In December 2013, Stratex entered into a C$5.95 co-investment with New Africa Mining Fund II and Concept Capital Management Ltd for the exploration and development of Tembo Gold Corporation's 100 sq. km Tembo gold licence, adjacent to African Barrick Gold's 14 M oz Bulyanhulu Mine in Tanzania. The Company currently owns 12.89% of the issued share capital of Tembo Gold and this could increase to as much as 22.84% on exercise of matching warrants.
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Tembo Exclusive Exploration Licence
The drilling programmed during 2014 focused on two key targets, Nyakagwe Village and Nyakagwe East. Diamond drilling at the Nyakagwe Village target, focused on intersecting the eastern extensions and the down dip continuity of excellent earlier results achieved on east-west structures, has shown the mineralized structures continue to the east and more importantly that there are also previously unknown well-mineralized northeast trending gold bearing structures developed at the target. To date, five diamond drillholes have been completed for a total 1,164 metres. Best results include:
- TDD0071: 3.95 m @ 9.64 g/t Au from 85.25 m, incl. 1.45 m @ 24.72 g/t Au;
- TDD0103: 1.00 m @ 15.10 g/t Au from 54.00 m;
- TDD0112: 4.98 m @ 3.49 g/t from 65.12 m.
Diamond drilling at Nyakagwe East in 2014, following up on drilling conducted during the 2012 drilling program, returned a number of good results demonstrating that gold mineralization exists along a number of structural zones along a strike of 1km and persisting at depth. Thirteen diamond drill holes totalling 3,179 m were completed in the 2014 program.
- TDD0026: 2.23 m @ 1.89 g/t Au from 221.77 m;
- TDD0056: 2.60 m @ 4.42 g/t Au from 130.60 m incl. 1.00 m @ 10.57 g/t Au;
- TDD0070: 8.70 m @ 1.01 g/t Au from 87.84 m, incl. 1.41 m @ 2.81 g/t Au;
- TDD070A: 7.21 m @ 1.55 g/t Au from 93.24 m, incl. 0.94 m @ 3.15 g/t Au and 0.51 m @ 3.19 g/t Au;
- TDD0072: 1.30 m @ 8.44 g/t Au from 99.90 m, incl. 0.42 m @ 25.00 g/t Au;
- TDD0074: 7.46 m @ 6.55 g/t Au from 370.46 m;
- TDD0077: 4.50 m @ 1.41 g/t Au from 133.00 m, incl. 1.50 m @ 2.62 g/t Au.
Drilling at Nyakagwe East
Further drilling will await the review of all drilling results at this and other targets so priorities can be established. A preliminary program of in-fill holes and drill holes aimed to test the western extension of Nyakagwe East mineralisation into the Nyakagwe Village and Mgusu target areas has been prepared.