7th Mar 2014 09:10
LONDON (Alliance News) - Stratex International PLC Friday said it expects to release a steady stream of important news relating to its future cash flow and early-stage discovery in Senegal over the next few months.
In an operational update, Stratex said it was continuing discussions on the disposal of its Hasançelebi, Karaagac, and Doganbey projects with potential Turkish partners.
The company said that, as it approached the end of its first quarter, it has a portfolio of near-term production from its Altintepe project in Turkey, future royalty revenue from Öksüt also in Turkey, a new discovery at Dalafin in Senegal, an early stage pipeline exploration in Liberia and a strategic investment in Tembo Gold Corporation.
At the Dalafin project in Senegal, the company has started step-out drilling at the Faré South prospect, and will begin a combination of diamond drilling and air core drilling on the Madina Bafé prospect. Drill results from the Baytilaye and Saroudia prospects are being reviewed.
Stratex expressed confidence about a potential discovery in the northern part of the Ethiopian Rift Valley. It has completed 9,800 meters of drilling but said that this has only tested around 5 kilometres of the mineralised system in the area. It has applied for an extension of its licence for a further year, and has planned further drilling following a review of all data and consideration of the new zones it identified during 2013.
It is awaiting the award of two new licences in the Rift Valley.
Stratex holds 12.89% of Tembo, and in combination with New Africa Mining Fund II and Concept Capital Management Ltd, shares a controlling interest in Tembo of 58%. The funds in the company will be used for a drilling programme on Tembo's licence portfolio in Tanzania. Stratex said that drilling had started in December 2013, targeting three key mineralised zones.
Shares in Stratex were trading up 8.4% at 4.20 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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