Stratex's resource soars in Turkey

published 15 February 2012

Stratex International, an exploration and development company, has reported a 230% increase in its resource total at its kst high-sulphidation gold project in Turkey.

The site now has a total resource of 1,047,872 oz gold, bringing the firm's total gold discoveries past 2.26m oz.

The resource also comprises 563,085 oz gold in oxide material and 484,787 oz gold in sulphide material, both of which are likely to be suitable for open-pit mining, the firm said.

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A step-out drill programme is set to begin in the second quarter of this year which the firm hopes will identify potential concealed resources to the east and north of Ortaam North and within wider licence area.

Chief Executive Officer Bob Foster said: "It is important to note that there is very little surface expression of the Ortaam North deposit, in terms of rock-types, alteration and gold grades. It is now our intention to further investigate the potential for extensions of the Ortaam North ore body further to the north and east where it remains open-ended.

"We will also be looking more closely at the other poorly exposed zones of alteration and mineralisation in the wider kst area as there is a very real potential for discovering further mineralised zones, and the Ortaam North Zone itself still remains open at depth."

The share price rose 10.13% to 10.88p by 11:10.