Located 250 km west of Ankara, the 14.87%-owned Muratdere property comprises three licences covering a substantial copper-gold- granodiorite-porphyry system with significant silver, molybdenum and rhenium credits. The porphyry system extends east-west for a distance of c.4,000 m and has a width of between 200 m and 400 m. A JORC-compliant Inferred Resource of 51 million tonnes (186,000 tonnes Cu, 204,296 oz Au, 3.9 million oz Ag, 6,390 tonnes Mo and 17,594 kg Re) has been estimated over a distance of approximately 2,000 metres but is open-ended to the east and west and at depth, suggesting considerable potential to increase the resource.
Stratex's joint-venture partner Lodos Maden Yatırım Sanayii ve Ticaret A.Ş. ("Lodos"), a wholly-owned mining investment company of Pragma Finansal Danışmanlık Ticaret A.Ş., a leading private Turkish financial institution and investment company, earned-in to the project by completed drilling, making cash payments totalling US$2.2 million to Stratex, and by completing a feasibility study in May 2015 Please click here for further details.
Lodos is committed to ongoing expenditure during 2018, relating to the Environmental Impact Assessment programme and general field expenses. In 2016, Stratex advised that it would not be supporting its pro-rata share of project financing, due to the depressed copper price at that time but, with a considerably stronger outlook for copper and a current metal price of around US$6,900/t, the Company is now reviewing its position in discussion with Lodos. In the event that either party's equity interest falls below 10%, its interest shall be converted to a 1.2% Net Smelter Returns royalty.