Latest News

Released 07:00 25-Jul-2013
Number 0842K07 

Stratex International Plc  

(‘Stratex' or ‘The Company')

West Africa Exploration Update -

Strategic move into West Africa fully vindicated by exciting results

Stratex International Plc, the AIM-quoted exploration and development company focussed on gold and base metals in Turkey, East Africa and West Africa, is pleased to provide an exploration update on its activities in West Africa, including results from a recently-completed reverse air blast ("RAB") and air core ("AC") drilling programme at the Dalafin project in Senegal and the results of the gold exploration programme in Liberia.

Highlights

Dalafin project, Senegal

• Encouraging intersections in three target areas confirm new discovery at Dalafin; results from further target awaited

• Completion of 1,535 Rotary Air Blast ('RAB') and 174 Air Core (‘AC') holes for 27,886 metres and 5,522 metres, respectively, across five key targets at Dalafin - Faré, Konkonou, Baytilaye, Saroudia, and Madina Bafé

• Best AC drill intercepts from Faré include:
  • 35 m @ 1.19 g/t Au, including 10 m @ 2.06 g/t Au (FARB-00109)
  • 32 m @ 2.57 g/t Au, including 18 m @ 4.01 g/t Au (FARB-00111)
  • 10 m @ 2.29 g/t Au, including 2 m @ 7.3 g/t Au (FARB-00079)
  • 9 m @ 2.87 g/t Au, including 2 m @ 6.05 g/t Au (FARB-00106)

• Best RAB drill intercepts from Baytilaye include:
  • 6 m @ 6.11 g/t Au (DFRB-00990)
  • 6 m @ 2.57 g/t Au (DFRB-01041)
  • 10 m @ 1.37 g/t Au (DFRB-01044)

• Best RAB drill intercepts from Saroudia include:
  • 2 m @ 2.85 g/t Au (DFRB-00845)
  • 2 m @ 1.76 g/t Au (DFRB-00786)

• Stratex now vested at 75% of the project

North Suehn project, Liberia

• Gold-in-soil anomaly >30 ppb Au identified over strike of at least 4.5 km

• Follow up trenching underway to investigate bedrock source

• Two anomalous areas identified by stream sediment geochemical survey and further results still awaited

Bob Foster, Chief Executive Officer, said: "Our move into West Africa has been fully vindicated by the exciting results emerging from our programmes in Senegal and Liberia. We are still awaiting analytical data from mineralisation intersected at the Madina Bafé prospect but the very positive intersections reported from Faré and Baytilaye in particular are extremely encouraging. It should also be noted that the drilling has only targeted the upper few metres of the soil and weathered rock in which it is possible that at least some gold has actually been leached downwards in response to weathering processes. Multiple mineralized zones have been identified, many open at depth and along strike, and other lower-priority zones still remain to be drilled. We now face the welcome task of having to prioritise zones for follow-up drilling after the rainy season ends in September.

"The 4.5 km-long gold-in-soil anomaly identified in our North Suehn prospect in Liberia is also a significant target that is currently being evaluated further by trenching to allow us to record the geology and sample the weathered bedrock.

"Our footprints in these two countries also allow us to consider other opportunities and we continue to identify and evaluate advanced projects that could enhance the quality and value of our portfolio in this very prospective part of the world."

Further Details

Senegal

A RAB and AC drilling programme comprising 1,709 holes, for a total of 33,408 metres, has recently been completed at the Company's Dalafin gold licence in eastern Senegal. Air core drilling is a rotary percussion technique similar to RAB but has the advantage that the drill cuttings are blown to the surface through an inner tube rather than being in contact with the side of the drillhole.

The drilling targeted five broad areas in which multiple gold-in-soil anomalies related to significant structural trends had been identified previously by the Company - Faré, Konkonou, Baytilaye, Saroudia, and Madina Bafé. All the holes were drilled at -50 degrees to "blade refusal" to permit sampling of the regolith down to the base of the weathered profile at depths of between 3 metres and 35 metres. Sampling of all holes was based on 2 metre-composites.

At Faré, the most northern prospect, 174 AC holes were drilled for a total of 5,522 metres to test a 4.5 km by 300 metres soil anomaly. The host geology is mostly a sequence of metasedimentary rocks that have been intensely altered. Six lines were drilled along a SE direction to test the two boundaries of the anomaly (Table 1). All intersections have been calculated on the basis of a 0.1 g/t Au cut-off due to the fact that weathering may well have led to leaching of some of the gold in the regolith.

The mineralized drill holes occur in a shear corridor that extends for 6 km in a NE-direction and averages almost 1 km in width, thus making the whole zone prospective.

Table 1. Significant intersections from Faré - AC drilling - 0.1 g/t Au cut-off

At Baytilaye, 552 RAB holes have been completed, totalling 8,936 metres. Ten fence lines were drilled to test 6 soil anomalies in the centre of the licence (Table 2); numerous other anomalies remained untested and will be followed up in due course. Depending on location, metasedimentary or granitic rocks were encountered down hole.

Table 2. Significant intersections from Baytilaye - RAB drilling - 0.1 g/t Au cut-off

At Saroudia, located 9 km NW of Madina Bafé, 338 RAB holes were drilled along 6 fencelines for a total of 7,327 metres to test four of the eight surface anomalies defined (Table 3).

