On 6th January 2012, following a three-month technical due dillengence, Stratex acquired the entire issued share capital of Silvrex, a private company incorporated in the UK with a prospective gold portfolio in Senegal and Mauritania. The acquisition has provided Stratex with a significant foothold in West Africa, which is increasingly recognised as an important target for gold exploration.
Stratex's principle asset is the 636 sq km Dalafin Gold Licence, into which the Company is currently earning 75% under the terms of a joint venture with a private Senegalese company. Located in south-eastern Senegal, Dalafin is positioned in the centre of the Birimian Kédougou-Kenieba gold belt (Fig. 1) which extends from Senegal into western Mali and has already seen multiple major gold discoveries.
Figure 1. Regional setting of Silvrex's Dalafin Project, Senegal
Recent discoveries and producing mines in the wider region include Randgold Resources' Massawa deposit (3.4 million oz Au) and Oromin Exploration's Sabodala deposit (3 million oz Au) in Senegal, and Randgold's Loulo deposit (12 million oz Au) and Gounkoto projects (5.76 million oz Au) in nearby Mali (Fig. 2).
Figure 2. Geology of Kédougou-Kenieba gold belt showing recent discoveries and producing mines. The Dalafin licence area is denoted by the blue box.
Early exploration by Silvrex, comprising extensive soil and rock sampling, and pitting of priority targets, identified multiple gold prospects within the Dalafin licence area, a number of which were confirmed to merit detailed exploration following assaying of approximately 1,000 samples of rocks and soils as part of Stratex's three-month due diligence evaluation (see press release dated 8 September 2011).
Stratex has also acquired four exploration licences over a total 1,985 km2 in prospective geological terranes in the western part of Mauritania (Fig. 3), one of which is located within the same geological terrane as Kinross Gold Corporation's Tasiast gold deposit (20 million oz Au).
Figure 3. Stratex licneces in Senegal and Mauritania
Stratex's newly appointed Executive Director, John Cole-Baker (formerly Silvrex's Chairman and Managing Director), will lead an established exploration team of two Senegalese geologists and one locally-based international consultant, supported on a part-time basis by Mr. Ed Slowey (formerly Silvrex's Technical Director), to accelerate the exploration programme in Senegal and Mauritania.
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