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 discovers gold mineralisation at Blackrock license in Ethiopia
Stratex International (LON:STI) has discovered epithermal gold mineralisation at the newly acquired 299 square kilometre Blackrock exclusive exploration licence (EEL) in the northern Afar region of Ethiopia.
Shares in the company surged 5% on the news this morning.
Gold mineralisation was identified in outcropping chalcedonic silica veins and hydrothermal breccias grading up to 2.3 grammes per tonne (g/t) gold. Mineralisation was identified from four prospects covering 15.9 kilometres in distance.
Further exploration work to commence in March 2011 with the aim of fast-tracking prospects through to drill-ready status before end 2011. This will include detailed geological mapping of the silica ribs, combined with channel-chip sampling and further licence-wide exploration.
"This newly discovered occurrence of low-sulphidation epithermal-type mineralisation at Blackrock is hot on the heels of our recent discovery of Asal in Djibouti, in addition to the Megenta and Mille prospects in Ethiopia.
"Together they highlight the ever expanding area of interest within the Afar district and demonstrate the potential of what we believe to be a new metallogenic province. We continue to look for further discoveries and our teams on the ground are field-checking numerous targets," said executive director of Stratex David Hall.
Stratex expects the Blackrock prospects to be a key focus for further exploration during 2011.
The company’s 3,000 metre drill programme at Megenta is due to commence in April 2011, marking the first system to be drill tested.
“We look forward to advancing further targets towards drill definition,” said Hall.
Just a week ago, Stratex reported that it had found high-grade gold and silver mineralisation in the Tigray province of Ethiopia, revealing that the due diligence exploration work on AbiAdi prospect has unearthed grades up to 48.9 gold and 470 grams per tonne silver.
Stratex optioned into the Tigray Licence, which hosts AbiAdi, in November last year.
Through a deal with Ethiopian firm Loz-Bez Mining it can earn a 75 percent stake in the Tigray license by spending US$50,000 on due diligence exploration work and a total of US$1 million over a 36 month period – including a 3,000 metre drilling programme.
Stratex has decided to exercise its option over the Tigray license, and the AbiAdi project. It plans to fast-track AbiAdi to the drilling phase, but first an extensive rock sampling programme will get underway in the second quarter.
Last week, Fox-Davies’ mining analyst Peter Rose had a forensic look at the groups’ recent developments in both Turkey and Africa and upgraded his valuation by 20 percent, to 10 pence a share, to catch up with events.
Rose previously had an 8 pence target - a level that Stratex shares breached some time ago.
Right now most of Stratex’s market value is based on the Turkish assets, particularly its two near production mine development projects - Inlice and Altıntepe.
Inlice will be the first to be mined, with the first gold pour expected in the first quarter of 2012. It is currently at the feasibility stage and the study is due at the end of this quarter.
