20th Jan 2014 09:55
LONDON (Alliance News) - Stratex International PLC Monday said results from its second round of drilling at Megenta have proved a continuing definition of low-grade gold-bearing areas.
The gold and base metals exploration and development company, which has operations in Turkey, East Africa and West Africa, said the 2,162 metre, 8-hole drilling programme in Ethiopia showed wider zones but with lower grade gold mineralisation.
The company said it found some narrow higher-grade quartz veins within the wider zones, including 10.45 grams per tonne of gold over 0.5 metres and 9.88 grams per tonne over 0.6 metres within a 4.39 grams per tonne space over 2.6 metres.
"The relatively high gold content of the narrow veins intersected to date is encouraging, although we have yet to intersect true bonanza mineralization within cohesive quartz veins," Stratex Executive Director David Hall said in a statement.
The company said it looks forward to the next drill programme at Oklila in Djibouti, and it will review results to assist with further work at the Akehil and Lakeside prospects within the Tendaho block in Ethiopia.
Stratex shares were down 8.1% to 4.02 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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