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Stratex International shares rise as Oklila revealed as "truly exciting prospect"

The Oklila prospect on the Afar joint venture has the potential to be a "significant" discovery, Stratex International told investors today.


The Oklila prospect on the Afar joint venture has the potential to be a "significant" discovery, Stratex International (LON:STI) told investors.

It came after the firm unveiled positive results from the 93 square kilometre licence in the Republic of Djibouti, including the identification of new high grade structures at the Pandora South Zone.

It means that the the scale of the prospect has been "considerably" expanded and therefore the 5,000 metre (m) drilling programme has been delayed for later in the year to allow for further assessment.

Investors welcomed the news and shares went 4.65% higher to 5.625p.

Stratex's 51% joint-venture (JV) partner, Thani Ashanti, is currently funding all exploration at the Afar JV in Ethiopia and the Republic of Djibouti.

Executive director David Hall said: "Oklila is a truly exciting prospect - the scale of the veining, structure and alteration allied with excellent surface grades reconfirms to us that this has the potential to be a significant discovery.

"As we explore the new Afar Epithermal Province we are adding to our knowledge of the likely controls on the best zones of gold mineralization.

"Although drilling was initially scheduled to commence in Q2-2013, on-going mapping and sampling has considerably expanded the scale of the prospect with the addition of new high-grade targets."

Highlights from the Oklila work includes sampling results of 9.97 grams per tonne (g/t) gold over 0.2m, 4.79 g/t over 0.6m and 1.39 g/t over 1.1m.

Meanwhile, grab sampling of vein sets to the east and south of zone returned up to 52.70 g/t gold and 39.4 g/t gold, respectively.

The firm also said that deeper drilling is expected to begin at the Megenta gold discovery on the Tendaho licence in Ethiopia in the third quarter of 2013.

Thani Ashanti has now assumed management of the two projects, having met the joint venture criteria for earning 51%.

Thani has spent over US$1.4mln on exploration licences in Djibouti and over US$1.6mln on liecences in Ethiopia.

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Price: 0.4 GBX

Market: LSE
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