Tuesday, September 6, 2011

Stratex Discover More Gold in Ethiopia |

Stratex Discover More Gold in Ethiopia


Stratex International, the AIM-listed gold miner, discovered more gold from drilling at its Megenta hot spring epithermal gold discovery within its exclusive exploration licence at Tendaho in the Afar Regional State.

These include high grade intersection of 19.50 g/t Au over 0.70 metres in hole MG-DD-12 with the potential for bonanza grades veins.

These occurred within zone of 4.49 g/t Au over 3.25 metres about 70 metres below surface and extend the target zone 460 metres along concealed graben edge. The priority target zone at Megenta now extends over 3 km.

The company has completed the 3,000 metre 14-hole scout drilling programme at Megenta and it is now planning to follow up drilling which it will discuss with Thani Ashanti, its partner.

The high-grade result was taken from a 0.70 metre-wide sample that includes a 0.25 metre vein within brecciated basalt [formed into sharp-angled fragments embedded in a fine-grained matrix], which indicates that the vein could contain bonanza grades higher than 19.50 g/t.

Drilling of deeper holes will be planned in a follow-up programme to be approved by Thani Ashanti, Stratex's partner.

In addition, Stratex will begin exploration on its other gold targets in the Afar region - Akehil, Boraule, and Det Bahari in Ethiopia and Asal and Dimoli Khan in Djibouti.

It was reported early in August that Stratex International's shares shot up following its announcement of "significant results" from drilling at its Megenta hot spring gold discovery in Ethiopia.

Source: StockMarketWire

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