logo-loader
viewOriole Resources PLC

Stratex International takes option on Liberia acreage

africa_globe_350_51248344dcf49.jpg

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.

 

Quick facts: Oriole Resources PLC

Price: 0.48 GBX

LSE:ORR
Market: LSE
Market Cap: £3.37 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Oriole Resources PLC named herein, including the promotion by the Company of Oriole Resources PLC in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Oriole Resources' Tim Livesey updates on operations at Mines & Money London

Oriole Resources PLC's (LON:ORR) Tim Livesey caught up with Proactive's Andrew Scott while at Mines & Money in London 2019. Most recently Oriole's concluded the conversion of its interest in the Muratdere copper-molybdenum-gold deposit to a 1.2% post-tax net smelter return (NSR)...

on 27/11/19

2 min read