Oriole Resources Regulatory News (ORR)

31 Mar 2008 07:01

Stratex International PLC31 March 2008 Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining 31 March 2008 Stratex International Plc ("Stratex" or the "Company") Secures Key Licence over New Gold Discovery Stratex International Plc, the AIM-quoted international exploration anddevelopment company focusing on gold and base metal opportunities in Turkey, hasincreased its exploration and development land package in central Turkey withthe acquisition of a key licence covering a new area in which recent samplinghas identified a wide zone of newly discovered gold mineralisation. HIGHLIGHTS • Acquired 75.51 square kilometre Oksut licence area, consolidating holding over new belt of gold mineralisation • Area hosts gold mineralisation in Miocene volcanic sequence similar to the Konya Volcanic Belt • Initial sampling of silica ledges returned 25 metres grading 0.93 g/t Au • Highest assay of 1.6 g/t Au in chip sample • Additional sampling underway with a view to fast-tracking an exploration drilling programme Following earlier identification of gold-bearing rocks and pegging of ground ina Miocene volcanic sequence in the Develi area of central Turkey, Stratex hasacquired a critical central licence area via the public auction process. Thetotal 75.51 square kilometre Oksut licence encompasses gold-bearing silicaledges and associated altered volcanic rocks extending over an area ofapproximately 3,200 metres x 3,000 metres. The Company has conducted preliminary mapping and sampling on the licence area,which yielded rock samples assaying up to 1.6 g/t Au and one silica ledgeassaying 0.93 g/t Au over a width of 25 metres. Of the 61 rock samplescollected, 33 contained anomalous gold contents exceeding 0.01 g/t Au.Systematic sampling of two silica ledges, each exceeding 1,000 metres in length,together with a number of broader pod-like silica zones, is now underway, with aview to fast-tracking an extensive drilling exploration programme. David J.Hall, Executive Chairman comments, "Our team in Turkey continues toidentify new gold mineralisation targets in what is emerging as a new Miocenemetallogenic belt in western and central Turkey. This further gold discovery andsubsequent licence acquisition underpins our position as a leading explorer anddeveloper of gold projects in Turkey. "Stratex's ability to identify the geological characteristics ofhigh-sulphidation silica ledges and porphyry deposits with gold mineralisationexposed at surface is a testament to the quality of the technical team. This hasbeen further advanced by a recent trip by Stratex geologists to the MaricungaDistrict of Chile, a gold-endowed area of the Andean mountain belt thatgeological guide and Stratex consultant, Dr. Richard Sillitoe, has identified asan analogue for the Konya district. "The early results from Oksut are very encouraging and we are pushing it forwardas a high-priority exploration target. We are confident of further encouragingsampling results and at this stage anticipate commencing an exploration drillingprogramme in mid-2008." 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 Plc Tel: +44 (0)20 7830 9650Bob Foster Stratex International Plc Tel: +44 (0)20 7830 9650Claire Palmer Stratex - Investor Relations Tel: +44 (0)20 7830 9650Anita Ghanekar Hanson Westhouse Limited Tel: +44 (0)20 7601 6100Hugo de Salis St Brides Media & Finance Ltd Tel: +44 (0)20 7236 1177 Notes to editors Stratex International Plc is an AIM-quoted exploration and development companycurrently focusing on gold and base metal opportunities in Turkey. Its provenstrategy 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. Stratex's portfolio covers 11 licence blocks in central and western Turkeytotalling approximately 1,528 sq km. These include the Inlice high-sulphidationgold deposit in the Konya Volcanic Belt, the Altintepe multi-occurrence prospectcomprising a number of discrete gold-bearing zones, Doganbey - a new porphyrygold-molybdenum target within the Konya Volcanic Belt, Muratdere - a porphyrygold-copper-molybdenum occurrence and Karaagac - a partially exposed, gentlydipping gold-bearing zone. Ongoing resource drilling and exploration programmesare underway on a number of these licences, focused on increasing Stratex'stotal resources, currently standing at slightly more than 841,000 oz of gold.Furthermore, the Company has a healthy project pipeline portfolio, which itcontinues to strengthen through the acquisition of additional licences. Stratex has a strategic partnership with Canadian major mining company, TeckCominco Limited, which has an 8.8% stake in the Company, enabling the twoparties to pool expertise, skills and databases to identify potential projects. This information is provided by RNS The company news service from the London Stock Exchange