TIDMSTI
RNS Number : 4844Y
Stratex International PLC
06 December 2017
Stratex International Plc / Index: AIM / Epic: STI / Sector:
Mining
Stratex International Plc
('Stratex' or 'the Company')
Thani Stratex Resources Maiden Resource and Fundraising
Update
Stratex International Plc, the AIM-quoted gold-focused
exploration and development company in Turkey and Africa, reports
that Thani Stratex Resources Ltd ("TSR") has announced a drilling
update and a JORC 2012 compliant maiden resource estimate for its
Anbat gold project ("Anbat" or the "Project") in Egypt. The Company
also announces that it has agreed to subscribe for new ordinary
shares in TSR for a total investment of US$200,000, alongside a
subscription by TSR's other major shareholder, Thani Emirates
Resource Holdings Limited ("Thani Emirates"). Following completion
of the investment, Stratex's holding in TSR will be 30.1%.
Highlights
Drilling results and maiden resource
-- 11 holes completed for a total of 2,076.7m;
-- Best results reported by TSR include:
o 9m @ 1.45 g/t Au from 28.3m (TDAND009);
o 32.6m @ 1.00 g/t Au from 188.55m, including 12.45 m @ 2.19 g/t
Au (TDAND014);
o 25.65m @ 0.56 g/t Au from 42.5m including 12.15 m @ 1.06 g/t
Au (TDAND017)
-- JORC 2012 compliant resource estimate of 5.9Mt grading 1.11
g/t Au for 209,000 oz (Inferred) within a pit optimisation scenario
based on a gold price of US$1,500/oz;
-- Pit optimisation for a starter pit has provided 2.9 Mt
grading 1.08 g/t Au for 101koz at a gold price of US$1,250 -
undiscounted cash flow of US$50.31m.
TSR fundraising
-- Stratex has agreed to subscribe for new shares in TSR, for a total investment of US$200,000 (approximately GBP150,000), payable in two tranches of US$100,000. The first tranche is payable immediately and the second tranche is payable by the end of December 2017;
-- Stratex's subscription is part of a total TSR ordinary share placement of US$500,000;
-- Funds raised by TSR will be used to fund the second drill
programme that has commenced at the Pandora gold project in
Djibouti.
Commenting on the announcement, Stratex's Chief Executive
Officer, Dr Bob Foster, said: "The recently reported drill
intersections and the delivery of an initial JORC-compliant
resource are encouraging developments, with the plus of further
exploration potential being indicated by consultants CSA. I look
forward to having the opportunity to get further insight to the
project when I visit Anbat in the near future."
Drilling results and maiden resource
Following the announcement of initial results from its Anbat
Project in Egypt (see Stratex's announcements dated 27 February
2017, 22 March 2017 and 19 April 2017), TSR has reported results
for a further 11 diamond drill holes completed between 27 April
2017 and 31 July 2017 for a total of 2,076.7 metres. A summary of
results reported by TSR for this period are shown in Table 1
below.
Table 1. Phase 2 Summary Drilling Results Anbat Prospect
Hole From To Interval Average
ID (m) (m) (m)* Au (g/t)**
----------- ------- ------- --------- ------------
TDAND008 82.25 87.60 5.35 0.14
----------- ------- ------- --------- ------------
and 114.00 119.70 5.70 0.55
----------- ------- ------- --------- ------------
TDAND009 28.30 62.00 33.70 0.66
----------- ------- ------- --------- ------------
including 28.30 37.30 9.00 1.45
----------- ------- ------- --------- ------------
and 92.40 99.40 7.00 0.40
----------- ------- ------- --------- ------------
TDAND010 151.40 161.35 9.95 0.56
----------- ------- ------- --------- ------------
TDAND011 68.30 91.10 22.80 0.51
----------- ------- ------- --------- ------------
including 70.30 76.00 5.70 1.27
----------- ------- ------- --------- ------------
and 123.50 130.30 6.80 1.08
----------- ------- ------- --------- ------------
including 125.70 128.30 2.60 2.40
----------- ------- ------- --------- ------------
and 152.00 166.70 14.70 0.59
----------- ------- ------- --------- ------------
including 152.00 158.00 6.00 1.02
----------- ------- ------- --------- ------------
and 182.90 195.80 12.90 1.03
----------- ------- ------- --------- ------------
TDAND012 127.90 162.60 34.70 0.55
----------- ------- ------- --------- ------------
including 144.65 150.90 6.25 1.71
----------- ------- ------- --------- ------------
TDAND013 70.00 79.00 9.00 0.52
----------- ------- ------- --------- ------------
and 187.85 226.40 38.55 0.42
----------- ------- ------- --------- ------------
including 187.85 206.30 18.45 0.74
----------- ------- ------- --------- ------------
including 197.60 205.00 7.40 1.43
----------- ------- ------- --------- ------------
TDAND014 15.00 20.80 5.80 0.53
----------- ------- ------- --------- ------------
and 188.55 221.15 32.60 1.00
----------- ------- ------- --------- ------------
including 188.55 201.00 12.45 2.19
----------- ------- ------- --------- ------------
TDAND015 No significant intersections.
