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Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining

Stratex International Plc   

(‘Stratex’ or ‘The Company’) 

Drilling Confirms Significant Gold Mineralisation over 1 km strike at Tembo Gold Project, Tanzania

Stratex International Plc, the AIM-quoted exploration and development company, is pleased to report that Tembo Gold Corporation (TSXV: TEM), has today announced results from its 2014 drilling programme at the Nyakagwe East target on the Tembo Gold Project.

The 100 sq km Tembo licence area is located in the north-west of the country within the highly prospective Lake Victoria Goldfield, and is adjacent to the Bulyanhulu Mine. The Company currently holds a 12.89% stake in Tembo, plus matching warrants, and Dr Bob Foster is a director of Tembo Gold Corporation.

Highlights

· Thirteen diamond drill holes totalling 3,179 m completed at Nyakagwe East;

· Best results include:

• TDD0026: 1.89 g/t Au over 2.23 m from 221.77 m;
• TDD0056: 4.42 g/t Au over 2.60 m from 130.60 m incl. 10.57 g/t Au over 1.00 m
• TDD0070: 1.01 g/t Au over 8.70 m from 87.84 m, incl. 2.81 g/t Au over 1.41 m;
• TDD070A: 1.55 g/t Au over 7.21 m from 93.24 m, incl. 3.15 g/t Au over 0.94 m and 3.19 g/t Au over 0.51 m;
• TDD0072: 8.44 g/t Au over 1.30 m from 99.90 m, incl. 25.00 g/t Au over 0.42 m;
• TDD0074: 6.55 g/t Au over 7.46 m from 370.46 m; and
•  TDD0077: 1.41 g/t Au over 4.50 m from 133.00 m, incl. 2.62 g/t Au over 1.50 m;

· Mineralization intersected for 1 km along WNW-trending structure - open ended in both directions;

· Drilling to continue at Nyakagwe East once all outstanding results received to assist with target prioritisation;

· Additional programme of in-fill holes and drill holes planned to test the structure’s western extension into the Nyakagwe Village and Mgusu target areas.

Bob Foster, Stratex Chief Executive Officer, said: “These latest drill results from the Nyakagwe East area are very encouraging and in many ways typify the drilling returns that have been reported during this programme and earlier programmes whereby it is relatively rare that a drillhole does not intersect one or more zones exhibiting moderate to high gold grades. Although the structural and lithological parameters controlling the distribution of the mineralisation are quite complex, the results continue to support our shared contention that the Tembo tenement package has considerable potential for the discovery of one or more significant gold deposits.” 

Further Details

The following information is reproduced from the Tembo Gold Corporation press release.

Diamond drilling at Nyakagwe East in 2014, following up on drilling conducted during the 2012 drilling program, has returned a number of good results demonstrating that gold mineralization exists along a number of structural zones along a strike of 1km and persisting at depth. Thirteen diamond drill holes totalling 3,179 m have been completed in the 2014 program.

The Nyakagwe East Target

Nyakagwe East is located at the eastern end of an extensive area of historical artisanal mining that extends from Nyakagwe Village and Mgusu in the west and northwest. To the southeast, the northwest-trending structures that are the focus of the artisanal workings are deeply covered by an extensive area of mbuga (black cotton soil) and the flood plain of the Bulyanhulu River. The workings consist of two parallel areas of northwest-trending pits and shafts, each with more than one zone of mining apparent along lines of shafts. Diamond drilling conducted in 2008, which returned good results, was followed up by Tembo in 2012.

Best historical drill holes included:

·         DD001: 10.25g/t Au over 3.50m from 38.50m;

·         DD005: 9.73g/t Au over 3.40m from 81.94m;

·         DD008: 12.40g/t Au over 0.41m from 100.67m: and

·         DD011: 7.94g/t Au over 2.00m from 45.10m.

The 2012 diamond and reverse circulation drilling programs (previously reported) returned best results of:

·         TDD0019: 4.67g/t Au over 1.67m from 67.73m;

·         TDD0029: 61.80g/t Au over 0.68m from 277.24m;

·         TDD0030: 4.57g/t Au over 1.61m from 49.89m;

·         TDD0104: 4.72g/t Au over 2.11m from 66.80m;

·         TDD0127: 5.51g/t over 1.50m from 117.00m; and

·         TRC0234: 5.46g/t Au over 2.00m from 109.00m.

The drilling completed at Nyakagwe East to date shows that there are a number of west-northwest trending, steep south dipping structures that host gold mineralization. Two structural zones, one to the north and one to the south, are separated by a younger east-west striking magnetic dyke. Each zone has at least two structures, interpreted as mineralized fault zones. Mineralization along the structures is variable, in places wide and high grade and elsewhere narrow and low grade. The structures appear to be consistently developed and, where well mineralized, contain white to smoky grey quartz veins and abundant disseminated sulphide, predominantly pyrite but locally containing minor pyrrhotite. Mineralization has been intersected along a 1km strike and is open ended in both directions. It is apparent that the Nyakagwe East target structures persist to the west, where they have been exploited by the artisanal workings associated with the Nyakagwe Village and Mgusu areas.

Notes to the above table:

1.      Widths represent drill intersection widths not corrected for drill hole inclination and dip of the geological zone. True widths have not been determined.

2.      Drill holes have not been drilled in numerical sequence and not all drill holes in a sequence have necessarily been drilled. Drill hole numbers represent the original drill hole identification assigned when planned.

3.      No capping of high-grade values has been applied to the assay results.

Drill Program Q3 2014

Further drilling during Q3 2014 at Nyakagwe East will await the review of all drilling results at this and other targets so priorities can be established. A preliminary program of in-fill holes and drill holes aimed to test the western extension of Nyakagwe East mineralisation into the Nyakagwe Village and Mgusu target areas has been prepared.

QA/QC

A stringent QA/QC practice is being applied to all sample batches. A Verified Reference Material standard is inserted every 20^th sample, a known blank or blank standard every 20^th sample and all samples with assays greater than 0.5 g/t Au are re-assayed. 1% of all samples are submitted to an alternative laboratory for check analysis. In addition the laboratory adheres to an internal QA/QC procedure including standard samples and repeats and blanks inserted independently.

The above information has been prepared under the supervision of David Scott, Pr. Sci. Nat., who is designated as a "Qualified Person" with the ability and authority to verify the authenticity and validity of the data.

Further details are set out in the Tembo Gold Corporation press release that can be accessed on their SEDAR profile at www.sedar.com.  

* * ENDS * *

For further information please visit www.stratexinternational.com, email [email protected], or contact:

Notes to editors:

Stratex International is a well-funded AIM-quoted exploration and development company focussed on gold and high-value base metals in Turkey, East Africa and West Africa. Since listing on AIM in 2006, Stratex has had an impressive track record of successful exploration supported by joint-venture partnerships, both with major international mining companies and local companies to maximise the potential of its discoveries.

In December 2012 the Company announced the sale of its 30% interest in the Öksüt gold project for cash of 20 times its original US$1 million investment and retained a royalty of 1% up to a maximum additional value of US$20 million.

To date Stratex has discovered more than 2.2 million ounces of gold and 7.9 million ounces of silver, as well as 186,000 tonnes of copper. The Company has a robust cash balance and is therefore well-placed to advance its existing exploration programmes and is also actively seeking to acquire advanced projects that are at the drill-ready stage or even have identified resources, particularly in East Africa and West Africa.