Last checked at 21 May 2014 13:30
Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining
Stratex International Plc
('Stratex' or 'The Company')
Encouraging intercepts from the Tembo Gold Project, Tanzania
Stratex International Plc, the AIM-quoted exploration and development company, is pleased to report that Tembo Gold Corporation (TSXV: TEM), has today announced initial results from its 2014 drilling programme at the Tembo Gold Project ('Tembo' or 'the Project'), in Tanzania.
The 100 sq km licence is located in the south-east of the country within the highly prospective Lake Victoria goldfield, and is adjacent to African Barrick Gold's 14 M oz Bulyanhulu Mine. In December 2013, Stratex participated in a C$5.95M co-investment with New Africa Mining Fund II and Concept Capital Management Ltd, for the exploration and development of the Project (Press Release dated 3rd December 2013). The Company currently holds a 12.89% stake in Tembo, plus matching warrants, and Dr Bob Foster is a director of Tembo Gold Corporation.
Highlights
· Five diamond drill holes completed for 1,164 metres at the Nyakagwe Village target
· Best results include:
o 9.64 g/t Au over 3.95 m from 85.25 m, including 24.72 g/t Au over 1.45 m (TDD0071);
o 15.10 g/t Au over 1.00 m from 54.00 m (TDD0103); and
o 3.49 g/t over 4.98 m from 65.12 m (TDD0112)
· Drilling underway on other targets and will be reported in due course.
Bob Foster, Stratex Chief Executive Officer, said: "The current drilling programme is targeting the Nyakagwe Village and Nyakagwe East zones and these initial results from the Village prospect are very encouraging, particularly the identification of a northeast-trending mineralised zone that had not previously been considered a key target - geophysical (magnetic) data indicate that this zone may be continuous over a distance of at least 1,800 m. We look forward to updating the market with the results of the ongoing drilling on this structure and the Nyakagwe East prospect, as well as other exploration initiatives in this highly prospective tenement area."
Further Details
The following information is reproduced from the Tembo Gold Corporation press release.
Diamond drilling at the Nyakagwe Village target, focussing on intersecting the eastern extensions and the down dip continuity of excellent earlier results achieved on east-west structures, has shown the mineralized structures continue to the east and more importantly that there are also previously unknown well-mineralized northeast trending gold bearing structures developed at the target. To date, five diamond drillholes have been completed for a total 1,164 metres at the Nyakagwe Village target area. Results to date are listed in Table 1.
Drilling has intersected a weaker down dip continuation of the east-west striking south dipping structure in drillhole TDD0103, and a weakly mineralized possible continuation to the east in drillhole TDD0105.
Significantly a well-mineralized northeast striking structure associated with a strong similarly orientated magnetic lineament, has returned positive results in drillholes TDD0071, TDD0109 and TDD0112 and demonstrated a strike extent continuity of some 150 m. Drilling is continuing to test this newly discovered structure along strike to the northeast, southwest and down dip beneath the existing intersections. Drilling will also be carried out down-dip to the northeast to establish whether the high-grade intersection achieved in drillhole TDD0101 correlates with this zone. The magnetic lineament continues some 1.8 km to the northeast, passing through east-west and northwest oriented artisanal workings located 450 m to the northeast. Such possible intersection zones may constitute priority targets if mineralization along the northeast structure persists in that direction.
Table 1: Nyakagwe Village Drilling Results 2014 | ||||||||
BH ID | From | To | Width | Au | Width | Au g/t | Width | Au g/t |
(m) | (m) | (m) | (g/t) | >0.50g/t | >2.00g/t | |||
TDD0071 | 60.00 | 61.00 | 1.00 | 1.31 | 0.31 | 1.31 | ||
TDD0071 | 85.25 | 85.85 | 0.60 | 4.58 | ||||
TDD0071 | 85.85 | 86.40 | 0.55 | 53.30 | ||||
TDD0071 | 86.40 | 86.70 | 0.30 | 12.60 | 1.45 | 24.72 | ||
TDD0071 | 86.70 | 87.20 | 0.50 | 0.30 | ||||
TDD0071 | 87.20 | 87.70 | 0.50 | 0.15 | ||||
TDD0071 | 87.70 | 88.20 | 0.50 | 0.04 | ||||
TDD0071 | 88.20 | 88.70 | 0.50 | 0.45 | ||||
TDD0071 | 88.70 | 89.20 | 0.50 | 3.52 | 3.95 | 9.64 | 0.50 | 3.52 |
TDD0103 | 54.00 | 55.00 | 1.00 | 15.10 | 1.00 | 15.10 | ||
TDD0103 | 71.00 | 72.00 | 1.00 | 1.87 | 1.00 | 1.87 | ||
TDD0103 | 100.00 | 101.00 | 1.00 | 0.94 | ||||
TDD0103 | 101.00 | 101.70 | 0.70 | 0.03 | ||||
TDD0103 | 101.70 | 102.00 | 0.30 | 0.68 | 2.00 | 0.58 | ||
TDD0105 | 71.00 | 71.90 | 0.90 | 1.43 | 0.90 | 1.43 | ||
TDD0105 | 91.40 | 92.00 | 0.60 | 0.58 | ||||
TDD0105 | 92.00 | 92.65 | 0.65 | 1.10 | ||||
TDD0105 | 92.65 | 93.50 | 0.85 | 0.53 | 2.10 | 0.72 | ||
