News blog

Stratex International

  • BY: Andrew Hore |
  • POSTED: 30/11/2009 |

Stratex International has discovered gold mineralisation in the Afar region of Ethiopia.

Ethiopia is the gold explorer’s first interest outside of Turkey. The initial success prompted a 0.25p rise in the share price to 4p, which values Stratex at £9.98m.

Stratex has been awarded an exclusive exploration licence over 1,579 square km. The Megenta discovery, as it is known, is the first epithermal gold mineralisation found in Ethiopia. Stratex reckons the project could be a large low-grade bulk deposit.

Broker Westhouse believes that this discovery could be of interest to major mining companies. 

A £40,000 investment gave Stratex a 5.6% stake in Plus-quoted Sheba Exploration earlier this year and it also has the right to earn an initial 60% of Sheba’s Shehagne gold project in northern Ethiopia in return for spending £350,000. Stratex has the chance to subsequently take the stake to 80%.

Stratex has already defined a number of targets at Shehagne. After further exploration, drilling should start in 2010.

Turkey remains the main focus. Stratex says that its Inlice project should commence production in 18 months and Altintepe could start within 36 months.

The definitive joint venture agreement with Turkish construction and mining company NTF Insaat Ticaret Ltd was expected to be signed by the end of November.

© 2024 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Browse by issue
All issues
Popular tags
All tags

betbrokers, financial, gold, health, leisure, media, mobile, resources, services, technology

AIM Micro feeds

Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds