Pandora and Assaleyta
Stratex has a 30.1% interest in privately-owned Thani Stratex Resources Limited for its projects in Egypt and Djibouti.
Thani Stratex Licences
Thani Stratex holds 12 licences in Djibouti and is currently focused on Oklila (Pandora) and Assaleyta.
Discovered by Stratex in 2012, the 93 sq km Oklila licence includes the main Pandora epithermal vein target (comprising Pandora and Pandora South prospects) which is up to 10 metres wide at surface and can be traced over a strike length of approximately 2.5 km. Grades vary from 5ppb Au to 54.5g/t Au.
Located 250 metres SW of the main Pandora structure, the Pyrrha Vein has been identified over a strike length of 1,540 km. The vein is generally less than 1 m in thickness. High gold assays of up to 71.60 g/t Au at surface could indicate a potential for the presence of high gold grades at depth. Further mapping in the area has also discovered the Thyia Zone which appears to be a linkage structure between Pyrrha and Pandora.The entire system at Oklila comprises over 10 km strike of outcropping and inferred veins.
A maiden diamond drilling programme was completed in 2016 for 2,159 m in 15 holes across the Pandora South and Pandora Central zones. The best results were yielded from paired holes OK-D-10 and OK-D-11, and OK-D-12 and OK-D-13 that were drilled 200 m apart and included 1.36 m @ 10.55 g/t Au and 6.87 m @ 4.45 g/t Au. These holes have confirmed continuity of surface mineralisation to a vertical depth of approximately 150 m below surface, with the intersections in holes OK-D- 10 and OK-D-11, and OK-D-12 and OK-D-13 correlating with surface values of 1.30 m @ 6.40 g/t Au and 1.90 m @ 20 g/t Au respectively.
TSR is currently undertaking Phase 2 drilling for a planned 3,000 m. The aim of this drilling is to test the depth-extension of previously drilled mineralisation and identify potential higher-grade ore shoots within the system that is believed could lead to the definition of a resource. TSR has recently announced results from the first 5 holes of this programme (OK-DD-16 to OK-DD-20) with results (recalculated by Stratex using a 0.2 g/t Au cut-off) of up to:
- 20.17 m @ 1.16 g/t Au (from 4.23 m in hole OK-DD-17);
- 11.83 m @ 0.82 g/t Au (from 67.17 m in hole OK-DD-19); and
- 16.80 m @ 1.47 g/t Au (from 94.30 m in hole OK-DD-20).
Stratex has agreed to support completion of the current programme for an additional US$200,000. The Board will await full results of this programme before making a decision on whether to support further exploration.
Located c.16 km to the North of Pandora, low-sulphidation epithermal gold occurs as high-grade veins and disseminated mineralisation in rhyolite domes. Phase 1 exploration by Thani Stratex during Q2-2015 comprised 303 samples (126 grab and 177 chip samples across 13 channels) and 1:2,000 mapping across the sample areas. Channel sampling returned best values of 19 m @ 4 g/t Au and 6 m @ 10 g/t Au (600 m apart), and five selective grab samples assayed >20 g/t Au (highest grade of 41 g/t Au).
In 2016, a maiden drilling programme was completed across the three main prospects, Porcupine Hill, Red Eagle Mountain and Black Mamba. The drilling confirmed vertical continuity of the system to a depth of at least 175 m and returned best intercepts of 17.38 m @ 2.25 g/t Au from surface (AY-DD-01) and 1.58 m @ 8.67 g/t Au from 177.19 m (AY-DD-03).