Oriole Resources Regulatory News (ORR)

Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining

Stratex International Plc

('Stratex' or 'The Company')

Work Progresses at 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 reported progress on its 2014 work programme at the Tembo Gold Project in Tanzania. The first drill hole has tested the main structural corridor, the 'Buly Trend', in the vicinity of the Buly artisanal workings. In addition, an induced polarisation ("IP") geophysical survey completed over a wider area has identified a significant anomaly on which Tembo has now commenced drilling an initial diamond drill hole. This anomaly is located along the interpreted projected extension of the structure that hosts the Reef 1 orebody at African Barrick Gold's 20 M oz Bulyanhulu Mine (current reserves and resources total 14 M oz).

The 100 sq km Tembo licence area is located in the north-west of the country within the highly prospective Lake Victoria Goldfield, and is adjacent to the Bulyanhulu Mine. 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

· A strong magnetic lineament characterises the interpreted extension of the structure hosting Reef 1 at Bulyanhulu Mine;

· A 200 metre-long artisanal working is located along this lineament;

· TDD0001, drilled through this lineament beneath the workings, intersected a strong broad brittle-ductile shear zone with associated quartz veining but little sulphide and only minor gold mineralisation;

· Initial IP results, however, have revealed a strong chargeable and resistive zone at depth and along strike to the northwest at the Ngula 2 target, which is also associated with an active artisanal working;

· The Ngula 2 target has consistently returned high grades from grab samples of the artisanal production, including 27.10g/t Au, 30.70g/t Au, 31.35g/t Au, 38.45g/t Au and 35.60g/t Au: and

· Drilling to test the IP chargeability anomaly has commenced.

Bob Foster, Stratex Chief Executive Officer, said: "The Buly Trend is broadly defined by a number of magnetic lineaments with a NW-SE orientation similar to that of the shear zones hosting the 20 million oz Bulyanhulu Gold Mine and located between 4 km and 9 km along strike from the main mineralised zones at Bulyanhulu. The fact that the first hole drilled into such a lineament close to the Buly artisanal workings intersected a substantial shear zone gives us confidence in projecting the gold-hosting shear zones from Bulyanhulu into the Tembo tenement area. The recently completed IP survey over a wider part of the tenement area has identified a strong conductor that is coincident with a NW-trending zone along strike from the Buly workings and the current drill hole will investigate whether the chargeability of the zone is related to sulphide mineralisation. In fact, the long drill hole has the potential to intersect both a high-level zone and a deeper zone. We await the results of the drilling with considerable interest." 

Further Details

The following information is reproduced from the Tembo Gold Corporation press release.

Geology of the Buly Trend

The geology of the Bulyanhulu Mine sequence trends northwest into the Tembo licence area. Two northwest-trending structures that host the resource at Bulyanhulu (Reef 1 and Reef 2 450-500 m) apart, are believed to continue in a north-westerly direction through the boundary separating the properties. Reef 1 is located in a brittle-ductile shear structure located largely within an argillaceous meta-sediment on a mafic-felsic metavolcanic contact. A number of other sub-parallel magnetic lineaments are evident across a broad northwest-striking metavolcanic sequence. These structures commonly occupy contacts between individual lithological units consisting of stacked metavolcanic flows, alternating mafic and felsic meta-volcanic rocks and associated meta-sediments.

Artisanal Workings along the Buly Trend

Artisanal workings along the Buly Trendand associated sub-parallel northwest trending structures are limited. This may be attributed to a large extent to extensive cover due to deep weathering of altered structural zones and lithologies. A 200 m strike-length dormant working is located 700 m from the Buly boundary along the northwest magnetic lineament and an initial borehole has been drilled beneath these workings. Further to the northwest along the Buly Trend and considered to be associated with deformation and mineralization along this trend, is a group of currently extremely active workings, the Ngula 2 target. Material from these workings has been regularly sampled as random grab samples and consistently returned exceptional grades. Best sample results previously reported from the deep shaft workings at Ngula 2: 27.10 g/t Au, 30.70 g/t Au, 31.35 g/t Au, 38.45 g/t Au and 35.60 g/t Au.

IP Geophysical Survey

Spectral Geophysics has recently completed an IP survey measuring chargeability and resistivity. The survey was designed to probe to depths in excess of 800 m, over a grid adjacent to the Bulyanhulu-Tembo boundary. Initial 200 m spaced north-east oriented lines identified areas of interest over which the line spacing was closed to 100 m to improve the 3-D model resolution.

The IP survey has revealed a weak sub-vertical chargeability anomaly, developed to a depth exceeding 650 m along the Reef 1 trend commencing some 1,500 m from the boundary with the Bulyanhulu mining licence. This anomaly weakens slightly towards the north-west but approximately 400 m further in this direction it strengthens significantly, particularly at depth and for 700 m to the northwest to the end of the surveyed grid. The geophysical interpretation indicates that the chargeability response is increasing towards the end of the grid and becoming shallower and is open in that direction. The 3-D modelling of the geophysical response has provided the necessary information to plan initial test drillholes.

A second chargeability anomaly is located approximately 500 m to the north, extending in depth from -50 m to -450 m where it becomes weaker. This anomaly extends some 600 m along a northwest trend, parallel to the anomaly that is now being drilled.

Drilling along the Buly Trend

Four drill holes were previously drilled at the Ngula 2 workings along the trend in an attempt to intersect the structures being mined by the artisanal miners, but failed to intersect any mineralized structures. Borehole TDD0001 was drilled some 700 m northwest of the licence boundary beneath a 200 m long shallow artisanal working along the magnetic lineament interpreted to be the extension of the Bulyanhulu Reef 1 contact structure. The borehole intersected a zone of strong shearing from a depth of 62.60 m to 94.80 m. The intersection displays a strongly developed foliation and contains abundant quartz-carbonate veining with minor sulphide but only low concentrations of gold. Further structural deformation was noted as a zone of weak to moderate foliation from 94.80 m to 177.40 m in a strongly magnetic gabbro. The best results were:

· TDD0001: 0.53 g/t Au over 1.00 m from 82.00 m, and 0.85 g/t Au over 1.95 m from 162.70 m.

Although the gold results along this structure are low grade, the extent and intensity of deformation are considered positive attributes that elsewhere along strike could have the potential to host significant gold mineralization.

The first drillhole, planned to a maximum inclined depth of 750 m, will test the IP geophysical chargeability anomaly and has been collared 200 m from the northwest limit of the grid in the vicinity of the Ngula 2 artisanal workings. Due to an apparent steeply-dipping offset displacement, it is designed to test both the near-surface anomaly at a vertical depth of 100-200 m and the deeper stronger offset anomaly at a depth of 400-500 m.

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 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.

Further details are set out in the Tembo Gold Corporation press release that can be accessed on their SEDAR profile at www.sedar.com.

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For further information please visit www.stratexinternational.com, email info@stratexplc.com, or contact:

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.