placed into production in the last 15 years, namelyYanacocha, Pierina and Alto Chicama in Peru. Teck Cominco Limited The Company has a 'Strategic Alliance' with Teck Cominco Limited, a diversifiedmining company headquartered in Vancouver, Canada. Teck Cominco holds 13.04% ofthe Company. This enables the two parties to pool expertise, skills anddatabases to identify potential projects. Technical and financial risks are alsobeing reduced through the alliance with a major metal producer providingadditional project funding, a wealth of technical expertise and a ready buyerfor new resources ensuring rapid returns from discoveries. This information is provided by RNS The company news service from the London Stock Exchange