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: Turkish partner commits to Muratdere project after latest batch of drill results
Stratex International’s (LON:STI) Muratdere joint venture project in Turkey is pushing forward as the latest set of drill results have prompted partner Aydeniz Group to take a 75 percent stake and fund the next phase of exploration.
This morning Stratex revealed the drill results that included more intersections of copper, gold, and molybdenum.
The highlight intersections were between 11.2 to 178.4 metres grading 0.35 - 0.82 percent copper, 0.1 - 0.29 grams per tonne gold and 0.45 - 0.67 percent molybdenum. These intersections also included higher grade sections like in drill hole HDD-20 which had 1.46 percent copper (as well as gold and molybdenum) in 6.3 metres of mineralisation.
Importantly the latest drill holes extend below the previously identified shallow-lying copper zone and have long intersections of copper and gold-enriched sulphide material, the company said.
"These results highlight the presence of high-grade supergene enriched copper mineralisation at Muratdere and it is now our intention to undertake a further 3,000 metres of drilling to confirm the full dimensions of the mineralised sections of the porphyry system,” chief executive Bob Foster said.
“Additionally, metallurgical test work will be commissioned to evaluate the optimum processing requirements should the deposit be exploited.”
The company’s joint venture partner at Muratdere, Aydeniz, has confirmed that it will fund the next stage of exploration and it will make an initial US$250,000 payment to Stratex.
Over the past three months 2,668 metres have been drilled at Muratdere – all funded by Aydeniz – it has now met its obligation to fund 2,500 metres of drilling and as such it now has a 55 percent stake in the joint venture.
It will now fund the next 3,000 metres and then once complete it will pay a further US$250,000 to Stratex to take its interest to 75 percent.
Foster highlights that Muratdere has been fast-tracked and Aydeniz will be taking these steps within three months of the initial agreement - when it had up a year to make its decision. The Stratex boss says this reflects the excitement that both parties have for the project.
