Stratex International plc (LON:STI) has updated investors on the operations of the Thani Stratex Resources (TSR) where a drill programme is underway to expand gold resources at the Anbat project in Egypt.
Some 2,017 metres have been drilled in eleven holes, and it has now declared a maiden resource of 209,000 ounces of gold. Additionally, pit optimisation for a start pit sees 2.9mln tonnes of material grading 1.1 grams per tonne, to yield some 101,000 ounces.
"The recently reported drill intersections and the delivery of an initial JORC-compliant resource are encouraging developments, with the plus of further exploration potential being indicated by consultants CSA,” said Dr Bob Foster, Stratex chief executive.
“I look forward to having the opportunity to get further insight to the project when I visit Anbat in the near future."
Stratex also noted that it is investing US$200,000 in the venture, payable in two tranches, with the second due before the end of December. It is part of a larger US$500,000 funding into TSR, and the cash will be used for the second phase of drilling at the Pandora gold project in Djibouti.