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Thursday 19 April, 2018

Stratex Int PLC

Thani Stratex Drilling Update

RNS Number : 3956L
Stratex International PLC
19 April 2018
 

19 April 2018

 

Stratex International Plc

 

('Stratex' or 'the Company')

 

Thani Stratex Announces Excellent Final Drill results for Djibouti

 

Stratex, the AIM-quoted gold-focused exploration and development company in Turkey and Africa, reports that Thani Stratex Resources Ltd ("TSR"), in which the Company holds a 30.4% interest, has today announced final results for its Phase 2 drilling programme at the Pandora gold project in Djibouti. These drilling results include one outstanding (>30 g/t Au) intersection on the previously untested Pyrrha vein.

Highlights

 

·       Phase 2 diamond drilling completed for 3,036.50m in 18 holes;

 

·       The best drill results include1:

8.30m @ 7.21 g/t Au from 144.55m, including 0.80m @ 26.10 g/t Au (Ok-D-25);

10.00m @ 1.20 g/t Au from 130.00m including 5.85m @ 1.90 g/t Au (Ok-D-29);

35.07m @ 1.28 g/t Au from 109.55m including 9.80m @ 3.06 g/t Au and 2.40m @ 1.75 g/t Au (Ok-D-31);

1.10m @ 5.10 g/t Au from 42.00m including 0.50 m @ 9.91 g/t Au, and 1.22m @ 55.40 g/t Au from 50.38m (Ok-D-32);

3.54m @ 2.35 g/t Au from 100.46m (Ok-D-33).

 

Tim Livesey, CEO of Stratex, commented:

"It's great to see that the latest results from the current drilling phase at the Pandora Gold Project are continuing to show promising intersects. It is clear that the Djibouti team's understanding of the geology in the area is increasing with every hole, as is the potential scale of the district. 

 

We look forward to reviewing the project with TSR in detail over the coming months."

 

 

Further Details

 

At the Pandora epithermal gold project in Djibouti, TSR (50%-owner) has completed Phase 2 drilling for a total 3,036.50m in 18 holes. As reported previously (Announcement dated 1 February 2018), the aim of this drilling was to test the depth-extension of previously drilled mineralisation and identify potential higher-grade ore shoots within the system that is believed could lead to the definition of a resource.

 

TSR has today announced results reported in accordance with the JORC code, from the remaining 13 holes in the programme (OK-DD-21 to OK-DD-33) which demonstrates broad zones of multi-gram gold mineralisation towards the NW-end of the main outcropping Pandora vein. These zones also comprises narrower zones of higher-grade mineralisation. Significant intersections, as recalculated by Stratex1, are shown in Table 1.


 

1 Recalculated by Stratex at 0.20 g/t Au cut-off for intervals >1m, with “including” intervals calculated using a 1.00 g/t Au cut-off 
 

 

Table 1. Significant Intersections from Phase 2 diamond drill holes OK-D-21 to Ok-D-33

 

Hole ID

Dip (°)

From (m)

To (m)

Width (m)*

Average Au Grade (g/t)**

OK-D-21

 

138.15

147.00

8.85

0.28

and

 

150.17

163.70

13.53

0.99

including

 

155.80

157.00

1.20

1.26

Including

 

161.83

163.70

1.87

5.48

and

 

168.00

169.00

1.00

0.22

and

 

171.00

172.00

1.00

0.85

OK-D-22

-45

24.00

25.00

1.00

0.32

and

 

31.40

40.80

9.40

0.31

and

 

50.00

72.00

22.00

0.84

including

 

54.00

55.82

1.82

2.49

including

 

61.57

65.00

3.43

1.69

OK-D-23

-60

54.00

55.00

1.00

0.46

and

 

67.95

69.00

1.05

0.46

and

 

92.54

121.87

29.33

0.54

including

 

126.00

127.00

1.00

0.85

and

 

139.26

140.38

1.12

0.43

OK-D-24

-50

84.30

85.30

1.00

0.34

and

 

89.60

92.19

2.59

0.58

and

 

98.60

100.15

1.55

0.25

and

 

104.70

112.00

7.30

0.39

including

 

108.77

110.00

1.06

1.06

and

 

115.00

116.90

1.90

1.43

and

 

130.65

132.15

1.50

0.27

OK-D-25

-60

121.63

123.14

1.51

0.63

and

 

