Wednesday, May 4, 2011

Stratex finds bonanza gold grades during sampling in Blackrock licence, Ethiopia

7:27 am by Andre Lamberti
Sampling work on the company's Blackrock licence in Ethiopia's Afar region has found bonanza gold gradesSampling work on the company's Blackrock licence in Ethiopia's Afar region has found bonanza gold grades
Stratex International PLC (LON:STI) said it found bonanza gold grades during rock sampling at the Black Water zone within its 100 percent owned Blackrock Exclusive Exploration Licence (Blackrock EEL) in the prospective Afar epithermal gold province of eastern Ethiopia.

Surface rock-chip samples returned up to 60.4 grammes per tonne gold from the Nesbitt target and 34.6 g/t Au from the Oasis vein systems at the Blackrock EEL.

Channel-chip sampling of Theodore target returned best grades of 25 metres at 1.15 g/t Au and 15.2 metres at 1.28 g/t Au, while best values returned at Nesbitt were 6.1 metres grading 1.01 g/t Au and 0.5 metres at 38.3 g/t Au.

The work has identified wide zones of gold on the Theodore, Nesbitt and Oasis vein systems over 4.57 kilometres combined strike within the previously discovered 14 kilometres of outcropping veins over the Black Water and Magdala zones of the Blackrock EEL.

Executive director David Hall said: "These first samples of outcrop at the Black Water zone have returned bonanza grades, i.e. greater than 30 grams per tonne gold, and wide zones of gold mineralisation up to 25 metres in width, further highlighting the potential for major multiple gold mineralisation at this exciting discovery where four key zones have been identified to date.”

"With this in mind, our exploration programme at Blackrock will continue at pace as we focus on advancing the Stanley, Nesbitt, Oasis, Theodore and Baker targets to a drill ready status.  We also eagerly await the results from a 3,000 metre drill programme at our Megenta gold project in Ethiopia, where we believe there is a potential to intersect, at depth, similar multi-gram gold grades."

It is anticipated that the Blackrock prospects can be fast-tracked through to drill-ready status before the end of the year.  The regional infrastructure is being rapidly upgraded by mining majors such as BHP Billiton which are conducting significant potash programmes.  In line with this, major camps, new roads and associated infrastructure are currently being established.

In the meantime, drilling of the company's first project in the Afar, Megenta, will commence shortly, funded by the joint-venture partnership with Thani Ashanti, an AngloGold Ashanti alliance.

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