Stratex International (AIM: STI), the gold and base metal exploration company focused in Turkey, announced an initial inferred resource of 6,389,011 tonnes grading 0.78 grams per tonne (g/t) gold for a total of 156,798 oz gold for its Karaagac property. The resource is based on the results of a 46 diamond and reverse circulation drilling programme completed in 2006. Stratex used a cut-off value of 0.4 g/t gold and the resource was calculated in-house and therefore is not
JORC-compliant at this stage. The resource is also based on the oxide zone only, and it open to the west and south-east.
Stratex now intends to joint venture Karaagac to focus on its priority projects in Turkey.
David Hall, Executive Chairman of Stratex said, "We are delighted with this initial resource figure, which, with our total non-compliant, inferred resource of 684,515 oz Au at Inlice and Altintepe, gives Stratex a resource base of 841,313 oz Au. The sediment-hosted and flat-lying nature of the mineralisation offers the opportunity for further resource definition potentially leading to open pit exploitation. The Board agrees that this project is best developed by seeking a joint venture partner in order to allow Stratex to focus on its priority projects of Inlice/Konya, Altintepe and Muratdere."