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Q&A: Stratex expects strong flow of exploration news

Stratex recently updated on its raft of projects in Africa and in Turkey. Chief executive Bob Foster explains what’s been happening and the news investors can look forward to this year.


Proactive Investors: Let’s take a look first of all at Turkey, which is where the company is closest to production. What’s going on there and how far off is the first gold pour?

Bob Foster: The Altintepe project is moving forward. We still await permitting but there are signs that permits are now being released, so we are pretty upbeat about that.

What we’ve been able to demonstrate and remind the stock market is that our partners have been undertaking a number of technical studies, so they’re poised to start construction as soon as the permitting is given the go-ahead.

At this stage we are looking at production at the end of this year, all being well, and that of course is good news in terms of news flow.

PI: It’s obviously very good news for investors. What’s the message then for investors?

BF: The message is cash flow by the end of this year.

Of course, the other side of the message about Turkey is that the Muratdere copper porphyry project is being taken forward by our partners.

PI: Let’s take a look in some more about this update you’ve issued today. You go on to say that in East Africa, the far region of the Ethiopian Rift Valley remains an important target for Stratex. What’s the evidence for this?

BF: In the Blackrock licence we have discovered more than 30 kilometres of vein systems bearing gold and with more discoveries made last year.

The drilling to date hasn’t been too encouraging but we have only drill tested a very small proportion of the veins and we need to take a hard look about where to drill next.

Bearing in mind, of course, across the border in Djibouti where we have the Pandora system and kilometres there of demonstrated high grade gold mineralisation at the surface, we’re talking to our partner, Thani, about drilling that as soon as we can. Overall, it’s still early days in a very big play.

PI: What are the highlights in West Africa in your view?

BF: Well, Dalafin, the exploration in Eastern Senegal. The drilling is turning up what appears to be a very exciting discovery in the Fare prospect and that’s only one of three or four prospects we have in the licensed area that have been drilled in some detail.

We have long intersections indicative along one fence line of a mineralised body, approximately 75 metres in width. We’re now stepping north and south to drill and also beneath it to confirm the dimensions.

But at this early stage I think we can say with a degree of confidence we have a discovery and we wait to see what the upside is.

PI: What do you say to investors about the headlines to look out for?

BF: A lot of exploration news from Dalafin and of course from the grassroots exploration we’re doing in Liberia.

Across the other side of the continent in Tanzania where a focused drill programme, adjacent to the Bulyanhulu goldmine, is underway via our controlled interest in the Tembo Gold Corporation.

In East Africa, we're moving forward with the Rift Valley exploration. There has been some readjustment in our joint venture partnership as AngloGold Ashanti has effectively withdrawn from much of exploration, but we’re now working very closely and very happily with Thani to identify new opportunities.

Quick facts: Oriole Resources PLC

Price: 0.385 GBX

Market: LSE
Market Cap: £3.51 m

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