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 agrees tie-up with Antofagasta to explore Turkey for copper and gold
Stratex International (LON:STI) has agreed a tie-up with a major partner Antofagasta (LON:ANTO) to explore Turkey for copper-gold deposits.
The FTSE100 mining company will provide US$1 million for the first 16 months of reconnaissance exploration and beyond that it can pay in a minimum of US$250,000. Stratex will manage the initial target-generation and exploration work.
"This is an exciting new development in our exploration focus, which builds upon our considerable expertise gained through working in Turkey over the past six years,” said Stratex chief executive Bob Foster.
He added: "Antofagasta is one of the world's largest copper producers with a proven record in exploration and project development and therefore its technical input to the exploration programme will be hugely important.
“Senior key exploration geologists and consultants will be seconded from Antofagasta from time to time and will undoubtedly bring considerable expertise to our current team working in Turkey.”
If the partners are successful with their reconnaissance work they will identify prospects into designated 120 square kilometre areas.
These prospects would then be jointly owned with Anto holding 51 percent and Stratex owning the other 49 percent. Thereafter Anto will have the option to increase its stake it each project up to 70 percent by spending US$3 million in the property within two years.
"Although the intention is to search for a range of major copper deposit-types, the key objective will be the discovery of world-class porphyry copper deposits," Foster said.
"We have been very successful in identifying previously unknown high-sulphidation gold systems in Turkey and these commonly form the upper or lateral extensions ('lithocaps') of porphyry systems that can host porphyry-style gold and copper-gold mineralisation.
"Accordingly we believe we are well-placed to move this porphyry copper/ gold target programme forward rapidly."
Foster added: "Both Antofagasta and Stratex share the belief that there is a high potential for the discovery of porphyry copper and copper-gold deposits in Turkey given the country's position astride the metal-endowed Tethyan Metallogenic Belt, which hosts giant porphyry copper deposits such as Sar Cheshmeh and Sungun in Iran and Reko Diq in Pakistan.
"The exploration programme will commence immediately and our objective is to identify at least two drill targets within the first 16 months."
