Exploration Update - New Results Emphasise Potential of Öksüt, Hasançelebi, and Altunhisar Projects
Stratex International Plc, the AIM-quoted exploration and development company currently developing gold resources and exploring for world-class gold and base metal deposits in Turkey, is pleased to provide an update on its exploration and development activities in Turkey.
Latest soil geochemistry results highlight a large new zone of gold anomalies and bedrock alteration in the western part of the property
• New zone extends 1,300 metres north-south
• Trenching and drilling programme scheduled for Q2 –Q4 2009 to further define the economic potential of this discovery
• New sampling confirms multiple silica zones extending over seven kilometres
• Best values to date are 0.69 g/t gold (‘Au’) over an average width of 7.4 m along a strike distance of 858 m, including a higher-grade zone averaging 0.99 g/t Au over a width of 9.1 m and a length of 278 m
• Silica-replacement of relatively low-angle volcanic tuff beds indicates a potential for the identification of areally extensive and hence large-tonnage zones of mineralisation
• Anomalous zones of gold and additional elements have flagged the potential of two alteration zones and led to the identification of porphyry gold-style veinlets in the Karanlikdere zone
• Two licences within the Murat Dagi licence block (that also includes a further licence containing the Karaagac gold resource) have been transferred to Turkish company Kucuk-Kral_Antimon Kursun Maden (‘Kucuk’) in return for 2.5 % NSR royalty (of which 1.5 % payable to Teck Cominco Madencilik) on all mineral production. Stratex has concluded that the gold potential of the two licences is very low and they will now be evaluated by Kucuk with a view to exploiting the known antimony mineralisation
• Two new licences have been registered over a significant zone of alteration, “?ehitler”, in north-western Turkey, and are located along the eastern extension of a know gold mineralisation belt in northern Greece
CEO Dr. Bob Foster said, “We have made an excellent start to our 2009 exploration programme as we continue to advance our gold projects in Turkey that demonstrate real economic potential. Results from our flagship Öksüt project are especially encouraging as they define an additional zone of gold anomalism and alteration that reinforces the management’s belief in the economic potential of the project. Additionally, our exploration team has also continued to advance the Hasançelebi and Altunhisar prospects, which both show the characteristics for hosting possible major gold systems.
“In parallel with this, we are in discussions with a number of potential joint venture partners to fund and fast-track our Inlice and Altintepe projects through feasibility studies and into production, in line with our strategy of becoming a significant partner in a growing gold-producing company in Turkey. We have also disposed of two licences in the Murat Dagi block that offer little potential for the discovery of significant gold mineralisation but have negotiated a royalty agreement with a private Turkish mining company that would see Stratex benefit from any future metal production from the historical antimony workings within the licence areas.”