Stratex reports discovery of first epithermal gold mineralisation in Ethiopia
30 November 2009
Mining exploration group Stratex International has reported a significant new gold discovery in the Afar Region of Ethiopia and secured a three year 1,579 sq km Exclusive Exploration Licence in order to take a closer look at the area.
Known as Megenta, the discovery follows two years of studies by Stratex with the assistance of independent consultant Dr. Richard Sillitoe. More recent field work identified gold mineralisation in young volcanic rocks of the Ethiopian Rift Valley and confirmed the presence of a potentially important new metallogenic province.
Stratex executive chairman David Hall described the new discovery as “truly exciting”.
Under it new licence, Stratex will be implementing a programme of geological mapping and rock channel sampling with the intention of prioritising targets for drilling as quickly as possible whilst undertaking further regional exploration on other identified areas of alteration.
Stratex reckons the Megenta prospect has the large low-grade bulk potential similar to the Hycroft Mine in western Nevada which has produced 1.2 million ounces. In addition Stratex will be investigating the potential for bonanza gold veins beneath high-level sinters.
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