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: “significant” results at Megenta gold discovery in Ethiopia
Gold miner Stratex International (LON:STI) has announced “significant” results from drilling at its Megenta gold discovery in the Afar region of Ethiopia along with new high-grade samples from its nearby Akehil gold prospect.
The firm, which is focused on Djibouti, Ethiopia and Turkey, said it had “highly encouraging” results from hole MG-DD-10.
It has been found to contain a broad near-surface zone of 43.55 metres grading at 0.67 grams per tonne of gold, with highlights including a high-grade 8.27 gram per tonne gold over 0.3 metres and 3.56 grams per tonne over 2.9 metres.
Stratex added that the newly-drilled zone correlates with a wide zone of 33.3 metres that grades 0.54 grams per tonne within MG-DD-9.
Stratex, with its partner Thani Ashanti, is undertaking a 3,000-metre drill programme at Megenta. To date, 13 holes have been drilled over a wide area.
Elsewhere in the Afar project, two banded vein float samples from the Akehil prospect, 9.4 kilometres west/south-west of Megenta, returned 57.3 grams per tonne and 16 grams per tonne respectively.
“This new discovery continues to yield significant results and together with previous results they show that Megenta is a large and exciting new gold system.
The broad zone of gold mineralisation correlates well with the zone 50 metres to the north in [the MG-DD-9 hole], and with extensive alteration and numerous calcite-silica veins with grades up to 8.27 grams per tonne gold, it bodes well for increased grades at depth,” said David Hall, Stratex’s executive director of East Africa.
“Equally significant is the presence of high grade float samples at the Akehil gold prospect only nine kilometres from Megenta on the west side of the basalt horst block. This further confirms that bonanza grades are present in epithermal veins within the Afar, and along with the evidence from the Blackrock discovery 250 kilometres to the north, underpins the prospective nature of the area where we have a substantial licence holding.”
Hall added that the firm will review all results from Megenta once available, and prepare the camp at the firm’s Blackrock discovery with a view to commencing an initial scout drilling programme in Q4 2011.
