Stratex International

Stratex International is an exploration and development company focusing on gold and high-value base metals. Together with Turkish partner NTF it is progressing the Inlice and Altintepe oxide gold resources with a view to mid-term production. Stratex is also exploring and drilling its latest oxide-gold discoveries - Oksut financed by option/JV partner Centerra Gold, and Hasancelebi financed by Teck Resources. With a strong cash position, Stratex is considering a range of other options both within and outside Turkey. As part of this initiative, the Company has recently announced its expansion into Ethiopia, a country that it believes has considerable potential for the discovery of gold and base metal deposits. 

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TURKEY:

Key Projects in Turkey:

Inlice

The Inlice project is located 30 kilometres west-south-west of the city of Konya and 230 kilometres south of Ankara. Discovered in a roadside outcrop by Stratex Madencilik General Manager Bahri Yildiz, Inlice was the first of twenty plus hydrothermal alteration zones recognised by Stratex in the Konya volcanic belt. The high-sulphidation gold mineralization occurs in steeply dipping silica replacement "ledges" of the Ana Zone , which cross-cut the andesitic volcanic host rock. 

Altıntepe

The Altıntepe ('Gold Hill') gold project  is located near the town of Fatsa close to the Black Sea coast of northern Turkey. The project is underlain by an advanced argillic lithocap extending over an area of at least 8 square kilometres . High-sulphidation epithermal gold mineralization is an integral part of the lithocap and consists of wide zones dominated by silica alteration. In places, this is accompanied by intermediate-sulphidation epithermal gold mineralization that occurs as a series of linear, fault-controlled veins and related stockworks.

Öksüt

Öksüt is Stratex's latest high-sulphidation (HS) gold discovery in Central Anatolia, located 25 km south of Develi and 70 km south of Kayseri.  The 109.4 km2 licence area is hosted within Miocene andesitic lava domes and pyroclastics, with units showing both structurally and lithologically controlled alteration, predominantly silicification and advanced argillic alteration.

Hasançelebi

Hasançelebi is a high-sulphidation epithermal gold-silver project which lies within the Yamadağ Volcanics of the Anatolian block, approximately 500 km SE of Ankara. Hosted within probable Miocene-age andesitic and dacitic rocks, early exploration has identified continuous alteration and mineralization over a strike length of approx. 7 km. 

(click project name for more details)

ETHIOPIA:

Shehagne

In September 2009, Stratex acquired a 5.6% interest in PLUS-quoted Sheba Exploration (UK) plc (Sheba) and signed a Binding Letter of Intent with Sheba with an option to earn-in to an initial 60% of the prospective Shehagne project.

Tigray

The Tigray area of northern Ethiopia forms part of the southerly extension of the highly prospective Arabian-Nubian Shield (ANS) and is located east of Stratex-Sheba's Shehagne gold project. 

Exploration work at the Company's Shehagne project had identified the potential for significant gold mineralization within the ANS. As part of the joint-venture agreement with Sheba to explore northern Ethiopia on 70:30 basis, exploration of the wider Tigray licence area has been carefully reviewed using both Aster and Landsat EMT satellite imagery. Remote sensing combined with a detailed geological study using maps and reports located in the Ethiopian Geological Survey, were used to identify prospective areas and define a series of prospective EELs covering 923 sq km

Berahale

The Berahale concession covers 1,187 sq km of prospective ground east of Stratex's Tigray licence in northern Ethiopia. This area is an extension of the Asmara gold belt being actively explored across the border in Eritrea and the Company believes there is considerable potential for the discovery of gold and gold-base metal deposits. The area has seen little modern exploration and Stratex will extend its regional stream sediment programme and mapping to cover the concession.

Afar Project

The Afar Project comprises eleven Exclusive Exploration Licences (EEL's), covering 2,709 km2 of prospective epithermal gold exploration ground in the Afar Depression region of north-eastern Africa - five EEL's in Ethiopia, including the Tendaho EEL, host to the Megenta discovery, and six EEL's in Djibouti . Under the terms of a joint-venture agreement, Thani Ashanti (an AngloGold Ashanti Limited joint-venture company with Thani Investments, Dubai) are earning into 51% of the Afar Project by expending a total of US$3 million on exploration and development over two years. Thani Ashanti is committed to expending US$1 million in the first twelve months to include a 3,000 metre drill programme to test the Megenta prospect. In addition Stratex has EEL's in its own right on new discoveries in the Afar Depression, namely Blackrock and Mille-Serdo, as well as new applications.

Gademsa

The Gademsa EEL in the Main Ethiopian Rift covers 138 sq km of a caldera setting where fossil hydrothermal activity similar to the Megenta discovery has been reported. The area can be easily accessed from Addis Ababa and will undergo rapid geological evaluation by the Stratex team with a view to defining epithermal gold mineralisation for detailed sampling and subsequent drilling.

Mille-Serdo

The Mille-Serdo EEL is located in the Afar region of eastern Ethiopia, which is situated at the northern end of the Main Ethiopian Rift where it widens into the Afar Depression.

The Serdo licence area comprises 4 areas 47 kilometres to the north-east of the Company's initial Megenta discovery and are underlain by Serdo Rhyolites and younger basaltic rocks. Within such a bi-modal (rhyolite-basalt) setting the rhyolite end-member is very important in the generation of gold-bearing hydrothermal fluids.

AbiAdi 

The 967 sq km Abi Adi Exclusive Exploration Licence (EEL) is located in the southern Tigray region of Northern Ethiopia in the highly prospective Arabian Nubian Shield (ANS), approximately 80 km south of Stratex's existing Tigray and Shehagne EELs. Independent Ethiopian company Loz Bez Mining plc identified three targets within the Abi Adi EEL  - Gidemi Berashua, Kurtumza and Daba Gumbah - after a first-pass stream sediment and rock chip sampling programme. All three targets are located around artisanal primary and placer gold workings associated with quartz veining in granitic intrusives.

Blackrock

The 100%-owned Blackrock EEL covers an area of 299 sq km within the northern Afar region and is located 18 km east of the small town of Berahale. Within the licence area, four separate zones of low-sulphidation mineralisation - Calcite, Airstrip, Black Water and Magdala - have been identified over a distance of 15.9 km from north to south and are hosted within structures associated with Red Sea-parallel half-graben faults.

(click project name for more details)

 Christopher Hall, Non Executive Chairman

Bob Foster, - Chief Executive Officer
 

 Perry Ashwood,  - Chief Financial Officer

David Hall,  - Executive Director for East Africa

Peter Addison - Non-Executive Director

Mr Bahri Yildiz, BSc - General Manager Turkey

 Dan James - General Manager Ethiopia

 Franco Maranzana - General Manager Djibouti

For more information on Stratex's Directors & Management click here