Muratdere

The Muratdere property comprises three licences covering a substantial granodiorite-porphyry system located 250 km west of Ankara. The porphyry system extends east-west for a distance of about 4,000 m and has a width of between 200 m and 400 m. Mineralization consists of narrow magnetite- and sulphide-bearing quartz veins and disseminated sulphide minerals in the rock. Recent drilling has confirmed that this is primarily a copper-gold system, with significant silver, molybdenum and rhenium credits. 

Figure 1. Initial drilling at Muratdere

Drilling on the property, funded in part by previous JV partner Aydeniz Group, was focussed almost entirely on a shallow-lying zone of supergene-0enriched copper mineralisation, although where, extended below this zone, drilling returned long intersections of copper- and gold-enriched sulphide material (Table 2). In June 2011, Wardell Armstrong International completed a desk-based resource estimation in accordance with JORC guidelines, which defined an Inferred Resource of 51 million tonnes grading 0.36% Cu (186,000 tonnes), 0.12 g/t Au (204,296 oz), 2.40 g/t Ag (3.9 million oz), 0.0125% Mo (6,390 tonnes), and 0.34 ppm Re (17,594 kg). The defined Inferred Resource extends over a distance of approximately 2,000 metres but is open-ended to the east and west and at depth, suggesting considerable potential to increase the resource.

Figure 2. Muratdere geology highlighting drill hole locations

To date, 28 holes have been completed on the property for a total of 3,075 m (Tables 1 and 2). The higher-grade copper data (>0.4 % copper) mostly relate to intersections of supergene-enriched material.

Table 1. Results from Stratex-funded drilling at Muratdere

Table 2. Results from Aydeniz-funded drilling

Metallurgical test work has recently been undertaken by Wardell Armstrong International on five types of material, including two composite (blended) samples. The results indicate that saleable copper concentrate grades (>24% Cu) could be produced from all but the unoxidised sulphide material, which returned slightly less than 22% Cu at a recovery of just below 84%. WAI believes that concentrate grades could be increased to over 24% by flowsheet improvements, which is encouraging given the potentially large scale of unoxidised sulphide material within the porphyry body.

Following the withdrawal of Aydeniz, Stratex has now resumed 100% interest in Muratdere and has recently signed a Heads of Agreement with new partner, who wishes to remain annonymous until completion of due dilligence, to acquire 51% of project for US$1.7 million, subject to due dilligence. The option exists to increase their interest to 61% for a cash payment of US$500,000 and completion of 3,000 metres of diamond drilling, and to 70% by funding a feasibility study.