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 International making good progress at Inlice and Altintepe gold projects
Stratex International PLC (LON:STI) said it is making good progress at its Inlice and Altıntepe gold projects in Turkey, which are being advanced with its joint venture partner NTF Insaat Ticaret Ltd Sti, with a target of first gold production by Q1 2012.
The feasibility study at the Inlice gold project will be finalised by January 2011. The exploration licence there has now been converted to an operation lcence, clearing the way to commence the permitting process immediately after completion of the environmental impact assessment report.
Metallurgical test work at Inlice demonstrates leach recoveries of 85 percent to greater than 90 percent for oxide material.
Stratex chief executive Bob Foster said: "As the feasibility study at our Inlice gold project draws close to conclusion we are one step closer to establishing ourselves as a gold producer in Turkey to take optimum advantage of the high gold price whilst minimising capital costs.”
The very positive leaching results reported at Inlice, together with the results of the other technical studies, will enable the financial modelling of this project to be completed and the final report submitted in January 2011, the group said.
The ongoing environmental impact assessment study is due to be completed by June 2011. Following completion of the permitting process, the processing plant will be constructed within three months, which will see Stratex move into gold production at Inlice in early 2012.
"In addition, following completion of the preliminary resource drilling of the Extension Ridge zone at Altıntepe, we are now well-placed to revise and upgrade the previously identified resources of this much larger oxide-gold project, with a view to commencing the full feasibility study early 2011,” Foster added.
The development of the Inlice and Altıntepe gold projects, which contain a current combined oxide gold resource of approximately 570,000 ounces, is being funded by JV partner NTF through NS Madencilik, the JV development company 45 percent owned by Stratex.
The previously reported resource for the Inlice project comprises 262,300 oz Au utilising a cut-off grade of 0.1 g/t Au. The open-pittable, in situ oxide resource was 944,495 tonnes grading 2.29 g/t Au for 69,324 oz but this resource is currently being revised as part of the feasibility study.
At Altintepe, the oxide resource currently stands at 472,318 oz Au, comprising 13,098,137 tonnes grading 1.12 g/t Au in all categories at a cut-off of 0.2 g/t Au and including 8.3 Mt grading 1.48 g/t Au. However this will be revised in the light of the latest drilling results, Stratex said.
At Inlice, design criteria for both the mine and the processing plant are essentially complete and are based on an initial operational capacity of 1,000 tonnes of material per day. The pit design comprises two pits, one on the Ana West Zone and a second on the nearby Ana East Zone, the two being separated by what has been named in the past as the 'Gap Zone', a 150 metre-wide low-lying area underlain by relatively high-grade gold-in-sulphide material that might be exploited at a later date.
The leach heap will initially be constructed to contain 1 million tonnes of material but is being designed so that it can easily be expanded to contain up to 3 million tonnes.
