Stratex has a 30.1% interest in privately-owned Thani Stratex Resources Limited (TSR) for its projects in Egypt and Djibouti. In May 2017, Stratex participated in a US$1 million fund raise to advanced Thani Stratex's Hodine licence in Egypt, which hosts the Hutite and Anbat prospects.
The Hutite system, located in south-eastern Egypt, is hosted by a melange of ultramafic/mafic rocks and represents one of the many suture zones between tectonic terranes in the Eastern desert of Egypt and indeed as seen all over the Arabian Nubian Shield.
Former operator Thani Ashanti drilled over 30,000 metres of RC and diamond drilling between December 2010 and March 2013. On the basis of this work, South Africa-based Quantitative Group estimated an Inferred Resource (non-JORC) of 11,410,000 tonnes grading 1.41 g/t Au for 520,000 in-situ ounces using 0.4 g/t Au cut-off.
The Anbat-Shakoosh district, located within a 15 km-long belt to the south of Hutite, hosts broad zones of near-surface gold mineralisation within steeply-dipping, silicified (and sulphide-rich) felsic dikes as well as more shallow-dipping sheeted veining within an adjacent granitic unit.The district currently hosts three prospects: North Anbat, Anbat and Shakoosh. Anbat and, to a lesser extent, Shakoosh have been the main focus of exploration to date, with former operator Thani Ashanti completing a total c.14,000 meters of diamond and reverse circulation drilling across the prospects.
Between October 2016 and July 2017, TSR drilled a total 3,976.8 m over 18 holes at Anbat which led to a revised geological model for a near-surface, flat-lying zone of gold-mineralisation on the eastern side of an identified mineralised intrusion. Reported intercepts have confirmed the continuity of broad zones of mineralisation defined by historic drilling, as well as narrower high-grade intervals of up to 227 g/t Au over 1.25 m. In December 2017, TSR announced a maiden JORC-compliant Mineral Resource Estimate of 209,000 oz at 1.11 g/t Au in porphyry sills. Inferred Mineral Resources were reported for blocks above 0.5 g/t Au and within a conceptual pit optimisation scenario based on a gold price of $1,500/oz to underpin the JORC (2012) requirement of reasonable chances of eventual extraction. The conceptual pit optimisation does not represent an Economic Study, since no such study has been completed, and is based upon an Inferred Mineral Resource which is not suitable for detailed mine planning. Mineral Resources located within the conceptual pit do not have proven economic viability and are not Mineral Reserves. Mineralisation within the porphyry sills is open in all directions. Infill drilling within the granodiorite stock may allow mineralisation currently categorised by CSA Global as an Exploration Target (up to 38,585 oz Au) by CSA Global to be upgraded into the Mineral Resource estimate.
TSR has also drilled 12 holes at Anbat North, confirming Sukari-style intrusion-hosted gold mineralisation, where gold is associated with thin quartz veins and sulphides.