Resource round up: Stratex, Bellzone, Rialto

Stratex International, the AIM-quoted exploration and development company operating in Turkey, East Africa and West Africa, has confirmed extensive gold mineralisation on its recently completed initial 33 hole drill programme on the Black Water Zone within its 95 per cent owned Blackrock epithermal gold licence in the Afar region of Ethiopia. The results indicate potential for high grades at depth, with the best intersections including 0.25m at 15.97g per tonne gold and 0.9m at 4.93g per tonne gold.

By MoneyWeek

published 9 August 2012

Bellzone Mining has signed a life of mine offtake agreement with Glencore International for Bellzone's 50% share on the iron production from the Forecariah joint venture project in Guinea. In conjunction with the offtake contract, a pre-payment drawdown facility of $15m has been made available to Bellzone by Glencore. The facility is available to Bellzone once the company has shipped a minimum of 750,000 wet metric tonnes or five vessels.

Rialto Energy has said that along with its JV partner Petroci it is preparing for a multi-well exploration drilling programme set to begin in early 2013. It also said its focus on the recent Gazelle-P3 ST1 Condor discovery has enahnced the potentially high value prospects within the area and that following the completion of drilling on the Gazelle-P4 it has budgete to have working capital of arround $20-25m.