Bob Foster, Stratex’s chief executive, said the latest exploration work indicated a 600 metres long zone already identified at Fare South continues beyond the southern limit.
Fare South is one of four main targets on the Dalafin prospect. Stratex added drilling results at Madina Bafe, 40km to the south, showed “two areas of significant mineralisation” that will be followed up with more ground work.
Foster said: "We continue to be very encouraged indeed by these results from what is still an early-stage drill programme.
“I'm also delighted to report that, following very constructive negotiations with our Senegalese partner company, Energy & Mining Corporation we have now signed an agreement to acquire 85% of the project through the establishment of a new Senegal-registered operating company Stratex EMC."
Under the previous arrangement Stratex would have earned a 75% stake.