126.25

140.00

13.75

0.44

and

 

144.55

152.85

8.30

7.21

including

 

148.80

150.20

1.40

17.31

OK-D-26

-60

9.05

10.65

1.60

0.20

and

 

74.00

75.11

1.11

0.51

and

 

77.06

79.00

1.94

0.36

and

 

87.00

88.00

1.00

0.21

and

 

91.00

92.00

1.00

0.22

and

 

97.00

98.00

1.00

0.28

and

 

99.73

101.37

1.64

0.64

and

 

109.00

110.00

1.00

0.29

and

 

151.00

154.63

3.63

1.30

OK-D-27

-45

96.00

97.00

1.00

3.57

OK-D-28

-60

37.55

41.40

3.85

1.01

includes

 

40.10

41.10

1.30

1.23

and

 

58.30

59.80

1.50

0.27

OK-D-29

-60

101.00

102.00

1.00

0.26

and

 

130.00

140.00

10.00

1.20

includes

 

130.48

136.33

5.85

1.90

OK-D-30

-45

9.84

11.50

1.66

0.37

OK-D-31

-45

98.87

104.97

6.10

0.26

and

 

109.55

144.62

35.07

1.28

includes

 

115.00

124.80

9.80

3.06

includes

 

126.32

128.72

2.40

1.75

and

 

149.00

150.00

1.00

0.24

OK-D-32

-50

42.60

43.10

1.10

5.10

and

 

45.15

48.48

3.33

0.25

and

 

50.38

51.60

1.22

55.4

OK-D-33

-45

68.86

70.75

1.89

0.37

and

 

73.72

75.40

1.68

0.41

and

 

100.46

104.00

3.54

2.35

includes

 

101.00

103.55

2.55

3.14

 

* True widths are estimated to be between 42% and 71% of the reported (downhole) intersection lengths.

** 0.20 g/t Au cut-off for intervals >1m, with "including" intervals calculated using a 1.00 g/t Au cut-off

 

Importantly, hole OK-D-32 was drilled to intersect the WNW-oriented Pyrrha vein, which appears to be part of the same structurally-controlled vein system as the Pandora vein, and returned 55.4 g/t Au over 1.22m from approximately 32m below surface (based on -50° drill hole inclination). The Pyrrha vein, though narrow on surface, has been mapped for over 400m and will be an important focus for additional drill testing. However, TSR will undertake preliminary metallurgical test work ahead of the next phase of drilling.

 

In its announcement today, TSR also highlighted that it had received considerable interest from third parties and that it had signed NDA's with a number of these for the project. We await further information in this regard.

 

Further details on the drilling programme at Pandora, including JORC Table 1 disclosure and a drill plan is included TSR's press release dated 18 April 2018, which can be found at http://thanistratex.com/news/. The drill intersections announced in this release using different cut-off grades to those used by TSR, have been compiled for the Company by Claire Bay, a Competent Person as defined in the JORC code, and who takes responsibility for the release of this information.

 

 

** ENDS **

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Following the publication of this announcement, this inside information is now considered to be in the public domain.

 

For further information please visit www.stratexinternational.com, @StratexPLC on Twitter, 

or contact:

 

 

Stratex International Plc

Tel: +44 (0)20 830 9650

Tim Livesey / Claire Bay

 

Camarco (IR/PR Contact)

Tel: +44 (0)20 3757 4980

Gordon Poole / Nick Hennis / Monique Perks

 

Grant Thornton UK LLP

Tel: +44 (0)20 7383 5100

Samantha Harrison

Hannam & Partners

Tel: +44 (0)20 7907 8500

Neil Passmore / Andrew Chubb

 

 

 

 

Notes to Editors:

 

Since listing in 2006, Stratex has discovered more than 2.2 million ounces of gold and 7.09 million ounces of silver, as well as 186,000 tonnes of copper. The Company owns an exciting exploration project in Senegal and 14.87% of a copper-gold project at feasibility stage in Turkey, which will likely default to a 1.2% (post-Turkish tax) royalty position within the next 3 months. The Company also has significant interests in Thani Stratex Resources Ltd and Tembo Gold Corp. for their exploration projects in Djibouti and Egypt, and Tanzania respectively. The Company is currently pursuing value-accretive opportunities within its existing portfolio as well as identifying new value-appropriate projects in Africa and Europe.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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