Stratex reports positive drilling results from Muratdere in Turkey, confirms Centerra and Teck commitment

Stratex International PLC (LON:STI) reported positive initial copper, gold, molybdenum, and rhenium intersections from recent drilling at the Muratdere project and the confirmation of further funding of exploration programmes at the Öksüt and Hasançelebi prospects in Turkey by partners Centerra Gold (TSX:CG) and Teck Resources (TSX:TCK), respectively.

Chief executive Bob Foster said: "Development at our Turkish exploration assets continues to demonstrate the robust economic potential of our projects, which has been highlighted by the continued commitment from our joint venture partners.

“These exciting exploration programmes, together with the move towards production at the Inlice project in early 2012, give us every confidence that 2011 will be another positive year for Stratex.”

Since commencing the Muratdere joint venture drilling programme in December 2010, Stratex has drilled eleven holes for a total of 962.7 metres.  It reported today on the first phase of the programme as part of an earn-in by Turkish partner Aydeniz Group.

Best intersections included: hole MDD-14 intersecting 86.50 metres grading 0.39 percent copper, 0.20 grammes per tonne gold, 0.019 percent molybdenum and 0.55 g/t rhenium, MDD-15 with 82.45 metres grading 0.54 percent Cu, 0.23 g/t Au, 0.031 percent molybdenum and 0.76 g/t rhenium, and MDD-16 finding 55.10 metres grading 0.31 percent Cu, 0.22 g/t Au and 0.15 g/t rhenium.

At a current spot price more than three times that of gold, rhenium can contribute significantly to the economics of a porphyry system. The next phase of drilling will now focus on the approximately 1,500 metre-long central zone within the 4,000 m-long porphyry complex that this drilling has identified as being of significant interest, Stratex said.

JV partner Aydeniz has the right to earn in to 55 percent of the Muratdere project by funding 2,500 metres of diamond drilling within twelve months and then can acquire an additional 20 percent to bring their total stake in the project to 75 percent by completing a further 3,000 metres of diamond drilling within the subsequent twelve months and paying Stratex US$500,000.  

Further, Centerra has confirmed that it will fund ongoing exploration of the Öksüt gold project to a level of US$1.3 million during 2011 and this will include 4,600 metres of diamond drilling.

In the light of the positive drill results last year, a significant proportion of the 2011 drilling will continue to be focused on defining the nature and extent of the mineralized zones at Ortacam North and probe the continuity of mineralisation between Ortaçam North and Ortaçam itself, an untested distance of 500 metres.

Drilling will also be extended to include the yet-undrilled Küçükmeşe and Kizilağil Zones, 750 metres to the south-west of Ortaçam and 2,000 metres to the north-west of Ortaçam, respectively.  Drilling will commence during Q2 2011 subject to snow cover on the ground.

To date Centerra has expended US$2.29 million and will acquire 50 percent of the Öksüt project when expenditure reaches US$3 million, which will occur during the current 2011 commitment of US$1.3 million.  Centerra thereafter has the option to increase its interest to 70 percent by expending an additional US$3 million.

Stratex has commissioned independent consultants Wardell Armstrong International to undertake a resource estimation for the Ortaçam Zone and this will commence as soon as winter conditions permit site access.

At Hasançelebi, Teck has confirmed that it will fund a 2011 exploration programme with an initial budget of US$860,000), to include 2,000 metres of drilling, after the 2010 drilling programme confirmed the existence of three gold-mineralised silica zones along 2,800 metres of strike.

Results demonstrated the potential for low-grade, high-tonnage, near-surface gold mineralisation extending over a distance of between 1,000 metres and 2,000 metres, and vertical continuity of the system confirmed down to 300 metres in some areas. 

The 2011 drill programme will focus on determining the full extent of the near-surface mineralisation and will also target a potential feeder zone that has been defined following the completion of a land-based magnetic survey.  Drilling will commence in Q2 2011 subject to weather conditions.

Under the terms of the JV agreement, Teck may fund US$2 million in work before 31 December 2012 to acquire a 51 percent interest in the project.  Subsequent to vesting its 51 percent interest, Teck has the option to earn a further 19 percentin the project, taking its interest to 70 percent, by expending an additional US$3 million over the following three years.