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Stratex International discovers new zone between its Pyrrha and Pandora veins

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Stratex International (LON:STI) continues to make discoveries within the Afar Depression region of north-eastern Africa.

Exploration in the Oklila exclusive exploration licence (EEL) in Djibouti has demonstrated that a previously reported grab sample of 65.70 grams per tonne (g/t) gold (Au) is related to what is now identified as the Pyrrha vein.

Pyrrha is a 1,540 kilometre (km) long vein striking parallel to, and located 250 metres south-west of, the 2,600 metre-long Pandora vein.

Other grab samples from the same site have returned up to 71.60 g/t Au, including 1.09, 3.05, 8.90, 11.05 and 71.60 g/t.

Stratex said that while the vein is generally less than one metre in thickness, high gold contents have been returned from outcrop sampling, and it is believed that this indicates a potential for the presence of high gold grades at depth.

Further mapping in the area has also discovered the Thyia zone that appears to be a linkage structure between Pyrrha and Pandora.

Drilling on the Oklila prospect is expected to start in the second quarter of 2013. Meanwhile, a considerable number of additional assay results are still awaiting assessment and publication.

Over the border in Ethiopia, but still on the Afar Depression, a helicopter-supported survey of the Tendaho prospect has discovered two gold bearing zones of silicified sediment geologically similar to the firm’s Megenta project.

“The area appears to be a ‘mirror image’ of Megenta, with high level exposure of yet another new epithermal system in the Afar,” executive director David Hall disclosed.

“The best sample to date returned 5.42 g/t Au. Further work will be undertaken at this discovery, as well as at the Akehil prospect where we have gold in rocks up to 57.3 g/t Au, supported by airborne geophysics and talus sampling to define a cohesive target,” Hall added.

Megenta will be tested by deeper drilling towards the end of the second quarter of this year.

Both the Oklila prospect in Djibouti and the Tendaho prospect in Ethiopia are being explored jointly with Thani Ashanti, which is currently funding all exploration.

Stratex and Thani Ashanti have now agreed to revise the earn-in whereby the US$3 million expenditure necessary for Thani Ashanti to acquire 51% of the licences within the Afar joint venture is now allocated as US$1.6 million for the licences in Ethiopia and US$1.4 million for those in Djibouti.

Thani Ashanti has met its expenditure on Tendaho (Ethiopia) and has assumed management and operation of that project. In Djibouti, it is likely to have vested at 51% of the licences within the next two months.

Thani Ashanti has committed to constructing a road to access the Pandora area and also the construction of a camp prior to commencing drilling the Pandora vein, with drilling provisionally targeted for mid-year.

The road construction and camp will see Thani Ashanti move from earning 51% to a stage of further expenditure for 70%. This will require US$4 million alone on the Oklila EEL (including Pandora, Pyrrha and Thyia veins), to acquire 70% and equally US$4 million on every other licence in the region, to acquire 70%.

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