Latest News

Released 07:00 05-Nov-2013

Number 1676S

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

Stratex International Plc   

(‘Stratex’ or ‘The Company’) 

West Africa Exploration Update

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 update on its exploration activities in Liberia and Senegal.

Highlights

Liberia

• Trenching at North Suehn has confirmed a 4.5 km gold-in-soil anomaly.
• Best results include:
  • 6.3 m @ 1.99 g/t Au, including 1.2 m @ 8.99 g/t Au and 0.3 m @ 33 g/t Au
  • 4.5 m @ 0.2 g/t Au, including 0.3 m @ 1.05 g/t Au
  • 10 m @ 0.37 g/t Au
  • 1 m @ 0.39 g/t Au
• Relatively low grades reflect intense weathering and leaching but are believed to indicate well-mineralized zones in underlying bedrock
• Infill trenching to commence shortly to test continuity of mineralization along strike
• Stream sediment sampling results identify two further targets for follow-up, including artisanal working returning 4.76 g/t Au and 5.15 g/t Au from rock-chip samples; soil sampling to commence shortly
• Stratex is now vested at 51% of the project and anticipates earning a further 24% by spending US$700,000 over the next 12 months.

Senegal

• Follow-up drilling to commence on previous positive drill-defined targets at Dalafin – scheduled to start November

Bob Foster, Chief Executive Officer, said: “Our exploration programme in West Africa is beginning to take on a new dimension with confirmation of mineralization in the Blackies Town area of the North Suehn licence in Liberia and the move to commence the second phase of drilling on drill-identified zones of mineralization in the Dalafin licence area in eastern Senegal. We look forward to updating the market on the results of these exciting developments over the coming months, remembering in particular that the majority of the Dalafin targets comprise gold mineralization hosted by significant structural zones similar to those hosting many of the multi-million-ounce gold deposits already discovered in this part of eastern Senegal and western Mali.”

Further Details

Liberia

Trenching across three key zones within a 4.5 km-long gold-in-soil anomaly at the Blackies Town target in the eastern part of the North Suehn licence area (Press Release dated 25^th July 2013) has confirmed the presence of mineralization in the lower part of the soil profile and in the underlying bedrock. Encouraging grades up to 1.2 m @ 8.99 g/t Au (Table 1) were returned from the three trenches, which defined a strike length of 3 km in the central part of the soil anomaly. The bedrock, where not deeply weathered to saprolite, comprised highly altered schist cut by altered gabbroic intrusions, and locally phyllonite (fault rock). The mineralization is structurally controlled, with highest grades associated with sheeted arrays of smoky quartz veins (mostly <5 cm wide) and zones of silicification.

Table 1. Best results from Phase 1 trench sampling (cut-off 0.1 g/t Au)

Further trenching at Blackies Town will commence shortly to test continuity of mineralization along this initial 3 km of strike. Demonstration of a robust zone of mineralization would then probably necessitate a short drill programme to confirm the continuity with depth before the trenching and drilling programme is extended.

Early results from a stream sediment survey completed over the entire North Suehn licence (Press Release dated 25^th July 2013) highlighted two anomalous areas for follow-up in the eastern part of the licence area but these have now been evaluated and rejected. Two further areas, Gbargbeh and Pakala, have been identified in the western and central part of the licence, respectively, with a substantial artisanal working evident at Gbargbeh. Sampling of the artisanal working returned assays of 4.76 g/t Au and 5.15 g/t Au from quartz veins. A programme of soil sampling has just started over the Gbargbeh and Pakala areas.

Stratex’s wholly-owned subsidiary Stratex West Africa (“SWA”) has now vested at 51% of the project by expending US$400,000 in the first year and anticipates earning a further 24% (for a total of 75%) by spending an additional US$700,000 in the second year.

Senegal

Following completion of the 33,000 metre Rotary Air Blast (“RAB”) and Air Core (“AC”) drill programme and the identification of mineralization at shallow depths in four of the target areas in the Dalafin licence (Press Releases dated 25 July and 2 September 2013), a programme of diamond (core) drilling and Reverse Circulation (“RC”) has been devised to probe the mineralized zones at greater depths within the underlying bedrock. A drilling contract has been signed and drilling is expected to commence during November. Drilling will initially target mineralization at Faré, where best results from the first-phase drilling included 35 m @ 1.19 g/t Au and 32 m @ 2.57 g/t Au.

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 has been 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 has been 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 (bulk leach extractable gold) 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:

AIM-quoted (2006) Stratex International is focussed on the exploration and development of gold and high-value base-metal deposits in Turkey and East and West Africa.

It has discovered more than 2.2 million ounces of gold and 7.9 million ounces of silver and has a strong cash position following the US$ 20M sale of its interest in the Öksüt gold project in Turkey, and its c. US$ 20M future production royalties, along with the sales of 45 and 51 per cent of its Inlice and Muratdere project, respectively. Stratex has a well-developed strategy to use its cash balance to move it towards a sustainable cash flow position from operations.

Its focus has been to form joint-venture partnerships with local private companies and major international mining companies, such as Antofagasta and Centerra in Turkey, and Thani Ashanti in East Africa while the corporate objectives are to progress majority-owned projects towards economic evaluation and development and to take advantage of quality opportunities in the smaller exploration company sector.