Hasançelebi is a high-sulphidation epithermal gold-silver project which lies within the Yamadağ Volcanics of the Anatolian block, approximately 500 km SE of Ankara. Early exploration has identified continuous alteration and mineralization over a strike length of approx. 7 km. Best rock chip samples to date is 858 m at 0.69 g/t Au over a mean width of 7.4 m, and 22 m at 1.16 g/t (Fig.1).

 

 

Figure 1. Central silica zone, Hasançelebi (towards east, along strike) - 22 m @ 1.16 g/t at base

 

In September 2009, Stratex signed a JV with Teck Madencilik Sanayi Ticaret A.S. ('Teck') to explore and develop Hasançelebi. Under the terms of the agreement, Teck has the option to fund US$2 million by 31st December 2012 to acquire a 51% interest in the project, with a commitment of US$500,000 before 31st December 2010. This initial funding will be utilised for a mapping, sampling and drilling programme to include at least 2,000 metres of drilling. Teck then has the option to increase its interest to 70%, by expending a further US$3 million over the subsequent three years.

Teck has now commenced the first phase of a 2,000 m drilling programme. This initial phase will include seven diamond drill holes totalling 1,300 m to target areas of highest gold grade, thickest silica and deepest oxidation. Mapping and sampling of other alteration zones are also underway to define further possible targets to be drill-tested during H2 2010.

 

Geology

Hosted within probable Miocene-age andesitic and dacitic rocks, mineralization at Hasançelebi Silica ledges are found outcropping close to the contact between andesitic/dacitic flows and the underlying sequence of clastic sediments and minor limestone units.

 

 

Figure 2. Geological map of Hasançelebi property – silica zones shown in red.

 

Geological evidence from exploration thus far points to the silica and contained gold being stratigraphically controlled, i.e. confined to discrete volcanic beds, a factor that is favourable for the development of a large-tonnage mineral occurrence. Exceptionally large ('giant') examples of such bed-replacement deposits include Minera Yanacocha's Yanacocha gold mine (c.40 M oz Au) and Barrick's Gold Corporation's Pierina gold mine, both located in Peru.

Exploration

Initial sampling of silica ledges during early exploration work returned values up to 0.9 g/t Au over 4 m. Subsequent geological mapping and chip sampling identified two, possibly three, sub-parallel siliceous zones (and associated alteration) continuous over a strike length of approx. 7 km. Dipping between 20 degrees and 50 degrees northwards, the widths of the individual zones range from 5 m to in excess of 20 m and comprise a sequence of silica zones and intervening volcanic rocks that exceeds 100 m in width. In addition, new silica zones have also been identified a further 1 km to the east. 

 

Figure 3. View east along Hasançelebi. Note silica ledges dipping to north (left).

 

Best continuous values to date within the central part of the prospect average 0.69 g/t Au over a mean width of 7.4 m along a strike distance of 858 m. Within this, a higher-grade zone averaging 0.99 g/t Au over a width of 9.1 m and a length of 278 m has been identified (0.2 g/t Au cut-off grade).