26th Jun 2014 12:54
LONDON (Alliance News) - Stratex International PLC, an AIM-quoted exploration and development company, Thursday said the drilling programme at the Nyakagwe East target at the Tembo gold project in Tanzania has found gold mineralisation over a one kilometre strike.
Stratex holds a 12.89% stake in Tembo Gold Corp.
Stratex said that drilling will continue at Nyakagwe East once it receives further results so that it can establish its priorities. It is also planning an additional programme of in-fill holes and other drill holes to test the structure's western extension into the Nyakagwe Village and Mgusu target areas.
"These latest drill results from the Nyakagwe East area are very encouraging and in many ways typify the drilling returns that have been reported during this programme and earlier programmes whereby it is relatively rare that a drill hole does not intersect one or more zones exhibiting moderate to high gold grades," Chief Executive Bob Foster said in a statement.
"Although the structural and lithological parameters controlling the distribution of the mineralisation are quite complex, the results continue to support our shared contention that the Tembo tenement package has considerable potential for the discovery of one or more significant gold deposits," Foster added.
Stratex shares were Thursday quoted at 3.15 pence, up 14%.
By Samuel Agini; [email protected]; @samuelagini
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