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UPDATE - Stratex International says West African exploration taking "new dimension"



Stratex International (LON:STI) confirmed a 4.5km gold-in-soil anomaly and identified two follow-up targets at the North Suehn licence in Liberia, as it updated on exploration in West Africa.

The Gbargbeh and Pakala areas are in the western and central part of the licence and include assays from artisanal working of 4.76 grams per tonne (g/t) gold and 5.15 g/t gold from quartz veins, the firm said.

Soil sampling in the areas will begin shortly.

Meanwhile, the firm confirmed the presence of the previously reported 4.5km gold-in-soil anomaly at the licence and said best results included 6.3 metres at 1.99 g/t gold, including 1.2 metres (m) at 8.99 g/t gold and 0.3m at a grade of 33 g/t gold.

Infill trenching will soon begin to test the continuity of the mineralisation along strike.

Stratex now owns 51% of the North Suehn project and plans to increase this to 75% by spending US$700,000 over the next 12 months.

In Senegal, follow-up drilling on previous positive drill-defined targets at the Dalafin licence is scheduled to start this month, the firm added.

Chief executive Bob Foster said: “Our exploration programme in West Africa is beginning to take on a new dimension with confirmation of mineralisation in the Blackies Town area of the North Suehn licence in Liberia and the move to commence the second phase of drilling on drill-identified zones of mineralisation in the Dalafin licence area in eastern Senegal.

"We look forward to updating the market on the results of these exciting developments over the coming months, remembering in particular that the majority of the Dalafin targets comprise gold mineralisation hosted by significant structural zones similar to those hosting many of the multi-million-ounce gold deposits already discovered in this part of eastern Senegal and western Mali.”

Broker Northland said the North Suehn results showed the 4.5km gold-in-soil anomaly originated from gold bearing saprolite and bed rock. 

"Stratex believes the weathered nature of these rocks indicates that gold grades in the fresh rock will be higher," pointed out analyst Dr Ryan Long.

He said the company was now planning to focus on infill trenching at the 3km section tested to date and if these results continue to be positive, an initial drill programme would likely begin to test the unweathered rock.

Northland rates the stock a 'buy' with a price target of 12.8p - a significant increase on the current price of 4.375p.

Quick facts: Oriole Resources PLC

Price: 0.45 GBX

Market: LSE
Market Cap: £4.1 m

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