Stratex International

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Stratex International is an exploration and development company focusing on gold and high-value base metals. The company objective is to be a leading-edge and innovative explorer whilst creating revenue from gold and base metal production via well-managed joint-ventures.

 

Since formation, Stratex has rapidly amassed a portfolio of high-potential exploration licences in Turkey and Ethiopia, primarily focussed on gold.

 

Stratex International encouraged by initial gold sampling at Shehagne licence in Ethiopia

Tuesday, November 24, 2009 by Andre Lamberti
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Stratex International PLC’s (AIM: STI) recent move into Ethiopia seems to be paying off. The company announced positive gold results this morning from its exploration programme at the 50 square kilometres Shehagne exclusive exploration licence in the North of the country.

Initial results from channel-chip sampling highlight the “exciting potential” of the Shehagne area and clearly identified broad zones of mineralisation, approximately 300 metres in width, within the previously identified area of the Tsemmetti gold-in-soil anomaly which remains open to both the south-west and north-east, the company said.

Stratex in September surprised the market with news it was acquiring a stake in a PLUS-listed Sheba Exploration (UK) PLC which holds the Shehagne EEL and was entering a joint venture with its new partner to explore new prospective targets and licence areas.  Until then, the company had been focusing on exploring, developing and then joint venturing projects in central and western Turkey.

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Stratex put up £40,000 to take a 5.6 percent stake in Sheba and signed a binding letter of intent with Sheba to earn-in to an initial 60 percent of the Shehagne project near the town of Adwa.
 
Additionally Stratex and Sheba agreed a joint venture on a respective 70:30 basis to explore new prospective targets and licence areas in northern Ethiopia. Stratex believes that potential licence areas have excellent potential for gold and/or copper and massive sulphide occurrences. Under the terms of the new JV, Sheba may earn up to 50 percent of the JV by reimbursing Stratex a further 20 percent of the total exploration costs. 

Regarding the latest sampling at Shehagne, Stratex said the first channel of what is intended to be a detailed sampling programme exposed veining and gold-associated characteristics over a width of 284 metres with gold values ranging from 23 parts per billion up to 5.68 grammes per tonne.
 
Work identified two zones with higher gold contents, separated by a 32 metre-wide zone of no exposure: the exploration teams found 51 metres grading 0.88 g/t Au, including a zone of 17 metres grading 2.02 g/t Au, and 135 metres grading 0.31 g/t Au, including a zone of 54 metres grading 0.80 g/t Au.

Stratex chairman David J. Hall commented: "Additionally, the stream sediment survey over the wider concession area has defined a number of further targets for follow-up.  In light of this, if further positive results emerge, we will undertake further sampling and mapping and advance the prospect to drilling next year."

The biggest identified anomaly was 1,800 ppb Au from a zone south of the main Tsemmetti anomaly.  Other anomalies exceeding 120 ppb Au were identified approximately  1,000 metres to the south of Tsemmetti and between 3,000 metres and 4,000 metres to the west and north-west.  All require detailed investigation and indicate a much wider potential beyond the current boundaries of the Tsemmetti zone, Stratex said.

An additional four channels are planned over the Tsemmetti anomaly over an approximate strike length of 800  metres and a width of 300 metres.  Early reconnaissance mapping and rock sampling has confirmed continuation of the mineralisation throughout the main Tsemmetti anomaly with a similar width and vein density to that of the  first channel. 

The company can earn 60 percent in the Shehagne EEL by expending £100,000 in the initial three months and a further £250,000 over the subsequent 18 months. It may also earn a further 20 percent by taking the project to completion of a easibility study.

The Shehagne EEL has already been explored by Sheba and extensive gold anomalism soil has been identified.  The main target to date is the Tsemmetti prospect in the south-eastern part of the EEL where Sheba has defined a large - 100 parts per billion - gold-in-soil anomaly over a three kilometre strike.


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Additional Information

Market:AIM
Sector:General Mining - Gold
EPIC:STI
Latest Price: 3.05p  (6.56% Ascending)
52-week High:4.63p
52-week Low:3.00p
Market Cap:8.75M

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