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Stratex International plc, the AIM-quoted exploration and development company, is pleased to announce significant gold results from drilling at its Megenta hot spring epithermal gold discovery in the Afar region of Ethiopia, which is funded by Thani Ashanti, as well as new high grade samples from the nearby Akehil gold prospect.
Both the Megenta and Akehil prospects are located within the Company's Tendaho Exclusive Exploration Licence in the Afar region of Ethiopia. Highlights - Highly encouraging results from hole MG-DD-10, with broad near-surface zone of 43.55 metres grading 0.67 g/t Au
- Highlights include high grade 8.27 g/t Au over 0.3 metres & 3.56 g/t Au over 2.9 metres
- Newly drilled zone correlates with wide zone of 33.3 metres grading 0.54 g/t Au in MG-DD-9
- Results underpin potential for this exciting new gold system
- Two grab samples from Akehil prospect - 9.4 km from Megenta - returned 57.3 and 16.0 g/t Au
- Confirms that bonanza grades are present in epithermal veins within the Afar region
David J. Hall, Stratex's Executive Director of East Africa commented, "This new discovery continues to yield significant results and together with previous results they show that Megenta is a large and exciting new gold system. The broad zone of gold mineralisation correlates well with the zone 50 metres to the north in hole 9, and with extensive alteration and numerous calcite-silica veins with grades up to 8.27 g/t Au, it bodes well for increased grades at depth. "Equally significant is the presence of high grade float samples at the Akehil gold prospect only 9 km from Megenta on the west side of the basalt horst block. This further confirms that bonanza grades are present in epithermal veins within the Afar, and along with the evidence from the Blackrock discovery 250 km to the north, underpins the prospective nature of the area where we have a substantial licence holding. "We are continually advancing our ideas in this new epithermal province. We will review all results from Megenta once available, and prepare the camp at Blackrock with a view to commencing an initial scout drilling programme in Q4 2011. This is an increasingly promising new play at a time when the gold price is increasing, and projects of this calibre and scale are hard to come by, a situation underlined by AngloGold Ashanti's recent placement to take a 12.4% stake in Stratex." More information, click here. |
