your initial deposit *subject to change and depends on individual circumstances.
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...Read more
UPDATE: Stratex International readies drill-bit following ‘highly encouraging’ sampling in DjiboutiJune 06 2012, 2:09pm
--Adds broker comment and share price---
Pandora is found within the Oklila licence in the Republic of Djibouti, east Africa.
And it is being explored through a partnership with Thani Ashanti – itself a joint venture, between Anglogold Ashanti and Dubai investment group Thani.
Today, Stratex revealed that channel-chip sampling revealed grades of 2.07 grams per tonne (g/t) over a length of 17.9 metres and 8.55 g/t over 1.9 metres.
The company said that an ‘excellent continuity’ of gold grades has now been demonstrated over more than 2,300 metres of strike length. And the sampling results are ‘highly encouraging for the future economic potential of the prospect’.
“Sampling at Pandora has defined Stratex's most enticing drill target to date in the Afar Epithermal Province,” said David Hall, Stratex executive director for East Africa.
He added: “The presence of grades up to 65.70 g/t Au in a parallel structure add further excitement for this new discovery.
“We will now work with our partner Thani Ashanti to move this project to drilling by Q3-2012, with drilling tenders already submitted and logistical preparation underway."
Thani Ashanti is earning a 51 per cent stake in the project by spending US$3 million on exploration over a two year period.
Broker Northland, which rates the stock a 'buy', highlighted that further high grade sampling results and the extension of the main strike to 2,300 metres plus a new target close to the main structure indicated considerable potential.
"Our price target of 17.1p is based largely on the development assets and does not reflect the significant blue sky potential of Stratex’s exploration projects," added the broker.
Shares in Stratex were unchanged today, at 5.88 pence each.