Last checked at 16 Sep 2010 07:00
Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining
16 September 2010
Stratex International Plc ('Stratex' or 'the Company')
Gold Mineralisation Extended to 1.34 kilometres at Shehagne's Tsemmetti Zone in Northern Ethiopia and Acquires New Concessions
Stratex International Plc is pleased to announce further encouraging results from its gold exploration programme at the 37 sq km Shehagne Exclusive Exploration Licence ('Shehagne EEL'), which is under option from Sheba Exploration (UK) Plc, ('Sheba') and is located in a highly prospective area of northern Ethiopia. Additionally, Stratex has acquired new licences in northern and central Ethiopia which will be the focus of gold and base metal (copper-lead-zinc) exploration, further bolstering the Company's portfolio within the country.
Highlights
·; Channel-chip sampling completed across the main Tsemmetti zone, has extended the bedrock mineralisation by 440 m to a total 1,340 m - mineralisation remains open to the southwest
·; Sampling results include:
o 24 m grading 0.92 g/t Au
o 36 m grading 0.92 g/t Au
o 9 m grading 2.49 g/t Au
·; Maximum grade of 52.5 g/t Au yielded from selective vein sample located at the extreme southwest end of the Tsemmetti Zone
·; New exploration concession, Berahale, approved in northern Ethiopia covering 1,188 sq km, to be the focus of gold and base metal exploration
·; New epithermal gold target, Gademsa, in the Main Ethiopian Rift of central Ethiopia shows similar geology to the Company's Megenta gold discovery in the Afar region of Ethiopia
Stratex's Executive Chairman David J. Hall said, "We are encouraged by these latest results from Shehagne which extend an already strike-extensive gold vein system to more than a kilometre and suggests a potential for bulk mineable mineralisation. With this in mind we are reviewing the option to undertake reconnaissance drill-testing of the zone but the timing of this will be dependent on the development of our other exciting projects in Ethiopia to ensure that our capital and resources can be used to maximum effect.
"Our move into Ethiopia has proved exciting and, as the acquisition of new licences illustrate, we are committed to building our presence here. The addition of the Berahale licence to our ground position in the northern part of the country provides expanded opportunities for the discovery of Shehagne-type gold-quartz vein deposits as well as a range of gold-base metal deposit-types. In addition we have targeted the Gademsa volcanic centre in the Main Ethiopian Rift as it bears many similarities to our low-sulphidation gold discovery at Megenta."
Detailed Information
Under the terms of an Option Agreement with Plus-quoted Sheba, Stratex has built upon early exploration work completed at Shehagne EEL by Sheba during 2006-2009, which had defined a broad gold-in-soil anomaly extending over a strike length of approximately 3 km and underlain in places by medium- to high-grade quartz veins.
Stratex has now completed a programme of channel-chip sampling, to a line spacing of 50-70 metres, across the entire altered Tsemmetti Zone within the Shehagne EEL. This sampling has extended the known bedrock mineralisation by a further 440 metres to the southwest, with infill sampling now proving continuity of gold mineralisation along a strike length of 1,340 metres. Mineralisation remains open to the southwest.
A maximum grade of 52.5 g/t Au was yielded from a selective vein sample located at the extreme southwest end of the Tsemmetti Zone. Further results include:
| Channel | Intersections | Including | ||||
| From (m) | To (m) | Interval (m) | Au (g/t) | Interval (m) | Au (g/t) | |
| Channel 7 | 0 | 12 | 12 | 0.53 |
|
|
| Channel 8 | 0 | 16 | 16 | 0.44 |
|
|
| Channel 11 | 4 | 43 | 39 | 0.7 | 24 | 0.92 |
| Channel 13a | 0 | 21 | 21 | 0.48 | 12 | 0.74 |
| Channel 15 | 11 | 15 | 4 | 1.58 |
|
|
| 22 | 31 | 9 | 2.49* |
|
| |
| 50 | 54 | 4 | 0.69 |
|
| |
| Channel 24 | 0 | 18 | 18 | 0.49 |
|
|
| Channel 25 | 0 | 36 | 36 | 0.92 |
|
|
| 39 | 62 | 23 | 0.38 |
|
| |
* Top-cut to 20 g/t Au
The mineralised zone varies in width from 200 metres to 300 metres. Furthermore, due to steeply incised topography, the vertical extent of the gold mineralisation is a minimum of 70 metres, suggesting significant potential for the continuation of down-dip mineralisation.