TDD0109 | 54.35 | 54.65 | 0.30 | 6.08 | 0.30 | 6.08 | ||
TDD0109 | 54.65 | 55.65 | 1.00 | 1.06 | ||||
TDD0109 | 55.65 | 56.00 | 0.35 | 1.42 | 1.65 | 2.05 | ||
TDD0109 | 108.8 | 109.3 | 0.50 | 0.68 | 0.50 | 0.68 | ||
TDD0109 | 112.9 | 113.43 | 0.53 | 1.77 | 0.53 | 1.77 | ||
TDD0109 | 115.55 | 115.95 | 0.40 | 1.61 | 0.73 | 2.21 | ||
TDD0109 | 115.95 | 116.68 | 0.73 | 2.21 | 1.13 | 2.00 | ||
TDD0109 | 121.82 | 122.50 | 0.68 | 3.12 | ||||
TDD0109 | 122.50 | 123.27 | 0.77 | 2.49 | ||||
TDD0109 | 123.27 | 123.77 | 0.50 | 4.25 | 1.95 | 3.16 | ||
TDD0109 | 123.77 | 124.30 | 0.53 | 1.30 | ||||
TDD0109 | 124.30 | 125.30 | 1.00 | 1.48 | 3.48 | 2.39 | ||
TDD0112 | 65.12 | 66.10 | 0.98 | 6.52 | ||||
TDD0112 | 66.10 | 67.10 | 1.00 | 2.78 | ||||
TDD0112 | 67.10 | 68.10 | 1.00 | 1.59 | ||||
TDD0112 | 68.10 | 69.10 | 1.00 | 4.96 | ||||
TDD0112 | 69.10 | 70.10 | 1.00 | 1.68 | ||||
TDD0112 | 84.70 | 85.70 | 1.00 | 0.04 | 4.98 | 3.49 | ||
Notes to the above table:
1. Widths represent drill intersection widths not corrected for drill hole inclination and dip of the geological zone. True widths have not been determined.
2. Drill holes have not been drilled in numerical sequence and not all drill holes in a sequence have necessarily been drilled. Drill hole numbers represent the original drill hole identification assigned when planned.
3. No capping of high-grade values has been applied to the assay results.
Drilling during Q2-2014, drilling at Nyakagwe Village will continue to focus on the northeast structure. Drillholes TDD0115 and TDD0116 are planned to intersect the structure some 50 m vertically below surface, 50 m to the southwest and northeast of the existing intersections respectively. Should these achieve promising results, step-back, deeper drilling will follow to establish the down-dip continuity.
Further details are set out in the Tembo Gold Corporation press release that can be accessed on their SEDAR profile at www.sedar.com.
QA/QC
A stringent QA/QC practice is being applied to all sample batches. A Verified Reference Material standard is inserted every 20th sample, a known blank or blank standard every 20th sample and all samples with assays greater than 0.5 g/t Au are re-assayed. 1% of all samples are submitted to an alternative laboratory for check analysis. In addition the laboratory adheres to an internal QA/QC procedure including standard samples and repeats and blanks inserted independently.
The above information has been prepared under the supervision of Tembo Director David Scott, Pr. Sci. Nat., who is designated as a "Qualified Person" with the ability and authority to verify the authenticity and validity of the data.
* * ENDS * *
For further information please visit www.stratexinternational.com, email info@stratexplc.com, or contact:
Stratex International Plc | Tel: +44 (0)20 7830 9650 |
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Bob Foster / Christopher Hall / Claire Bay
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Grant Thornton UK LLP | Tel: +44 (0)20 7383 5100 |
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Philip Secrett / Melanie Frean / Jen Clarke
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Northland Capital Partners Limited | Tel: +44 (0)20 7382 1100 |
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Gavin Burnell / Matthew Johnson / Alice Lane /John Howes
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SP Angel Corporate Finance LLP | Tel: +44 (0)20 3463 2260 |
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Ewan Leggat / Tercel Moore
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Yellow Jersey PR Limited | Tel: +44 (0)20 3664 4087 |
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Dominic Barretto / Philip Ranger / Anna Legge |
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Notes to editors:
Stratex International is a well-funded AIM-quoted exploration and development company focussed on gold and high-value base metals in Turkey, East Africa and West Africa. Since listing on AIM in 2006, Stratex has had an impressive track record of successful exploration supported by joint-venture partnerships, both with major international mining companies and local companies to maximise the potential of its discoveries.
In December 2012 the Company announced the sale of its 30% interest in the Öksüt gold project for cash of 20 times its original US$1 million investment and retained a royalty of 1% up to a maximum additional value of US$20 million.
To date Stratex has discovered more than 2.2 million ounces of gold and 7.9 million ounces of silver, as well as 186,000 tonnes of copper. The Company has a robust cash balance and is therefore well-placed to advance its existing exploration programmes and is also actively seeking to acquire advanced projects that are at the drill-ready stage or even have identified resources, particularly in East Africa and West Africa.