Stratex International PLC Thani Stratex Drilling Results (2049H)

TIDMSTI

RNS Number : 2049H

Stratex International PLC

06 June 2017

Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining

Stratex International Plc

('Stratex' or 'the Company')

Discovery Holes Confirm Potential at Pandora

Stratex reports that Thani Stratex Resources Ltd ("TSR"), in which the Company holds a 30.1% interest, has today announced the results of its maiden drilling programme at the Pandora epithermal gold project in Djibouti.

Highlights

-- 2,159 m diamond drilling completed in 15 holes across the Pandora South and Pandora Central zones;

   --    Best reported results include: 

o 3.95 m @ 4.49 g/t Au from 87.20 m incl. 1.55 m @ 7.49 g/t Au from 87.20 m (OK-D-10*);

o 8.68 m @ 1.36 g/t Au from 49.27 m and 3.84 m @ 5.19 g/t Au from 147.00 m (OK-D-11*);

o 6.87 m @ 4.45 g/t Au from 51.10 m incl. 1.36 m @ 10.55 g/t Au from 56.60 m (OK-D-12**);

o 4.70 m @ 3.41 g/t Au from 78.00 m incl. 0.80 m @ 13.90 g/t Au from 81.20 m (OK-D-13*).

-- The intersections in holes OK-D-10 and OK-D-11, and OK-D-12 and OK-D-13 correlate with surface values of 1.30 m @ 6.40 g/t Au and 1.90 m @ 20 g/t Au respectively;

   --    Depth continuity of mineralisation confirmed to approximately 150 m vertically. 

Commenting on the announcement, Stratex's Chief Executive Officer, Marcus Engelbrecht, said: "The initial drilling results reported for Pandora are exciting and confirm our confidence in the prospectivity of this project. Identifying these high grade intercepts during a maiden drilling programme is exceptional and I wish to congratulate the Thani Stratex team on the results."

Further Details

On 19(th) May 2017, the Company reported that TSR had completed a 15-hole scout diamond drilling programme at its Pandora epithermal gold prospect in Djibouti (refer to Stratex's press announcement dated 19(th) May 2017). The 2,159 metre programme focused on the Pandora South and Pandora Central zones, covering a total strike length of 1.2 km, which form part of a 10 km mapped system of epithermal veins, first discovered by Stratex in February 2013. The aim of the drilling programme was to define the width and grade of the gold mineralisation and to confirm its depth continuity.

Holes OK-D-01 to OK-D-06 tested the Pandora South zone with OK-D-07 testing beneath a wadi that cuts the outcropping vein. OK-D-08 to 15 tested the Pandora Central zone.

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.

True widths are estimated to be between 42% and 71% of the reported (downhole) intersection length.

* Intercepts calculated using 0.4 g/t Au cut-off

** Intercepts calculated using 0.5 g/t Au cut-off

The announcement by Thani Stratex and further details on the Pandora project, including a summary of drill results and drill hole location map, can be found at http://www.thanistratex.com.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

* * ENDS * *

For further information please visit www.stratexinternational.com, email [e-mail], or contact:

 
 Stratex International         Tel: [phone] 
  Plc 
 Marcus Engelbrecht / Claire Bay 
 Grant Thornton UK LLP         Tel: [phone] 
 Philip Secrett / Samantha Harrison / Daniel Bush 
 Hannam & Partners             Tel: [phone] 
 Neil Passmore/ Andrew 
  Chubb 
 Camarco                       Tel: [phone] 
 Gordon Poole / Nick Hennis 
 

Notes to Editors:

Since listing in 2006, Stratex has discovered more than 2.2 million ounces of gold and 7.09 million ounces of silver, as well as 186,000 tonnes of copper. The Company owns 15% of a copper-gold project at feasibility stage and an exciting exploration project in Senegal. The Company also has significant interests in Goldstone Resources Ltd, Thani Stratex Resources Ltd and Tembo Gold Corp. for their exploration projects in Ghana, Djibouti and Egypt, and Tanzania respectively.

This information is provided by RNS

The company news service from the London Stock Exchange

END

DRLBELLBDQFBBBK

(END) Dow Jones Newswires

June 06, 2017 02:01 ET (06:01 GMT)