Shehagne Details
Stratex and Sheba signed a Binding Letter of Intent in August 2009 with respect to Stratex earning-in to an initial 60% of Sheba's prospective Shehagne EEL. The 37 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 commencing 28 August 2009, and a further £250,000 over the subsequent 18 months. It may earn a further 20%, to a total 80%, by taking the project to completion of a bankable feasibility study.
The Shehagne EEL has previously been explored by Sheba, the main target to date being the Tsemmetti target in the southern part of the EEL where Sheba had defined a large >100 ppb gold-in-soil anomaly over a three kilometre strike. Results from Sheba's reconnaissance percussion drilling include:
·; 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 and siting of the drill locations was limited by access and lack of funds for drill road construction.
Stratex also acquired in August 2009, a 5.45% interest in Sheba for £40,000 through a private placement at 0.75p per share, with matchingwarrants at 0.75p exercisable for two years from the time of placing.
New Exclusive Exploration Concessions
Stratex has 100% ownership of two new Exclusive Exploration Concessions in Ethiopia, namely the Berahale concession and the Gademsa EEL, bringing the total land package to 4,504 sq km.
The Berahale concession covers 1,187 sq km of prospective ground east of Stratex's Tigray licence in northern Ethiopia. This area is an extension of the Asmara gold belt being actively explored across the border in Eritrea and the Company believes there is considerable potential for the discovery of gold and gold-base metal deposits. The area has seen little modern exploration and Stratex will extend its regional stream sediment programme and mapping to cover the concession.
The Gademsa EEL covers 138 sq km of a caldera setting where fossil hydrothermal activity similar to the Megenta discovery has been reported. The area can be easily accessed from Addis Ababa and will undergo rapid geological evaluation by the Stratex team with a view to defining epithermal gold mineralisation for detailed sampling and subsequent drilling.
Our entire land position in Ethiopia and Djibouti can be viewed via the following link: http://www.stratexplc.com/operations/ethiopia.asp
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 please visit www.stratexinternational.com, email info@stratexplc.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 |
| Claire Palmer | Stratex International Plc | Tel: +44 (0) 20 7830 9650 |
| Tim Metcalfe | Westhouse Securities Limited | Tel: +44 (0) 20 7601 6100 |
| Martin Davison | Westhouse Securities Limited | Tel: +44 (0) 20 7601 6100 |
| Jason Bahnsen | Fox Davies Capital | Tel +44 (0) 20 7936 5230 |
| Felicity Edwards | St Brides Media & Finance Ltd | Tel: +44 (0) 20 7236 1177 |
| Elisabeth Cowell | 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 focussing on gold and base metal opportunities in Turkey northern Ethiopia, and the Afar Depression of eastern Ethiopia and Djibouti.
Stratex has a two-prong strategy: firstly it is moving to production through its partnership with NTF, with initial production targeted at Inlice by end 2011 and at Altıntepe by end 2012/early 2013; and secondly to discover and develop new projects by focused low-cost exploration, adding maximum value prior to optioning/joint venturing or selling on to a dedicated mining company, including NS Madencilik.
Turkey
·; Total resources stand at 1.17 million oz of gold (combined oxide and sulphide gold) and approximately 3.2 million oz of silver
·; Partnership with NTF, a technically capable and well-financed Turkish company, to rapidly develop the 542,318 oz oxide resources of the Inlice and Altıntepe projects
·; An option/joint venture agreement with Centerra Exploration B.V., a wholly owned subsidiary of Centerra Gold Inc., to explore and develop the Öksüt project, a high-sulphidation gold discovery located in Central Anatolia
·; An option/joint venture agreement over the Hasançelebi project, a high-sulphidation gold project in central Turkey with Teck Madencilik Sanayi Ticaret A.S., a Turkish subsidiary of Teck Resources Limited of Canada, a major shareholder in Stratex.
Ethiopia
·; 5.45% shareholding in PLUS-quoted exploration company Sheba Exploration (UK) plc ('Sheba')
·; A joint venture with Sheba to (i) earn-in to an initial 60% of the prospective 37 sq km Shehagne gold project in Ethiopia, and (ii) explore targets in northern Ethiopia on a 70:30 joint venture basis
·; 2,780 sq km land position over new epithermal gold discovery and multiple related gold targets in the Afar Depression which straddles the border of eastern Ethiopia and Djibouti.