Oriole Resources Regulatory News (ORR)

24 Mar 2006 12:14

Stratex International PLC24 March 2006 Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining 24th March 2006 Stratex ('Stratex' or 'the Company') Starts Drilling on Inlice High-Sulphidation Discovery Stratex International Plc, the AIM-listed international exploration anddevelopment company focusing on gold and base metal opportunities in Turkey, hasstarted an initial 1,000 metre scout drilling programme at its Inlice project insouth-western Turkey. The drill targets have been selected to delineate theextent of the gold mineralization identified following extensive groundsurveying and mapping. The mineralization is a high-sulphidation vuggy silicazone, similar in style to the large gold systems of Yanacocha and Pierina inPeru, and grades 2.12 g/t Au over an average exposed width of 19.60 metresdefined by eight chip-sampling profiles and a total of 32 samples across thewidth of the zone along a strike length of 400 m The programme will comprise two initial diamond drill holes to confirm thegeology and distribution of the precious metals, followed by reverse circulationdrilling. In parallel, the Company will trench and sample the Main Zone tofurther delineate the full width and precious metal contents of the zone at thesurface. The Company will also be undertaking detailed mapping and sampling of the widerInlice licence area. This encompasses a Central Zone of alteration andbrecciation and two additional zones of silicification in the western part ofthe Inlice IV licence area, all of which are part of a broader zone of siliceousalteration that has been mapped along a total strike length of 3.5 km. Additionally, systematic mapping and sampling of the Doganbey and Oglackiprospects will be carried out over the next two months. These are two of the 21significant zones of alteration discovered in the Konya volcanic belt and lie 15km northwest and 19 km southwest of Inlice IV respectively. Initialinvestigations have already indicated very extensive zones of silicificationsimilar to those evident at Inlice. Upon completion of the initial Inlice drilling programme, the drill rigs will bemoved to the Karaagac prospect where drilling will target the mineralizedsectors of a substantial flat-lying thrust zone. Mapping and sampling during the2005 field season has already revealed widespread values in the range 0.5-2.0 g/t Au and higher values of 9.71 g/t Au and 6.92 g/t Au over 2 metres and 1 metrerespectively. Stratex CEO Dr. Bob Foster said, "The drilling of a brand new gold discoverysuch as Inlice is exciting and we look forward to adding considerably to ourknowledge of the grade and true extent of the mineralization. Our ongoing fieldwork at Inlice and in the wider Konya area continue to lead us to believe thatwe have identified a volcanic province with very considerable potential for thediscovery of multiple high-sulphidation gold deposits. The very fact that thiskind of discovery has been made reinforces our belief that the metalliferousexploration potential of Turkey remains largely untapped." The Company has a 'Strategic Alliance' in place with major Canadian mining andexploration company Teck Cominco Limited, which holds 14.5% of the Company. Thisenables the two parties to pool expertise, skills and databases to identifypotential projects. Technical and financial risks are also being reduced throughthe alliance with a major metal producer providing additional project funding, awealth of technical expertise and a ready buyer for new resources ensuring rapidreturns from discoveries. * * ENDS * * Contacts: David Hall Chairman Stratex International Plc Tel: +44 (0)20 7830 9650 Bob Foster - CEO 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 planning an extensive exploration and resource drilling programme,together with mapping and sampling of key prospects. The Company has identifiedwidespread evidence for a 'high sulphidation' style of gold mineralization onits Inlice property. This style of mineralization occurs at three of the largestand lowest cost gold mines placed into production in the last 15 years, namelyYanacocha, Pierina and Alto Chicama in Peru. This information is provided by RNS The company news service from the London Stock Exchange