Stratex International reports further positive gold finds in Ethiopia
18 January 2010
Stratex International Plc, the AIM-quoted mineral explorer working on world-class gold and base metal deposits in Turkey and Ethiopia, has reported further encouraging gold results from its exploration programme on the 37 sq km Shehagne Exclusive Exploration Licence in northern Ethiopia.
As a result of the latest positive exploration results Stratex is proceeding with its previously announced option to acquire 60% of the licence from Plus Markets-listed Sheba Exploration by committing another £250,000 to exploration.
The latest channel-chip results define an extensive zone of gold mineralisation 900 metres in length and more than 200 metres in width within the Tsemmetti target area. The best intersections include 11 metres grading 4.39 grams per ton (g/t) gold and 40 metres grading 1.40 g/t gold. Results are still pending from a new zone discovered 800 metres to the north-north-west of the Tsemmetti area
The results follow initial channel-chip sampling last November, in which Stratex identified broad zones of gold mineralisation, with one 51 metre section grading 0.88 g/t gold – 17 metres of which graded 2.0 g/t gold.
Stratex’s executive chairman, David Hall said: “These positive results emphasise the significant potential of this new exploration frontier. In light of these results we will aggressively continue our option to acquire 60% of this exciting prospect through an expanded programme of geological mapping and sampling that will lead to prioritising drill targets for the latter part of the year.”
Elsewhere in 2010, Stratex is planning to widen its exploration activities in Ethiopia, particularly in relation to a new gold discovery, Megenta, in the Ethiopian Rift Valley. It is also set to continue to advance gold discoveries in Turkey and fast-track its Inlice and Altintepe oxide-gold projects towards production with Turkish partners NTF.
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