The mineralization appears to be closely associated with silica-rich, pyritized sediments that host narrow (<0.5 cm) quartz veins. The 800 x 350 metre anomaly is covered with thick laterite, possibly concealing an extension of the zone to the NE.

Table 3. Significant intersections from Saroudia RAB drilling - 0.1 g/t Au cut-off

At Madina Bafé, located in the southernmost part of the Dalafin license, 514 RAB holes were drilled along 7 fence lines for a total of 8,596 metres to test five of the eight soil anomalies defined.

Mineralization comprising small (<2 cm) quartz veins in sheared, altered and weathered granodiorite has been intersected but assay results are awaited.  

At Konkonou, 131 RAB holes were drilled on 6 fencelines for a total of 3,027 metres to test the most significant soil anomaly, which trends NE for approximately 1.5 km. The host geology is a metasedimentary package. Although some assay results are still awaited, no significant intersections have been recorded to date.

Upon receipt and interpretation of all the remaining assay results, a follow-up drill programme to investigate the priority targets will be compiled, with drilling likely to commence in Q4 2013.

Following completion of the recent RAB/AC drill programme, Stratex West Africa has vested at 75% of the project.

Liberia

Following the signing of a Memorandum of Understanding ("MoU") with UK-based private company BG Minerals in February to earn-in to 75% of the North Suehn project (Press Release dated 20 February 2013), soil sampling on a 800 m x 50 m grid has identified a 4.5 km-long gold-in-soil anomaly at Blackies Town in the eastern part of the licence area. The anomaly has been identified by a 30 ppb Au cut-off, with highest value of 301 ppb Au. Infill soil-sampling lines at 400 m-spacing in the central part of the zone has confirmed the robustness of the anomaly. Trenching across three particularly anomalous sections has exposed highly altered schist cut by altered gabbroic intrusions, and also phyllonite (fault rock) in the middle trench. Sampling of all three trenches has been completed and results are awaited.

A stream sediment survey has been completed over the whole licence area using a two-fold approach - (i) BLEG (bulk leach extractable gold) leaching of the silt fraction followed by flocculation and analysis of the flocculant, and (ii) multi-element analysis, including gold, of the bulk silt fraction. The BLEG survey has highlighted two anomalous areas for follow-up in the eastern part of the licence area and final results are awaited from the BLEG survey in the western part of the licence together with the multi-element analyses of all the samples.

Stratex's wholly-owned subsidiary Stratex West Africa ("SWA") has an option to earn up to 51% by expending US$400,000 in the first year and an additional 24% (for a total of 75%) by spending a further US$700,000 in the second year.

Mauritania

Following receipt of  results from initial mapping and soil sampling programmes at the Company's Azrag EEL in north-central Mauritania and the Adham Tamat and Tleimidi EEL's in central Mauritania, the Company has decided that further exploration is not merited  and will relinquish the licences.

For further information on our projects in West Africa, please visit:http://www.stratexinternational.com/projects/west-africa   

Sampling, assaying, and QA/QC

Stratex's sampling of outcropping rocks, drill core, and other geological materials conforms to industry-wide good practice, with chain of custody being observed for all samples. Gold analysis for material sampled in Senegal is undertaken by ALS Chemex at its laboratories in Bamako and ICP (inductively coupled plasma optical emission spectrometry) multi-element analysis is undertaken at ALS Chemex, South Africa.

Gold analysis for soil samples from Liberia is undertaken by SGS at its laboratories in Monrovia and ICP multi-element analysis is undertaken at its laboratories in South Africa. Stream sediment samples were analysed for gold by fire assay and multi-elements by ICP analysis both of bulk samples and of flocculants following BLEG leaching, the analyses being completed by Bureau Veritas in Perth.  

The Company maintains QA/QC on all analytical work via the use of certified reference materials, field duplicates, and blank samples in addition to monitoring of internal laboratory check-analyses.

Bob Foster, Chief Executive Officer, is a Competent Person as defined by various international instruments and takes responsibility for the release of this information.

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For further information please visit www.stratexinternational.com, email [email protected], or contact:

Notes to editors:

Stratex International is a well-funded AIM-quoted exploration and development company focussed on gold and high-value base metals in Turkey, East Africa and West Africa. Since listing on AIM in 2006, Stratex has had an impressive track record of successful exploration supported by joint-venture partnerships, both with major international mining companies and local companies to maximise the potential of its discoveries.

In December 2012 the Company announced the sale of its 30% interest in the Öksüt gold project for cash of 20 times its original US$1 million investment and retained a royalty of 1% up to a maximum additional value of US$20 million.

It currently has a substantial portfolio of projects, with Altıntepe in Turkey scheduled for gold production by end-2013 or 2014 depending on issue of a Forest Permit. To date Stratex has discovered more than 2.2 million ounces of gold and 7.9 million ounces of silver, as well as 186,000 tonnes of copper. The Company is well cashed and is therefore well-placed to advance its existing exploration programmes and is also actively seeking to acquire advanced projects that are at the drill-ready stage or even have identified resources, particularly in East Africa and West Africa.