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 unveils maiden JORC resource for Muratdere copper-gold project
Stratex International (LON:STI) has unveiled a maiden JORC resource estimate for the Muratdere copper-gold project in Turkey.
The project now has 186,000 tonnes of copper and 204,296 ounces of gold, as well as 3.9 million ounces of silver, 6,390 tonnes of molybdenum and 17,594 kilograms of rhenium – a rare and expensive industrial metal.
This is based on an inferred JORC resource of 51 million tonnes grading 0.36 percent copper, 0.12 grams per tonne gold, 2.40 grams per tonne silver, 0.0125 percent molybdenum, and 0.34 parts per million rhenium.
"This maiden JORC-compliant resource has considerably exceeded our expectations,” said chief executive Bob Foster.
“It has demonstrated the potential for a substantial mineralised porphyry copper system containing multi-element credits of gold, silver, molybdenum, and rhenium that at today's metal prices add very significantly to the potential value of the project.”
Stratex signed up joint venture partner Aydeniz last November. The Turkish engineering firm initially funded the first 2,500 metre leg of the programme, in return for a 55 percent stake in Muratdere. It subsequently agreed to fund a further 3,000 metres of drilling and in turn it will increase its stake to 75 percent.
Since November Stratex has been very active on the ground at Muratdere, with over 3,000 metres being drilled in 27 holes so far. The majority of this drilling has targeted a near-surface part of the porphyry system.
The porphyry is believed to span 4 kilometres. So far most of Stratex’ drilling, in both 2007 and 2010/11 has focused on the central and eastern parts of the system.
Foster added: “The defined Inferred Resource extends over a distance of approximately 2,000 metres but is open-ended to the east and west and at depth, suggesting considerable potential to increase the resource.”
The Stratex boss also said that drilling will continue at Muratdere to determine just how far the mineralisation extends. This should in turn allow Stratex to increase and upgrade the maiden resource, he added.
Speaking about the project’s metallurgy Foster added: "The most appropriate way to recover the various metals will be determined by metallurgical test work that is currently being undertaken by mining consultants Wardell Armstrong International.
“The flotation-concentrate tests and supporting mineralogical studies are estimated to take three months to complete.”
