Oriole Resources Regulatory News (ORR)

1 Oct 2007 09:21

Stratex International PLC01 October 2007 Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining 1st October 2007 Stratex International Plc (Stratex or the "Company") Commences Drilling on Strong Geophysical Targets at Doganbey Stratex International Plc ("Stratex" or "the Company"), the AIM-quotedinternational exploration and development company focusing on gold and basemetal opportunities in Turkey, is pleased to announce new positive explorationresults and the commencement of drilling at its Doganbey gold property in theKonya Volcanic Belt, following the identification of strong geophysicalanomalies. Highlights • Ground geophysical surveys highlight high chargeability and strongly positive magnetic anomalies defining a high-priority target area • 800 m x 600 m target zone where porphyry-style gold mineralisation has already been recorded at surface • Commenced a 1,000-metres reconnaissance drill programme planned by technical team from Stratex and Teck Cominco Limited's Turkish subsidiary, Teck Cominco Arama Madencilik ("Teck Cominco") • Doganbey prospect is one of many prospects within the Konya Volcanic Belt, a volcanic belt that has been compared to the 40M oz Maricunga gold belt in Chile by renowned consultant Dr. Richard Sillitoe The Doganbey prospect was discovered by Stratex in mid-2006 following ageological mapping and sampling programme that focused on the first of manytarget areas in the Konya Volcanic Belt. The target areas all demonstratedsimilar satellite-image (Aster) characteristics to those of the Company'sflagship Inlice gold discovery, for which a resource of 372,971 oz gold hasalready been declared. At Doganbey, alteration, breccia bodies, and massive to vuggy silica wererecorded over an area of approximately 2,000 m x 3,000 m, and anomalous rockvalues of gold (>25 ppb) and molybdenum (>5 ppm) were recorded over the samearea. The maximum gold and molybdenum values were 680 ppm (0.68 g/t) and 327 ppm(0.037%) respectively. Following a site visit in November 2006, international consultant Dr. RichardSillitoe confirmed the presence of porphyry-style gold mineralisation exposed atsurface in the Doganbey prospect and drew comparisons between the Konya VolcanicBelt and the 40M oz Maricunga gold belt in Chile. A subsequent soil geochemistry survey demonstrated that the area was stronglyanomalous in gold, molybdenum, and other elements. Subsequent ground-basedgeophysical surveys (induced polarisation and magnetic) were completed on a 200m x 100 m grid in August and September of this year. This resulted in theidentification of strong Induced Polarization ("IP") chargeability anomalies,indicating the presence of a chargeable body, possibly representing sulphideminerals, encompassing the outcrop of the porphyry mineralisation and extendingbeneath a wide area of barren silica alteration. Positive magnetic anomalies,indicating the possible presence of the mineral magnetite, combined with thestrong IP chargeability have defined a high-priority target area ofapproximately 600 m x 800 m within the previously identified geochemicallyanomalous area. Following a review of all the data by a joint Stratex / TeckCominco technical team, three diamond drill holes have been prioritised toinvestigate the coincident geochemical and geophysical targets. Drillingcommenced on 21 September. Commenting on the latest developments, Stratex CEO Bob Foster said, "The Inlicediscovery remains an important focus for us in the Konya Volcanic Belt, where weare continuing with the scoping study on the Ana Zone resource as well asdrilling the recently identified targets in the surrounding area. However, theDoganbey drilling is an exciting new development for the Company and is only thefirst step in the detailed investigation of a number of high-priority targets inthe wider Konya belt where we own 35 licences totalling 410 sq km. "Importantly, the Doganbey drilling marks the first step in the jointexploration programme by Stratex and Teck Cominco in the Konya area, which isfinanced by Teck Cominco as part of its first-phase commitment to fund US$1M ofexploration expenditures by June 30, 2008. We anticipate that the proposedairborne geophysical survey of the Konya belt will be undertaken during Octoberthis year and should contribute substantially to the identification andprioritisation of new targets to be brought to the drill stage in 2008." Sampling, assaying, and QA/QC Stratex's sampling of drill core and outcropping rocks conforms to industry-widegood practice, with drill core being split using a diamond saw, and with chainof custody being observed for all samples. Analysis is undertaken by ALS Chemexat its laboratories in Vancouver, Canada, and Romania, and the Company maintainsQA/QC on all analytical work via the use of certified reference materials, fieldduplicates, and blank samples in addition to monitoring of internal laboratorycheck-analyses. CEO Dr. Bob Foster, FIMM, CEng, is a Competent Person as defined by variousinternational instruments and takes responsibility for the release of thisinformation. * * ENDS * * 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 Hugo de Salis St Brides Media & Finance Ltd Tel: +44 (0)20 7242 4477 Notes to editors: Stratex International Plc is an AIM-quoted exploration and development (E&D)company currently focusing on gold and base metal opportunities in Turkey. TheCompany's strategy is to discover and develop new projects by focused low-costexploration, thus adding maximum value prior to optioning/joint venturing orselling on to a dedicated mining company. In the event of a major discovery,Stratex has a strategic partner in Teck Cominco Limited that will ultimatelyenable Stratex to realise cash flow without being exposed to the higherfinancial cost of taking projects to bankable feasibility studies. Stratex has discovered the Inlice high-sulphidation gold deposit and announcedan initial resource of 372,971 oz at a cost of less than US$2 per oz. Stratex isnow further evaluating this deposit through additional resource drilling andexploration. Directed by a highly experienced resource sector management team,Stratex's activities will continue to identify quality mineral resources,primarily gold, silver, copper, molybdenum, zinc, and nickel in Turkey but theCompany will also consider opportunities in other favourable jurisdictions. The mineral potential of the Inlice and surrounding Konya projects has beensubstantiated by the comparison by Dr. Richard Sillitoe with the Maricungadistrict in Chile. Prior to 1980, the Maricunga had no known copper or goldmineralization but subsequent exploration identified reserves and resourcestotalling 40 million ounces of gold. Stratex and Teck Cominco recently announced the joint venturing of the Konyaproject, excluding Inlice. This agreement commits Teck Cominco to US$1 millionof exploration expenditures in Year 1 under Stratex management and provides theoption to acquire 51% of the project by incurring further expenditures of US$2million in the subsequent two years. The agreement provides independentconfirmation of the exploration potential of the Konya Volcanic Belt and, giventhat Stratex has only expended approximately US$100,000 on exploration in theKonya area, is an excellent example of how value can be added by focused andprofessionally directed exploration. Stratex has identified the new paradigm in the resource sector whereby dedicatedexploration and development (E&D) companies partner mining companies. Theincreased cost, time, and permitting of major mining projects is the realm ofdedicated mining companies, whereas E&D companies focus on the value-addingsearch for new resources. Teck Cominco Limited: The Company has a 'Strategic Alliance' with Teck Cominco Limited, a diversifiedmining company headquartered in Vancouver, Canada. Teck Cominco holds 8.8% ofthe Company. The alliance enables the two parties to pool expertise, skills anddatabases to identify potential projects. Technical and financial risks toStratex are also being reduced through the alliance with a major metal producerthat can provide additional project funding, a wealth of technical expertise,and is a ready buyer for new resources, thus ensuring rapid returns fromdiscoveries. This information is provided by RNS The company news service from the London Stock Exchange