viewOriole Resources PLC

UPDATE: Stratex finds more evidence of gold in Senegal



Analysts met positively Stratex International's (LON:STI) announcement that it had found evidence of gold at another of its targets at the Dalafin licence in Senegal.

Final assays from latest drilling at the Medina Bafe target confirmed mineralisation, it said, with best drill intercepts ranging from 10 grams per tonne (g/t) gold over two metres (m) and 2.82 g/t over 8m and 0.8 g/t over 16m.

Stratex, which has a 75% stake in Dalafin, added the licence at Dalafin had also been extended for another three years.

Bob Foster, Stratex’s chief executive, told investors he was delighted with the Medina Bafe results, which was the last of the areas targeted by a large drilling programme completed earlier in 2013.

“In total, four out of the five target areas, identified from the results of detailed geochemical and geophysical surveys, have now yielded very encouraging intersections.

“Many of the zones are open along strike, as well as at depth, and these will be prioritized for further drilling that should commence within the next 2-3 months.

"Given the discovery of a considerable number of multimillion ounce gold deposits in this part of Africa, we are very excited."

In July, Stratex said the 33,000m reverse air blast (RAB) and air core (AC) drilling programme had confirmed a new discovery at Dalafin with intersections at the Faré, Baytilaye and Saroudia targets.

Investec described the news as an "encouraging" development, while Northland said these positive initial results along with the significant number of multi-million ounce gold deposits in the area gave the broker confidence that the company could continue its excellent exploration track record.

"Management’s decision to fast track the follow up drilling campaign also highlights the significance that company has placed on the area. At a time when many explorers are cutting exploration budgets, Stratex with its significant cash balance is continuing to deliver impressive exploration results."

The broker rates the stock a 'buy' with a target price of 12.8p.

Shares on Monday rose 4.76% to stand at 5.50p.

Quick facts: Oriole Resources PLC

Price: 0.382 GBX

Market: LSE
Market Cap: £2.68 m

Add related topics to MyProactive

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


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...



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