Last checked at 24 Nov 2009 07:00
Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining
24 November 2009
Stratex International Plc ('Stratex' or 'the Company')
Large Gold-Mineralised Area Defined at Shehagne in Northern Ethiopia
Stratex International Plc, the AIM-quoted exploration and development company currently developing gold resources and exploring for world-class gold and base metal deposits in Turkey and Ethiopia, is pleased to announce positive gold ('Au') results from its exploration programme at the 50 sq km Shehagne Exclusive Exploration Licence ('EEL') in northern Ethiopia.
Highlights
Channel-chip results returned broad zones of gold mineralisation
51 metres grading 0.88 g/t Au including 17 metres grading 2 g/t Au
135 metres grading 0.31 g/t Au in felsic volcanics including 54 metres grading 0.80 g/t Au
Regional stream sediments return 200 mesh values up to 1,800 ppb Au - results defined a number of further targets
Follow-up exploration work planned to advance the prospect to drilling in 2010
Stratex International's Executive Chairman David J. Hall said, "These initial results highlight the exciting potential of the Shehagne area and clearly identify broad zones of mineralisation, approximately 300 metres in width, within Sheba's previously identified area of the Tsemmetti gold-in-soil anomaly which remains open to both the south-west and north-east. Additionally, the stream sediment survey over the wider concession area has defined a number of further targets for follow-up. In light of this, if further positive results emerge, we will undertake further sampling and mapping and advance the prospect to drilling next year."
Detailed Information
The channel-chip samples taken at the northern part of the Tsemmetti target defined a series of altered and deformed zones within felsic volcanics previously identified by the Company's operating partner, Plus-quoted Sheba Exploration (UK) plc ('Sheba'), with wide-spaced soil sampling and four completed vertical drill holes. The gold identified is associated with narrow quartz veins and is also disseminated in the intervening sericite-altered tuffs.
The first channel of what is intended to be a detailed sampling programme, exposed veining and gold-associated sericitic alteration over a width of 284 metres with gold values ranging from 23 ppb up to 5.68 g/t. Multiple quartz veins, 5-80mm in width, were recorded, with higher gold grades being directly related to the abundance of veins. However, significant but lower grade gold values were evident throughout the full width of the zone.
Two zones characterised by higher gold contents were also identified, separated by a 32 metre-wide zone of no exposure:
0.0-51.0 metres: 51.0 metres grading 0.88 g/t Au, including a zone of 17 m grading 2.02 g/t Au
51.0 - 83.0 metres: no exposure
83.0 - 218.0 metres: 135 metres grading 0.31 g/t Au, including a zone of 54.0 metres grading 0.80 g/t Au
NB. No cut off value was applied. The channel-chip samples comprise interval lengths of between 1 to 5 metres.
The mineralisation is anticipated to be continuous over the total thickness of 218 metres and trenching is now planned to expose the bedrock in the area where there is no exposure.
An additional four channels are planned over the Tsemmetti anomaly over an approximate strike length of 800 metres and a width of 300 metres. Early reconnaissance mapping and rock sampling has confirmed continuation of the mineralisation throughout the main Tsemmetti anomaly with a similar width and vein density to that of the first channel.
A prospect-wide regional stream sediment programme has also been completed using the 200 mesh size fraction. The biggest identified anomaly was 1,800 ppb Au from a zone south of the main Tsemmetti anomaly. Other anomalies exceeding 120 ppb Au were identified approximately 1,000 metres to the south of Tsemmetti and between 3,000 metres and 4,000 metres to the west and north-west. All require detailed investigation and indicate a much wider potential beyond the current boundaries of the Tsemmetti zone.
Shehagne Details
Stratex and Sheba signed a Binding Letter of Intent in September 2009 with respect to Stratex earning-in to an initial 60% of Sheba's prospective Shehagne EEL, and the formation of a joint venture ('JV') with a view to exploring and acquiring a new licence in northern Ethiopia. Stratex has also acquired a 5.45% interest in Sheba for £40,000 through a private placement at 0.75p and is also entitled to matching warrants at 0.75p exercisable for two years.
The 50 sq km Shehagne EEL is located in a highly prospective area near the town of Adwa in northern Ethiopia. Under the terms of the agreement, Stratex can earn 60% of the Shehagne EEL by expending £100,000 in the initial three months and a further £250,000 over the subsequent 18 months. It may also earn a further 20% by taking the project to completion of a bankable feasibility study.
The Shehagne EEL has previously been explored by Sheba and extensive gold anomalies in soil were identified. The main target to date is the Tsemmetti target in the southern part of the EEL where Sheba defined a large >100 ppb gold-in-soil anomaly over a three kilometre strike. Reconnaissance percussion drilling returned results including:
Hole 1 - 0 to 12 metres grading 1.14 g/t Au
Hole 3 - 0 to 23 metres grading 0.54 g/t Au
Hole 4 - 0 to 19 metres grading 0.62 g/t Au
These holes were only drilled to vertical depths of 40 - 52 metres however location of the drill sites were limited by access and funds for drill road construction.
Additionally Stratex and Sheba have agreed a JV on a respective 70:30 basis, where the two companies will combine forces to explore new prospective targets and licence areas in northern Ethiopia. Potential licence areas, which currently are under review, are thought to have excellent potential for gold+/-copper and massive sulphide occurrences. Under the terms of the new JV, Sheba may earn up to 50% of the JV by reimbursing Stratex a further 20% of the total exploration costs.
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 Johannesburg, South Africa 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.
Executive Chairman David Hall, EuroGeol, is a Competent Person as defined by various international instruments and takes responsibility for the release of this information.
* * ENDS * *
For further information visit www.stratexinternational.com or contact:
| David Hall / Bob Foster | Stratex International Plc | Tel: +44 (0)20 7830 9650 |
| Tim Metcalfe/ Martin Davison | Hanson Westhouse Limited | Tel: +44 (0) 20 7601 6100 |
| Jason Bahnsen Head of Corporate Finance | Fox Davies Capital | Tel 020 7936 5230 |
| Felicity Edwards/ Isabel Crossley | 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 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 542,318 oz oxide 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.