----------- -----------------------------------------
TDAND016 58.50 74.55 16.05 0.64
----------- ------- ------- --------- ------------
including 59.50 68.00 8.50 1.04
----------- ------- ------- --------- ------------
and 103.80 113.00 9.20 0.79
----------- ------- ------- --------- ------------
including 103.80 107.10 3.30 1.94
----------- ------- ------- --------- ------------
TDAND017 42.50 68.15 25.65 0.56
----------- ------- ------- --------- ------------
including 56.00 68.15 12.15 1.06
----------- ------- ------- --------- ------------
including 59.40 64.40 5.00 1.79
----------- ------- ------- --------- ------------
and 82.50 86.30 3.80 0.97
----------- ------- ------- --------- ------------
TDAND018 13.30 29.60 16.30 0.81
----------- ------- ------- --------- ------------
including 13.30 18.20 4.90 1.04
----------- ------- ------- --------- ------------
including 25.80 29.60 3.80 1.36
----------- ------- ------- --------- ------------
and 52.50 57.50 5.00 0.69
----------- ------- ------- --------- ------------
and 116.00 138.00 22.00 0.51
----------- ------- ------- --------- ------------
*apparent thickness ** no cut-off
On completion of drilling, TSR commissioned CSA Global (UK) Ltd
("CSA") to prepare a Mineral Resource Estimate and conceptual pit
optimisation for the Anbat gold project, combining historical and
current drill data. Mineral Resources were classi ed as Inferred
Mineral Resources in accordance with JORC 2012 guidelines, and
comprised 5.9 million tonnes at a grade of 1.11 g/t for a total of
209,000 ounces. The resource is confined to low-angle, near-surface
porphyry sills. Resources were reported for blocks above 0.5 g/t Au
and within a pit optimisation scenario based on a gold price of
$1,500/oz.
A conceptual pit optimisation study was completed at a gold
price of $1,250/oz and produced 2.9 million tonnes of ore, grading
1.08 g/t for 100,839 ounces of gold, showing an undiscounted cash
flow of US$50.31m. The preliminary pit optimisation study is
conceptual in nature, based on typical (and reasonable) estimated
operating costs and mining parameter assumptions.
CSA has categorised additional mineralisation in the
granodiorite stock as a JORC (2012) Exploration Target, further
drilling of which may result in the delineation of additional
resource material.
The technical information in this announcement has been
extracted from TSR's release, dated 6th December 2017, which has
been reviewed by TSR's Competent Person, David Hall. Further
details of the drilling results and JORC disclosures for the
resource estimate, as well as a drill plan, can be found in TSR's
announcement and in the full report prepared by CSA, on TSR's
website at: http://www.thanistratex.com/news.
Further details of the TSR investment
Further to the Company's participation in TSR's last fundraising
round earlier this year (refer to the announcement of 19 May 2017),
Stratex and Thani Emirates have agreed to subscribe for a total of
US$500,000 of new equity in TSR, split US$200,000 and US$300,000
respectively. The funds will be invested in two equal tranches, the
first immediately and the second by the end of December 2017.
Immediately following the second tranche of the subscription,
Stratex's holding in TSR will increase from 29.8% to 30.1%. The
funds will be used by TSR to fund the second drill programme that
has commenced at TSR's Pandora gold project in Djibouti.
Stratex's share of TSR's loss for the year ended 31 December
2016 was GBP160,615 and as at 31 December 2016, Stratex's
investment in TSR was held in the Company's balance sheet at a
carrying value of GBP5.8m.
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. Following the
publication of this announcement, this inside information is now
considered to be in the public domain.
* *S * *
For further information please visit
www.stratexinternational.com, @StratexPLC on Twitter, email
info@stratexplc.com, or contact:
Stratex International Plc Tel: +44 (0)20 7830 9650
Claire Bay / Dr Bob Foster
Grant Thornton UK LLP Tel: +44 (0)20 7383 5100
Samantha Harrison / Daniel Bush
Hannam & Partners Tel: +44 (0)20 7907 8500
Neil Passmore / Andrew
Chubb
Camarco Tel: +44 (0)20 3757 4980
Gordon Poole / Nick Hennis
/ Monique Perks
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 Thani
Stratex Resources Ltd and Tembo Gold Corp. for their exploration
projects in Djibouti and Egypt, and Tanzania respectively.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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