Latest News

Released 07:00 16-July-2014

Number 4129M

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

Stratex International Plc   

(‘Stratex’ or ‘The Company’) 

Significant Gold Mineralisation at Faré South and Madina Bafé prospects,

Dalafin Gold Project, Senegal

Stratex International Plc, the AIM-quoted exploration and development company, is pleased to announce positive results from additional diamond drilling at its Faré South prospect,  Dalafin project (‘Dalafin’ or ‘the Project’), Senegal, where broad zones of mineralisation have already been identified. The Company also reports significant reverse circulation (‘RC’) and diamond drilling results - including 1.3 m at 61.84 g/t Au - from the Madina Bafé prospect, approximately 40 km to the south-southeast.

The 472.5 sq km Dalafin gold licence, is located in south-east of the country within the highly prospective Birimian-age Kédougou-Keniéba Gold Belt.

Stratex’s presence in Senegal has been strengthened by an agreement with our local partner Energy & Mining Corporation S.A. (‘EMC’) to form a joint company to continue to develop the Dalafin project, which fixes the shareholding of the partners at 85% Stratex and 15% EMC.

Highlights

·         Two additional diamond holes completed for 433 metres at Faré South to test the eastern extension of drill fence lines 8 and 9. Best result:

•  
  • 12 m @ 7.09 g/t from 18 m incl. 4.5 m @ 16.98 g/t (FADD-025)

·         High-resolution IP (‘induced polarisation’) geophysical survey completed at Faré South - currently being reviewed to assist in planning the next   phase of drilling;

·         RC and diamond drilling 40 km to SE confirms significant mineralisation at Madina Bafé prospect;

·         Best diamond drilling results include:

•  
  • 9.6 m @ 16.08 g/t Au from 15.1 m, incl. 1.3 m @ 61.84 g/t Au and 2.9 m @ 21.62 g/t Au (MBDD-002)
  • 2 m @ 1.22 g/t Au from 7.6 m (MBDD-002)
  • 1.5 m @ 2.84 g/t Au from 34.6 m (MBDD-002)
  • 3.8 m @ 1.43 g/t Au from 63.7 m (MBDD-007)

·         Best RC drilling results include:

•  
  • 15 m @ 6.10 g/t Au from 14 m, incl. 4 m @ 14.20 g/t Au and 5 m @ 5.50 g/t Au (MBRC-117)
  • 2 m @ 4.90 g/t Au from 22 m (MBRC-091)
  • 3 m @ 3.69 g/t Au from 29 m (MBRC-094)
  • 3 m @ 1.38 g/t Au from 19 m (MBRC-120)
  • 2 m @ 1.10 g/t Au from 7 m (MBRC-120)
  • 2 m @ 1.81 g/t Au from 2 m (MBRC-113)
  • 1 m @ 2.89 g/t Au from 21 m (MBRC-135)

·         Follow-up drilling at Madina Bafé and Faré South planned for October 2014

·         Stratex to form joint company with EMC to pursue the Dalafin project, which fixes the shareholding of the partners at 85% and 15% respectively

Bob Foster, Chief Executive Officer, said: “The excellent intersection returned by drillhole FADD-025 indicates continuity of mineralisation beyond the southern limit of the 600 m long zone identified at Faré South. The controls of the gold mineralisation in this prospect are complex but are now being unravelled using a combination of data from the induced polarisation and magnetic surveys, together with what has been recorded from the drill programme. 

“Further south at Madina Bafé the drill programme has demonstrated two areas of significant mineralisation that will now be the focus of follow-up ground work prior to recommencing drilling of these two zones, together with Faré South, once the rainy season has ended in October.

“We continue to be very encouraged indeed by these results from what is still an early-stage drill programme. I’m also delighted to report that, following very constructive negotiations with our Senegalese partner company, Energy & Mining Corporation S.A., we have now signed an agreement to acquire 85% of the project through the establishment of a new Senegal-registered operating company Stratex EMC S.A.”

Further Details

At the Faré South prospect, where broad zones of mineralisation have already been reported (Press Releases dated 19^th February and 19^th May 2014), the Company has completed two additional diamond holes for a total 433 metres to test the eastern extension of drill fence lines 8 and 9. Best results are presented in Table 1, with drillhole FADD-025 returning 12.0 m @ 7.09 g/t Au from the southernmost line 9. The mineralisation appears to be mostly hosted by steeply dipping NW-trending brittle-ductile shear zones in a sequence of dioritic and sedimentary rocks and, in one area, by a breccia zone developed along the sheared contact between a diorite intrusion and a feldspar-porphyry body. Intersections with ENE-trending, low-dipping shear zones may also have had a role in generating particularly gold-rich shoots.

Table 1. Significant intersections from Faré South - 0.3 g/t Au cut-off; all holes were drilled at a declination of -60^o.

True intersection widths not known at this early stage in the drill programme.   

Intense weathering (saprolite) commonly extends to vertical depths of 70 m and occasionally as deep as 100 m and makes interpretation of the specific controls of the mineralisation difficult to reconcile. However, the results of a recently completed induced polarisation survey, integrated with the Company’s previously commissioned airborne magnetic survey, indicate a broad northerly-trending zone of chargeability and resistivity that defines the interplay between the igneous intrusions and the zones of structurally controlled mineralisation. Following a full evaluation of these controls, diamond drilling will recommence to probe the northern and southern extensions of this 600 m long mineralised corridor.

At Madina Bafé, approximately 40 km to the south-southeast, the Company has completed 169 reverse circulation (‘RC’) holes for a total of 6,740 m and 12 diamond holes for a total of 1,162 m. The RC programme was designed to test some of the remaining soil anomalies whilst the diamond drill holes were aimed at investigating previous rotary air blast (‘RAB’) intercepts. Significant results (>0.3 g/t Au) are presented in Table 2. All holes were drilled at a declination of -50^o.

Table 2. Significant intersections from Madina Bafé - 0.3 g/t Au cut-off

True intersection widths not known at this early stage in the drill programme.   

Weathering in the Madina Bafé area is less pronounced than that at Faré, commonly only extending to vertical depths of 20-30 m.

The high-grade zone intersected in MBDD-002 (9.60 m @ 16.08 g/t Au) comprises quartz-tourmaline vein within a granodioritic rock, and occurs within a few metres of the surface. The mineralisation intersected in MBRC-117 (15 m @ 6.10 g/t Au) is hosted by a similar lithology. Both targets will be the focus of future drilling after the rainy season ends in October. In the meantime both target areas will be subjected to detailed geological mapping and sampling of any exposures of mineralised material.

Following completion of the minimum expenditure of US$3 million during 2013 to acquire 75% of the Dalafin Project and continued investment since then, the Company has now finalised constructive negotiations with its Senegalese partner company EMC to establish a joint venture company Stratex EMC S.A. with a wider remit to consider other opportunities in Senegal. The two shareholders will be Stratex West Africa Limited (85%), which is wholly owned by Stratex International Plc, and EMC (15%). The EMC participation, following Stratex’s earning of 75%, is funded by Stratex through an interest free loan and will be refunded to Stratex from income. Currently the sole asset to be held by the new company is the Dalafin Project.  

For further details on the Dalafin Project, including a drill location map, please visit http://www.stratexinternational.com/project/dalafin.

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 for material sampled in this campaign is undertaken by Bureau Veritas Mineral Laboratories in Cote d’Ivoire, with inter-laboratory check assays being routinely undertaken at other accredited laboratories elsewhere in West Africa.

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.

Dr Bob Foster, Chief Executive Officer, 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 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.