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Stratex International shares lifted by more good news from Shehagne gold project


Stratex International (LON:STI) announced that channel chip sampling completed across the main Tsemmeti zone extended the bedrock mineralisation at the Shehagne exclusive exploration license in Ethiopia.

The mineralisation, which remains open to the southwest, was extended by 440 metres to a total 1,340 metres.

Shares in the company rallied 9% on the news.

Sampling results included 24 metres grading 0.92 g/t (grammes per tonne) of gold, 36 metres grading 0.92 g/t gold and 9 metres grading 2.49 g/t gold. The maximum grade yielded from selective vein sample located at the extreme southwest of the Tsemmeti zone was 52.5 g/t gold.

In addition to extending the strike, the results suggested a potential for bulk mineable mineralisation.

“With this in mind we are reviewing the option to undertake reconnaissance drill-testing of the zone but the timing of this will be dependent on the development of our other exciting projects in Ethiopia to ensure that our capital and resources can be used to maximum effect,” said executive chairman David Hall.

Gold and base metal exploration will now focus on the Berahale exploration concession in northern Ethiopia, which covers 1,188 sq km (square kilometres) east of Stratex’s Tigray license. According to the company, the addition of the Berahale license provided expanded opportunities for the discovery of Shehagne-type gold-quartz vein deposits and a range of gold-based metal deposit types.

Stratex has also said that new epithermal gold target, Gadesma, in the Main Ethiopian Rift showed similar geology to its Megenta gold discovery in the Afar region of Ethiopia.

The Gadesma exclusive exploration license covers 138 sq km and can be easily accessed from Addis Ababa and will undergo rapid geological evaluation by the Stratex team to define epithermal gold mineralisation for detailed sampling and subsequent drilling.

“Our move into Ethiopia has proved exciting and, as the acquisition of new licences illustrate, we are committed to building our presence here,” added Hall.

Stratex has the option to acquire 60% of the Shehagne project from our joint-venture partner Sheba Exploration (UK) Plc by expending £350,000. The company is exploring its recently acquired license area immediately to the east of Shehagne.

In Turkey, Stratex is developing the Inlice and Altintepe projects jointly with Turkish construction and mining company NTF Insaat Ticaret Ltd Sti through JV (joint venture) company NS Madencilik.

First gold pour at Inlice is expected in Q4 2011.

Collins Stewart featured the group in its ‘Morning Dig’, pointing out that Stratex may be operating in a potentially very prospective part of the world. “The geology in Northern Ethiopia is extremely prospective and in our view this is a region to watch out for in terms of gold exploration.

“With all the attention focused on Patagonia, Argentina and West Africa, we believe Northern Ethiopia, Eritrea and East Sudan provide plenty of opportunity for significant gold discoveries, with plenty of ground available for willing explorers due to high perception of political risk,” it added.


Quick facts: Oriole Resources PLC

Price: 0.33 GBX

Market: LSE
Market Cap: £2.55 m

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