www.stratexinternational.com
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 Intl to go ahead with 60% option over Shehagne license as sampling returns high gold grades
Turkey and Ethiopia operating gold miner Stratex International (AIM: STI) intends to proceed with its previously announced option to acquire 60% of the Shehagne Exclusive Exploration License (Shehagne EEL) in Ethiopia by expending a further £250,000 after its exploration programme returned further high grade results.
Channel chip results defined an extensive zone of gold mineralisation of 900 metres in length and more than 200 metres in width within the Tsemmetti target area, where the latest exploration results included intersections of 11 metres grading 4.39 g/t (grammes per tonne) gold and 40 metres grading 1.40 g/t gold and selective individual and composite vein samples assayed up to 66.30 g/t gold and including 46.8 g/t gold, 26.5 g/t gold, 23.8 g/t gold, 20.8 g/t gold and 14.7 g/t gold.
The company is currently awaiting results from a new zone discovered 800 metres to the north-north-west of the Tsemmetti area.
“These positive results emphasize the significant potential of this new exploration frontier. In light of these results we will aggressively continue our option to acquire 60% of this exciting prospect through an expanded programme of geological mapping and sampling that will lead to prioritizing drill targets for the latter part of the year…the board believe this progress will establish Stratex as a leading exploration and development company,” said executive chairman David Hall.
Stratex signed a letter of intent with Sheba in August 2009 to earn-in to an initial 60% of Sheba's Shehagne EEL, and the formation of a joint venture (JV) to explore and acquire a new licence in northern Ethiopia. Stratex has also acquired a 5.45% interest in Sheba for £40,000 through a private placement at 0.75p and is also entitled to matching warrants at 0.75p exercisable for two years.
Under the terms of the agreement, Stratex can earn 60% of 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% by taking the project to completion of a bankable feasibility study.
Shares in Stratex rose 6% on the news today.
