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Stratex International takes option on Liberia acreage

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Gold explorer Stratex International (LON:STI) has made a first move into Liberia by snapping up an option on a property close to the New Liberty discovery.

North Suehn, in north-west Liberia, was acquired by private firm BG Minerals in 2011.

Stratex has agreed a memorandum of understanding with BG that will see it take up to a 75% stake in the property by spending US$1.1mln over two years.

North Suehn has already been worked by artisanal miners and is near to Aureus Mining’s (LON:AUE) New Liberty discovery with similar geology, Stratex said.

The 967 square kilometre (km) property, located 35 km from the capital Monrovia, is dominated by metavolcanic rocks, typical of greenstone belt terranes.

Mapping and soil sampling around extensive artisanal alluvial gold workings in the eastern part of the licence has already started, while a stream sediment sampling programme is also underway.

Stratex has also stepped up its exploration work elsewhere in west Africa.

A 30,000 metre rotary air blast drilling programme will start shortly at Madina Bafé, the first of five identified gold prospects on its Dalafin Project in Senegal.

Reconnaissance exploration work has also begun at Stratex’s four licences in Mauritania to determine which of the licences merits further work.

Bob Foster, Stratex’s chief executive said: “We are pleased to establish a footprint in Liberia by having the option to earn-in to an extensive licence area that encompasses a number of active artisanal gold workings.

“The licence embraces similar geology to that hosting Aureus Mining's nearby New Liberty discovery which has a resource of approximately 1.7 million ounces of gold.

“Our exploration of the Dalafin licence area in Senegal has moved to the next level,” he added.

 

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