28th Aug 2014 11:38
LONDON (Alliance News) - Gold and base metal explorer Stratex International PLC Thursday said latest drilling at the Tembo gold project in Tanzania had confirmed further significant drill intersections at the site.
In a statement, the company said Tembo Gold Corp had been drilling at the Nyakagwe Village target on the project site and had confirmed a south-west extension of a recently identified north-east-trending zone of mineralization that relates to a 1.8 kilometre-long magnetic lineament.
Best results from two holes included 35.14 grammes per tonne of gold over 2.45 metres from 53.35 metres including 167 grammes a tonne of gold over 0.50 metres, and 2.74 grammes per tonne gold over 8.50 metres from 53.00 metres including 10.57 grammes per tonne gold over 1.00 metre and 2.04 grammes per tonne gold over 9.00 metres from 69.00 metres.
"The 2014 drilling program has once again returned promising results that confirm the potential for wide low-grade near-surface mineralization and narrow high-grade mineralization, and has further demonstrated the extensive hidden potential of the project in the numerous unexploited untested magnetic lineaments that are potential hosts to gold mineralization,? Stratex quoted Tembo Gold Corp President and Chief Executive David Scott as saying.
Stratex currently holds a 12.89% stake in Tembo, plus matching warrants, and Stratex Chief Executive Bob Foster is a director of Tembo Gold Corp.
Stratex shares were up 3.8% at 2.9845 pence Thursday afternoon.
By Steve McGrath; [email protected]; @SteveMcGrath1
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