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 finds new partner for Muratdere - UPDATE
---Adds broker comments and share price---
Stratex International (LON: STI) has signed a heads of agreement with a new partner to develop the Muratdere copper-gold project in Turkey.
The new partner will pay Stratex US$1.7 million and take a 51 per cent stake in the project once due diligence is complete.
There is an option for this stake to increase to 61 per cent for a further US$500,000 and 3,000 metres of diamond drilling and to 70 per cent if the partner also funds a feasibility study.
Stratex cannot name its new partner until the final agreement is signed, but said it is a Turkish investment banking company.
Bob Foster, Stratex’s chief executive, added that the group is a well-funded private financial institution and investment company with a proven track record of raising substantial funds.
“It is actively focusing on using its technical and financial strengths to develop mining projects, with a particular focus on copper,” he said.
“It shares our belief that Muratdere now shows potential for successful economic development, which is enhanced by the presence of potentially valuable co-product metals, particularly gold and molybdenum,” he added.
The Muratdere property comprises two licences covering a substantial granodiorite-porphyry system located 250 km west of Ankara.
In June, Stratex announced an initial inferred JORC-compliant resource of 51 million tonnes grading 0.36 per cent copper, 0.12 g/t gold, 2.40 g/t silver, 0.0125 per cent molybdenum, and 0.34 ppm rhenium.
Metallurgical test work since undertaken by Wardell Armstrong has indicated that saleable copper concentrate grades could be produced from all but the unoxidised sulphide material.
It is the second major partnership in Turkey Stratex has signed recently after the deal with Bahar Mining to develop the Altintepe gold project in northern Turkey.
Broker Northland said the firm had again de-risked another project through the use of a JV and allowed it to move forward a large number of projects compared to other exploration and development companies at a swift pace.
"This strategy allows the company to concentrate its efforts on grassroots exploration in Turkey, West Africa and East Africa," said the broker, which rates the stock a 'buy'.
"We continue to see upside in our unchanged valuation of Stratex International and have a price target of 13.3p which has 90 per cent potential upside on the current share price."
As at 3.35 pm, the firm's shares were trading up 1.09 per cent, at 6.95 pence.
