News blog
Stratex International
- BY: Andrew Hore |
- POSTED: 21/02/2011 |
Stratex International has identified high grade gold and silver mineralisation at AbiAdi in Ethiopia.
Stratex undertook a programme of 212 rock samples and 16% of them were graded greater than 1g/tonne of gold. A gold-bearing quartz vein system has been identified over a strike length of 2.86km, which is up to 8m wide at some points. A more extensive rock sampling programme starts in the second quarter of 2011.
Stratex can earn up to 75% of AbiAdi by spending $1m. A joint venture would then be formed and Stratex could increase its stake to 85%. The identification of silver could help the project to be more commercial.
Stratex has also identified the Mariam Hill gold discovery at the Tigray licence in Ethiopia. This is still an early stage discovery.
At 8.38p a share, Stratex is valued at £24.8m.
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