Stratex International shares rise on production update

Stratex International's shares surged after the company provided a positive update on operations in Senegal, Mauritania and Liberia.

Stratex International's shares surged after the company provided a positive update on operations in Senegal, Mauritania and Liberia.

The AIM listed explorer - focused on gold and base metals in Turkey, East Africa and West Africa - said it was ready to begin a 30,000-metre RAB drilling programme to test five key gold targets at the Dalafin gold licence in eastern Senegal.

"The RAB drilling offers a rapid and cost-effective method of evaluating the targets and we look forward to reporting the results to the market in due course," Chief Executive Officer Bob Foster said.

In Mauritania, the company is awaiting assay results after completing initial mapping and soil sampling programmes across the Azrag EEL and Adham Tamat EEL prospects.

Strataex also announced it signed Memorandum of Understanding with privately owned UK-based mineral exploration company BG Minerals to explore its 967 km2 North Suehn gold licence in north-western Liberia.

The company has an option to earn up to 75% by spending $1.1m over two years.

Mapping and soil sampling has commenced around extensive artisanal alluvial gold workings in the eastern part of the licence. A systematic stream sediment sampling programme is also underway.

"The licence embraces similar geology to that hosting Aureus Mining's nearby New Liberty discovery which has a resource of approximately 1.7 million ounces of gold," Foster added.

Shares climbed 2.70% to 4.75p at 10:30 Wednesday.

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