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Released 08:00 23-Apr-2013
Number 9494C08 

Stratex International Plc  

(‘Stratex’ or ‘The Company’)

Afar JV Update

Stratex International Plc, the AIM-quoted exploration and development company focussed on gold and base metals in Turkey, East Africa and West Africa, is pleased to provide an update on its Afar joint venture in Ethiopia and the Republic of Djibouti, where 51% joint-venture partner Thani Ashanti is currently funding all exploration.


Oklila Exclusive Exploration Licence (“EEL”), Republic of Djibouti

  • Further significant channel-chip results at Oklila and two new mineralised vein sets identified in Phase 2 exploration.
  • Results from channel-chip sampling include:

9.97 g/t Au over 0.2 m – Pandora Vein

- 4.79 g/t Au over 0.6 m – Northwest Zone

- 1.39 g/t Au over 1.1 m – Thyia Zone

  • New high-grade structures identified at Pandora South Zone - grab sampling of vein sets to the east and south of zone return up to 52.70 g/t Au and 39.4 g/t Au, respectively
  • Drilling deferred to fully assess the enlarged project; 5,000 m drill programme expected to start Q3/Q4

Tendaho Exclusive Exploration Licence, Ethiopia

  • Deeper drilling at Megenta expected to commence Q3 2013


Thani has now assumed management of the two projects having met the JV criteria for earning 51% (Thani has spent over US$1.4m on EEL’s in Djibouti and over US$1.6m on EEL’s in Ethiopia).

David Hall, Executive Director, said: “Oklila is a truly exciting prospect - the scale of the veining, structure and alteration allied with excellent surface grades reconfirms to us that this has the potential to be a significant discovery. As we explore the new Afar Epithermal Province we are adding to our knowledge of the likely controls on the best zones of gold mineralization.

“Although drilling was initially scheduled to commence in Q2-2013, on-going mapping and sampling has considerably expanded the scale of the prospect with the addition of new high-grade targets. Therefore, we have agreed with our partner Thani Ashanti, which is funding the exploration work, to schedule drilling for later in the year to permit a full assessment of these latest results and revise the drill plan accordingly.

“In the meantime, together with our partners, we will use the hot season break to re-assess the Megenta drill programme and plan for drilling in Q3.”

Further Details


Following the initial discovery of the main Pandora Vein in Djibouti in March 2012, Phase 2 sampling and fieldwork carried out on the wider Oklila EEL between 17 November 2012 and March 2013 has significantly improved the Company’s understanding of the system and has greatly increased the size of the known mineralised area to the north and south. Early results from this programme (press release dated 14 February 2013) identified further mineralisation at the Pyrrha vein and Thyia Zone. The Pyrrha vein is a less-prominent, near-parallel vein 230 metres to the south-west of the main Pandora vein, the northwest-end of which is linked to the main Pandora structure by the Thyia Zone – a set of five east-west trending veins (mostly <1m thick) (please see the following page of the Company’s website for a detailed target map

Mapping and sampling to date has identified over 10 km of veins, including the inferred structures beneath wadi’s and surface cover in the Thyia and Pandora Northwest zones where exposure is limited by boulder and scree cover. Latest results from channel-chip traverses at Oklila (Table 1)  include 9.97 g/t Au over 0.2 m (Pandora Vein), 4.79 g/t Au over 0.60 m (Pandora Northwest Zone) and 1.39 g/t Au over 1 m (Thyia Zone).

Table 1. Best results from recent channel-chip sampling at Oklila - 0.1 g/t Au cut-off and 25 metre spacing

Total Channel

Including (Best Intersection)



Interval (m)

Gold grade over Interval (g/t)




1.1m @ 1.24g/t

Thyia Zone




0.8m @ 0.46g/t




1m @ 1.39g/t




0.35m @ 1.21g/t





0.65m 3.08g/t

Northwest Zone




0.6m @ 4.79g/t




0.85m @2.95g/t




0.2m @ 9.97g/t





0.35m @ 4.15g/t


The first comprises a number of new structures with silica veins and breccia, <1m thick, within a strongly altered fault, 230 metres northeast of the high-grade section of the Pandora South Zone (see press release dated 21 May 2012). These veins are poorly exposed in a steep boulder-covered slope and appear to be orientated roughly east-west and form a possible transfer (linkage) zone similar to the Thyia Zone. Results from initial grab sampling include 52.77, 8.14 and 6.12 g/t Au.

