Latest News

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

Stratex International Plc  

(‘Stratex’ or ‘The Company’)

Drilling Confirms Further Significant Drill Intersections at Tembo Gold Project, Tanzania

Stratex International Plc, the AIM-quoted exploration and development company, is pleased to report that Tembo Gold Corporation (TSXV: TEM), has today announced results from its 2014 drilling programme at the Nyakagwe Village target on the Tembo Gold Project.

The 100 sq km Tembo licence area is located in the north-west of the country within the highly prospective Lake Victoria Goldfield, and is adjacent to the Bulyanhulu Mine. The Company currently holds a 12.89% stake in Tembo, plus matching warrants, and Dr Bob Foster is a director of Tembo Gold Corporation.

Highlights

Best results include:

• TDD0111: 35.14 g/t Au over 2.45 m from 53.35 m incl. 167 g/t Au over 0.50 m; and
• TDD0115: 2.74 g/t Au over 8.50 m from 53.00 m incl. 10.57 g/t Au over 1.00 m and 2.04 g/t Au over 9.00 m from 69.00 m;

Drillhole TD0111 confirms south-west extension of a recently identified north-east-trending zone of mineralization that relates to a 1.8 km-long magnetic lineament.

Further Details

The following information is reproduced from the Tembo Gold Corporation press release.

David Scott President & CEO stated, "The 2014 drilling program has once again returned promising results that confirm the potential for wide low-grade near-surface mineralization and narrow high-grade mineralization, and has further demonstrated the extensive hidden potential of the project in the numerous unexploited untested magnetic lineaments that are potential hosts to gold mineralization”.

Nyakagwe Village

The potential of the Nyakagwe Village target was initially indicated by a new artisanal mining operation that commenced in 2011 located immediately to the east of the village in a corn land. These workings exploit a previously unknown east-west-trending set of south dipping quartz veins. Within a year a large number of shafts were sunk by the miners to access these high-grade shear-hosted veins. Subsequently a large open pit was excavated to facilitate easier and deeper access. Mining has recently been stopped due to excessive water ingress and rock hardness at depths thought to be close to 50m.

Initial drilling beneath these workings in 2012 returned two significant intersections in TDD0107: 16.58g/t Au over 3.55m from 43.88m and 27.88g/t Au over 3.00m from 65.90m (previously announced Sept 11, 2012). Follow-up drilling at the time, and the 2014-drilling program has aimed to intersect these veins at depth and along strike to the east. The 2014 results have included: TDD0071: 9.64g/t Au over 3.95m from 85.25m, including 24.72g/t Au over 1.45m; TDD0103: 15.10g/t Au over 1.00m from 54.00m; and TDD0112: 3.49g/t over 4.98m from 65.12m (previously announced May 21, 2014), and these latest results.

The final results from the Nyakagwe Village target-drilling program:

·         Confirmed the discovery of a previously unknown and concealed northeast-striking structure which is well-mineralized;

·         Confirmed the high-grade extension of the previously drilled east-west trending structure 100m to the east;

·         Returned results from the last drill holes that included TDD0115 with 2.74g/t Au over 8.50m from 58.40m and 2.04g/t Au over 9.00m from 69.00m, and TDD0111 with 35.14g/t Au over 2.45m from 53.35m (Table 1), all using a 0.5 g/t Au cut-off.

·         Taking a 0.2 g/t Au cut-off, TDD0115 intersected 26.5m at 1.62g/t Au, highlighting the importance of intersecting northeast- and east-west-trending structures in generating wider zones of lower-grade but still significant mineralization.

TDD0115 targeted the southwest extension of the newly discovered northeast trending mineralized structure intersected in TDD0071. The drill hole intersected a wide zone of mineralization. It is interpreted from oriented core structural analysis that TDD0071 and TDD0115 have drilled through mineralization associated with the intersection of two east west-striking structures and a northeast structure all clearly evident on the airborne magnetics interpretation (Figure 1). It is apparent from the airborne magnetic lineament interpretation that there are a number of east-west and northeast-striking lineaments throughout the Nyakagwe Village and adjacent areas and the potential exists for similar mineralization to be developed along these and particularly close to the intersection zones. The northeast structure drilled in this program has a positive linear magnetic signature extending 1.8km to the northeast.

The drilling results to date have intersected mineralization along a strike length of 400m on the east west structure and of 200m on the northeast structure, with both open-ended along strike and down dip. All drill holes at Nyakagwe Village targeting both sets of structures have consistently intersected well-developed structures hosting mineralization at the targeted depths.

Further details, including full drill results, are set out in the Tembo Gold Corporation press release that can be accessed on their SEDAR profile at www.sedar.com and on the Tembo web site at http://www.tembogold.com/ . 

* * ENDS * *

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.