Stratex International (LON:STI) told investors that infill drilling could make a “significant contribution” to the Altıntepe project.
So far, in-fill drilling has cut between 14-38m of oxide and sulphide gold, with grades of 1.81-6.23g/t (grams per tonne).
The company continues to make progress on its scoping and feasibility studies for the Inlice and Altıntepe projects in Turkey. Stratex is fast-tracking the projects to production, with Inlice slated for a Q4-2011 start up and Altıntepe is due to come online a year later.
Both Inlice and Altıntepe are being developed by NS Madencilik, a joint venture between Stratex (45%) and its Turkish partner NTF Insaat Ticaret Ltd (55%).
"Results from the scoping study currently underway at Altıntepe are encouraging,” Stratex Chief Exec Bob Foster said.
The combined projects currently have a 570,000oz oxide gold resource. Sulphide gold is also present.
“The mixture of upper oxide material and lower transition material should make a significant contribution to the total gold recovered from Altıntepe, due to the higher gold content of the associated sulphide material,” Foster added.
At Altıntepe, the partners are currently in-fill drilling the ‘Extension Ridge Zone’, after they recently completed drilling on the ‘Kayatepe Zone’.
On the ‘Kayatepe Zone’, drilling intersected both oxide and sulphide mineralisation. Intersections included 34m of oxide and sulphide grading 6.23g/t, 38m of oxide and sulphide grading 4.01g/t, and 14m of oxide and sulphide grading 1.81g/t gold.
So far at the ‘Extension Ridge Zone’, the partners have encountered 22m of oxide gold mineralisation grading 6.23g/t, and 20.8m of oxide and sulphide grading 3.06g/t.
Meanwhile at Inlice work on the feasibility study continues and the partners have shipped two bulk samples to the USA for metallurgical testing.
Stratex aims to complete the Inlice feasibility study in the fourth quarter of 2010.
“[The study] will allow us to gain a clearer understanding of Inlice's gold production potential. From there, we hope to plan and commence a mine development programme as we fast-track Inlice towards gold production by Q4 2011."