Six grab samples taken from another structure, traced over ~260 metres in the southern portion of the Pandora South Zone, have also returned significant grades of 39.4, 14.05, 11.65, 9.14, 8.76 and 2.78 g/t Au.

The distribution of gold values across the property indicates that the best grades have been returned from the Pandora and Pandora South zones at the present exposed erosion level. This better-mineralised corridor is 2.7 km long and contains veins up to 1 metre wide.

Systematic sampling will now be undertaken on all structures in the Pandora South Zone to fully evaluate the extent of the high-grade gold mineralisation. Further sampling of splays within the Pandora Zone will also be undertaken.

Mapping at 1:1000 scale will continue across the remainder of the licence to help identify further targets prior to finalising the drill plan for an initial 5,000 metre diamond drilling programme, which is now planned to commence in Q3 or Q4 2013.


At the Tendaho EEL in Ethiopia, the joint-venture partnership intends to undertake Phase 2 drilling that will target zones deeper beneath the structures intersected during the initial drill programme.

Drilling will focus on the Hyena Zone and the graben margin structures  to the south, where hole MG-DD-12 intersected a banded epithermal vein that returned  19.5 g/t Au over 0.7 metres (press release dated 6 September 2011). Grid sampling of the sinter for gold may assist in identifying underlying feeder structures. However, this drilling will now also be postponed until Q3-2013, in line with Pandora, to assist logistical planning and reduce costs.

About Thani Ashanti JV

Under the terms of the revised joint-venture agreement (see press release dated 14 February 2013), Thani Ashanti can earn 51% of the licences in Ethiopia by expending US$1.6 million on exploration and development over two years and 51% of the licences in Djibouti by spending US$1.4 million on exploration and development over two years.

Thani Ashanti has now met its expenditure on both projects and has assumed management and operation of the projects. Thani Ashanti has committed to constructing a road to access the Pandora area and also to the construction of a camp prior to commencing drilling the Pandora Vein, with drilling targeted for Q3-2013. Thani Ashanti is now moving to the next stage of expenditure to earn 70%. This will require expenditure of US$4 million on the Oklila EEL alone (includes the Pandora, Pyrrha and Thyia veins) to acquire 70%, US$4 million on the Megenta EEL alone, and equally US$4 million on every other licence in the Afar JV programme to acquire 70% of each licence should Thani Ashanti opt to do so.

Sampling, assaying, and QA/QC

Stratex’s sampling of outcropping rocks, drill core, and other geological materials conforms to industry-wide good practice, with chain of custody being observed for all samples. Gold analysis of three of the last four batches was undertaken at the Genalysis in Perth, Thani Ashanti and AngloGold Ashanti’s preferred laboratory. Pulps of selected mineralised samples (1 in 20) from previous batches to Romania have also been sent to Genalysis as part of a cross check and further samples initially sent to Genalysis will be checked in Romania. Following this process, one of the labs will be selected for all future drill samples. The Company maintains QA/QC on all analytical work via the use of certified reference materials, field duplicates, and blank samples in addition to monitoring of internal laboratory check-analyses.

David J. Hall, Executive Director, is a Competent Person as defined by various international instruments and takes responsibility for the release of this information.

* * ENDS * *

For further information please visit, email [email protected], or contact:


Stratex International Plc Tel: +44 (0)20 7830 9650
David Hall / Bob Foster / Claire Bay
Grant Thornton Corporate Finance Tel: +44 (0)20 7383 5100
Gerry Beaney / Melanie Frean / Jen Clarke
Northland Capital Partners Limited Tel: +44 (0)20 7796 8800
Gavin Burnell / Luke Cairns / Alice Lane / John Howes
Yellow Jersey PR Limited Tel: +44 (0)20 3664 4087
Dominic Barretto / Anna Legge / Philip Ranger

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.

It currently has a substantial portfolio of projects, with Altıntepe in Turkey scheduled for gold production in 2013. 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. As at April 2013, the Company has a cash balance of approximately £17.5 million and therefore well-placed to advance its existing exploration programmes and also acquire select and advanced projects that are at the drill-ready stage or even have identified resources.

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