Last checked at 21 Jul 2008 10:00
Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining
21 July 2008
Stratex International Plc ('Stratex' or 'the Company')
Stratex's Pipeline of Discoveries Grows and Drilling to Start on Priority Targets
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HIGHLIGHTS
Discovery of the Kozlu and Gölcük porphyry gold occurrences
2,000 metre reverse circulation ('RC') drilling programme to commence at Karacaören and Gölcük in August
Diamond drilling of Öksüt also to commence August
Hasançelebi silica zones exceed 5.5 km with numerous +1 g/t gold values recorded
Licence package including six identified alteration zones established at Altunhisar
CEO Dr Bob Foster commented, "We are delighted with the rate at which we are adding quality exploration plays to our pipeline of projects. Following the recent discovery of the Karacaören, Kozlu, and Gölcük porphyry occurrences, Konya continues to underpin our belief in its potential to host a major porphyry gold system. The importance our partner Teck Cominco Limited places on these discoveries is evident from our mutual agreement to drill both Karacaören and Gölcük imminently.
Konya Project
The joint Stratex - Teck Cominco Limited ("Teck Cominco") exploration programme in the Konya Volcanic Belt, which is financed as part of Teck Cominco's earn-in, has identified two new porphyry gold occurrences. Porphyry-style quartz veins and anomalous gold values have now been identified in the Kozlu prospect, some 3 km east-south-east of the recently discovered Karacaören porphyry occurrence which hosts outcropping rock values up to 1.27 g/t gold ("Au").
In addition, well-developed porphyry-type quartz veining and overprinting alteration have been identified in a porphyry body at Gölcük. Gold values up to 0.54 g/t have been recorded in the intensely altered rocks. This discovery is 5 km east-south-east of the Doğanbey porphyry gold occurrence, which was the subject of reconnaissance drilling in late 2007/early 2008.
Öksüt
At the Company's wholly-owned high-sulphidation gold discovery at Öksüt, some 300 km east of the Konya project area, priority is being given to the rapid start-up of drilling. Necessary permissions to drill are currently being sought and it is anticipated that two diamond drill rigs will commence drilling the high-sulphidation Ortaçam Zone in August. A baseline environmental study will be initiated at the same time.
The Company believes that this prospect has excellent potential for significant gold mineralisation, based on the extensive surface gold values over an area of 200 metres x 300 metres reported on 27 May 2008 (including 111.0 metres grading 0.90 g/t Au and 21 metres grading 2.91 g/t Au). The gold is confined to gently dipping volcanic units up to 100 metres in thickness that offer the potential for readily accessible open-pittable oxide material. In parallel with the drilling programme, exploration will continue to focus on the wider silica system, which extends over an area of 4,000 metres x 2,000 metres and includes at least two additional discrete outcropping zones in which sampling has already identified anomalous gold values.
Hasançelebi
Mapping of the Hasançelebi project, hosted by a volcanic belt 200 km north-east of Öksüt, has revealed that a system of silica ledges extends more than 5,500 metres, within which two parallel silica ledges extend near-continuously over a distance of at least 3,500 metres. Latest chip-sampling results include:
22 m-wide zone grading 1.16 g/t Au
Multiple values exceeding 1 g/t Au
One silica zone averaging 8.82 metres wide and grading 0.44 g/t Au over a distance of 640 metres (weighted average of chip samples taken across the zone at 50 metre intervals)
Drill-testing of the gently to moderately dipping zones is planned for late 2008 or early 2009. Stratex has acquired an extensive licence package of 352 km2 over a number of substantial alteration zones in this volcanic belt and is now extending its exploration programme to include at least four of these.
Altunhisar
The Altunhisar project, 100 km west of Öksüt, covers a major stratavolcano complex similar to those of the Konya Belt. The Company has established a contiguous licence package of 455 km2 over at least six identified alteration zones, including the 16 km2 Karanlıkdere Zone that hosts an 80 metre-wide steeply dipping silica ledge extending 1,000 metres. Reconnaissance exploration mapping and chip sampling in all zones has revealed numerous gold anomalies in addition to high molybdenum ('Mo') values up to 0.048% Mo. As a result of these positive findings, the exploration team has been expanded and the programme of mapping and sampling has accelerated.
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 Vancouver, Canada, and Romania, 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. This is confirmed by ACA Howe.
CEO Dr. Bob Foster, FIMMM, CEng, is a Competent Person as defined by various international instruments and takes responsibility for the release of this information.
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For further information 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 |
| Anita Ghanekar | Hanson Westhouse Limited | Tel: +44 (0) 20 7601 6100 |
| Victoria Thomas | 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 focusing on gold and base metal opportunities in Turkey. Its proven strategy is to discover and develop new projects by focused low-cost exploration, thus adding maximum value prior to optioning/joint venturing or selling on to a dedicated mining company.
Stratex's portfolio in Turkey covers 11 licence blocks totalling approximately 1,724 sq km. These include the Altıntepe gold project in north-east Turkey; the Inlice high-sulphidation gold deposit in the Konya Volcanic Belt; Doğanbey, Karacaören, Kozlu, and Gölcük - new porphyry gold targets within the Konya Volcanic Belt; Öksüt - high-sulphidation silica ledges up to 100 m in thickness; multiple silica zones and areas of lithocap alteration in the Hasançelebi and Altunhisar prospects; Muratdere - a porphyry gold-copper-molybdenum occurrence, and Karaagaç - a partially exposed, gently dipping gold-bearing zone. Ongoing resource drilling and exploration programmes are underway on a number of these licences, focused on increasing Stratex's total resources, currently standing at slightly more than 916,000 oz of gold and 2.5 million oz of silver. The Company is now actively seeking to put Altıntepe and Inlice into production with selected mining-capable partner companies.
Stratex has a strategic partnership with Canadian major mining company, Teck Cominco Limited, which has an 8.8% stake in the Company, enabling the two parties to pool expertise, skills and databases to identify potential projects.