Stratex International identified three new gold veins at the Airstrip Calcite Zone of the Blackrock project in Ethiopia, the mining group announced in an exploration update Monday.
The company said significant gold values were returned from the veins - Abyssinia, Discovery and Black Water. Abyssinia, in particular, yielded high grades over its estimated 600 metre strike length.
The veins will be the initial focus of the programme and drilling has already commenced on Abyssinia.
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Stratex also reported that licence-wide channel chip sampling returned strong results including 1.86 metres at 4.12 grams of the precious metal per tonne, including 48 centimetres at 9.61 grams, 9.22 metres at 1.91 grams and 2.33 metres at 4.14 grams, including 28 centimetres at 17.95 grams.
"Drilling has now started on the Blackrock project with the initial focus on the recently discovered Abyssinia vein within the Airstrip Zone, before moving to targeting the deeper sections of the previously drilled vein systems of the Black Water Zone where we aim to identify ore shoots beneath outcropping structures," Dr Bob Foster, Chief Executive said.
"We are continuing to make new discoveries within the Blackrock licence area, reinforcing our view that this 95%-owned project has substantial upside in terms of both further discoveries and drill intersections of the bonanza grades that characterise this type of gold deposit.
"We look forward to updating shareholders on progress at the exciting Blackrock project as well as other exploration targets in the region."
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