At the Karaağac gold project, located 300 km west-south-west of Ankara, mineralisation is hosted by an outcropping thrust zone and altered limestone. Systematic chip sampling has yielded numerous values in excess of 0.5 g/t gold and high values of 2 m @ 9.71 g/t gold and 1 m @ 6.92 g/t gold along approximately 7 km of the exposed thrust contact.
Karaağac has an inferred non-JORC resource of 156,798 oz Au. Under the terms of a joint-venture agreement, Turkish partner Anadolu Export Maden Sanayi ve Ticaret Limited Şirketi is funding a resource-drilling programme at the project and will shortly be submitting an application for a forest permit to allow drilling to proceed. Anadolou will spend up to US$1.5 million on exploration and drilling at Karaağac within two years and will pay Stratex US$500,000 cash if a minimum JORC-compliant indicated resource of 50,000 oz gold is confirmed during this period, plus a 1.5% net smelter returns royalty on any future mineral production.