Stratex plans to expand in Djibouti, Ethiopia on promising gold finds‎

[Xaaji Xunjuf]

Stratex plans to expand in Djibouti, Ethiopia on promising gold finds‎

 

(DJIBOUTI) Gold exploration company Stratex International said on Friday it was actively exploring its firstmover land position in the Afar region in Ethiopia and Djibouti.

 

Stratex has already made gold discoveries, such as Blackrock and Megenta, in the Afar region in borders between Djibouti and Ethiopia.

 

The company had identified a total of 14 km outcropping epithermal veins at Blackrock where recent rock-chip samples returned grades of up to 60,4 g/t gold from the Black Water zone.

 

“It is our intention to continue to build our land position in the region and to implement defined exploration programs to advance our discoveries through the resource development cycle and in turn prove the economic potential of our East African assets,” said chairperson Christopher Hall in the company’s annual general meeting statement.

 

Stratex had signed an agreement with South Africa’s AngloGold Ashanti joint-venture company Thani Ashanti to fast-track development of its first 11 prospects identified within the Afar region.

 

Thani Ashanti can earn 51% of the Afar project by spending $3-million on exploration and development over two years.

 

Drilling would also start within the week at Stratex’s other significant discovery in the region, Megenta.

 

Meanwhile, Hall said that the company’s Turkish portfolio with its advanced gold exploration projects and defined Joint Ore Reserves Committee resources of 1,31-million ounces of gold, on a JV-inclusive basis, offered Stratex near-term exposure to development and production.

 

“Our Inlice and Altıntepe gold projects are presently being advanced by our partner with the aim of gold production in 2012 and 2013 respectively,” said Hall.

 

Stratex was also fast-tracking three other key exploration targets in Turkey, including Öksüt, Hasançelebi and Muratdere.

 

“At Öksüt, we have already defined an independent Jorc resource of 317 256 oz. gold, which we hope will continue to grow with our ongoing drilling programs,” said Hall

 

Stratex was fortunate in having major mining partners funding the majority of its activities in both Turkey and East Africa.