Latest News

Released 07:00 19-May-2014

Number 4085H

Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining

Stratex International Plc  

(‘Stratex’ or ‘The Company’)

Mineralisation extends to over 500 m and remains open at the Dalafin Gold Project, Senegal

Stratex International Plc, the AIM-quoted exploration and development company, is pleased to announce further positive diamond drilling results from the Faré South prospect  at its Dalafin project (‘Dalafin’ or ‘the Project’) in Senegal, where broad zones of mineralisation have already been identified.

The 472.5 sq km Dalafin gold licence, into which the Company has earned 75% from local partner, is located in south-east of the country within the highly prospective Birimian-age Kédougou-Keniéba Gold Belt.

Highlights

·         Mineralisation extended to 500 metres within a northeast-trending structural zone and remains open along strike to the northeast, southwest and at depth

·         Latest results from Faré South include:

•  
  • 10 m @ 4.31 g/t Au, including 1 m @ 16.29 g/t Au
  • 23.5 m @ 1.41 g/t Au, including 7.5 m @ 2.93 g/t Au
  • 19.5 m @ 1.08 g/t Au

·         Deepest hole to date, FADD-16, intersected mineralisation at 190 m vertically below surface

·         Previously reported high-grade intersection in drillhole FARC-07 confirmed

·         High-resolution IP (‘induced polarisation’) geophysical survey commenced at Faré South to assist in planning the next phase of drilling

·         Drilling nearing completion at Madina Bafé – results expected July 2014

Bob Foster, Chief Executive Officer, said: The latest results from Faré South continue to reinforce the project’s potential, extending the strike-length of gold mineralisation to at least 500 m. Drillhole FADD-16 was collared to intersect the ground beneath the long intersections previously reported along drill fence line 4 and related to a number of porphyry bodies. The hole intersected a number of well-mineralised but relatively narrow zones between 110 m and 190 m vertically below the surface but not associated with porphyry bodies. It is possible that we are dealing with more than one mineralised system here and we have now commissioned an IP survey to assist us in directing the next phase of the drilling programme.

At the southern end of Faré South the long intersection returned by FADD-23 indicates that the mineralised corridor extends a further 100 metres to the south-west of the prospect’s previously known limits.

We are pleased to report that the previously reported high-grade assay results from drillhole FARC-07 in this southern part of the prospect have been confirmed by repeat assays, as have the lower assay values reported by the twinned diamond drillhole FADD-13. The differences in the gold contents of these two close-spaced holes are probably explained by a combination of factors including coarse “nugget” gold and possibly intersection of different mineralised structures.

Drilling is nearing completion on key targets in the Madina Bafé area and we hope to provide an update within the next two months.” 

Further Details

At Faré, completion of 13 diamond holes and 35 reverse circulation (‘RC’) holes for a total of 3,937 m returned extremely encouraging early results, particularly from the Faré South target, including 7 m @ 86.39 g/t Au (FARC-07, announcement dated 18^th December 2013). However, diamond-drill twinning of FARC-07, an RC hole, only returned 7 m @ 1.64 g/t Au (FADD-13, announcement dated 19^th February 2014). Following thorough investigation of both sets of samples, that included analysis by two independent laboratories as well as re-assaying by the original laboratory, the Company is confident that the discrepancy cannot be attributed to either the Company’s quality-control protocols or the analytical laboratory. The most likely causes are a combination of an extreme nugget effect, due to the presence of coarse gold, and the likelihood that there are more than one mineralised structures in close proximity. The previously completed high-resolution airborne magnetic survey indicated the presence of linear features striking NE, NNE, NW, and N.

The Company regards this interpreted convergence of structures, together with the presence of porphyry bodies, as being very positive and has now commissioned a high-resolution pole-dipole IP survey over the whole of the Faré South prospect to identify sulphide-bearing zones that will be the focus of the next phase of the drilling campaign.

The Company has now received the remaining results from the programme at Faré South and significant results (>0.3 g/t Au) are presented in Table 1. All holes were drilled at a declination of -60^o.

Table 1. Significant intersections from Faré South - 0.3 g/t Au cut-off

Assuming an approximate dip of 75^o to the east, the estimated true widths will be approximately 70% of the reported length – and approximately 50% for a vertical dip.   

Drillhole FADD-16 was collared to intersect the down-dip extension of the porphyry- and breccia-related mineralisation previously reported along fence line 4 (holes FADD-2, -3, & -4; Press Announcements dated 18 December 2013 & 19 February 2014). Three significant zones of mineralisation were intersected, the best being 10.00 m @ 4.31 g/t Au, but they were not associated with porphyry bodies or breccia zones. It is not clear whether the porphyry and breccia bodies have a different geometry from the anticipated steeply dipping orientation or whether there may have been some form of fault displacement. However the IP survey, already underway, will help to resolve this issue and, when integrated with the advanced re-processing and enhanced interpretation (recently completed) of the airborne magnetic data, will permit very focused drilling during the next phase of the exploration programme.

Step-out holes FADD-22 and especially FADD-23 have confirmed that gold mineralisation extends a further 100 m south-west of the previous known southern limit of the prospect, indicating a mineralised strike of at least 500 m.  Modest intersections reported in hole FADD-14, 100 m north-east of the previous drill-defined limit of the mineralisation, require further investigation but suggest that the system extends over a distance of 600 m and remains open to the north-east and south-west.

Drilling continues at the Madina Bafé prospect, in the south of the Dalafin licence, and it is anticipated that the results will be released within the next two months.

For further details on the Dalafin Project, including a drill location map, please visit http://www.stratexinternational.com/project/dalafin.

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 this campaign is undertaken by Bureau Veritas Mineral Laboratories in Cote d’Ivoire, with inter-laboratory check assays being routinely undertaken at other accredited laboratories elsewhere in West Africa.

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.

Dr 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.

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 has a robust cash balance 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.