Stratex International PLC IAMGOLD to Commence Drilling at Dalafin (7519P)
May 31 2018 - 2:00AM
UK Regulatory
TIDMSTI
RNS Number : 7519P
Stratex International PLC
31 May 2018
31 May 2018
Stratex International Plc
('Stratex' or 'the Company')
IAMGOLD to Commence Drilling at Dalafin
Stratex, the AIM-quoted gold-focused exploration and development
company in Turkey and Africa, is pleased to announce that IAMGOLD
Corporation ('IAMGOLD') has completed its preliminary studies at
the Company's 85%-owned Dalafin gold project ('Dalafin' or the
'Project') in Senegal. The mobilisation of drilling equipment to
site is nearing completion and IAMGOLD will shortly commence a
5,750m Air Core ("AC"), Reverse Circulation ("RC") and diamond core
drilling programme at the Madina Bafé prospect ('Madina Bafè' or
the 'Prospect') in the south of the licence area.
Highlights
- IAMGOLD focusing on exploration at Madina Bafé prospect as
part of initial US$4M earn-in to 51% of the Project;
- Full review of historical diamond drill core and RC chips completed;
- Regolith mapping completed and currently being digitised;
- Exploration drilling programme at the Madina Bafe to commence shortly, comprising:
o 3,000m AC drilling for 570 holes to assess geochemical
signature of the bedrock and define mineralised corridors;
o 2,000m RC drill holes to test previously-defined mineralised
trends and best AC anomalies;
o 750m diamond core drilling to test previous drilling
results.
Tim Livesey, CEO of Stratex, commented:
"We are delighted to see the development of such a robust work
programme and that IAMGOLD are moving ahead so quickly on the
earn-in. We look forward to strong news flow on Dalafin over the
coming months."
Further Information
IAMGOLD will shortly embark on a 5,750m drilling programme at
Dalafin following the signing earlier this year of an US$8M option
earn-in agreement (the 'Agreement') on Dalafin with AGEM Senegal
Exploration Suarl ('AGEM'), a wholly-owned subsidiary of IAMGOLD
(Announcement dated 1 March 2018) and the subsequent receipt of
Ministerial approval for the Agreement (Announcement dated 26 March
2018).
Under the terms of the Agreement, AGEM is earning-in to an
initial 51% interest in the Project by expending US$4m on
exploration over 4 years and has the further option to increase its
interest to 70% by expending an additional US$4m over the
subsequent 2 years. IAMGOLD is initially focusing on exploring the
southernmost Madina Bafé prospect which is contiguous with its Boto
gold project, where it has defined Indicated and Inferred Resources
of 2.52 million ounces grading 1.61 g/t Au (inclusive of Proven and
Probable Reserves of 1.4 million ounces grading 1.64 g/t Au).
Stratex's previous work at Madina Bafé has included trenching,
mapping, and sampling programmes that have confirmed the presence
of a 1,200 m x 30-45 m northeast-striking mineralised zone in the
south-east of the prospect, with mineralisation comprising sheeted
tourmaline-quartz veins and quartz-tourmaline breccias. RC and
diamond core drilling by Stratex returned excellent intersections
including 15m @ 6.10 g/t Au (MBRC117) and 9.6 m @ 16.08 g/t Au and
1.5 m @ 2.84 g/t Au (MBDD-002) that indicate depth-continuity of
the zone (Announcement dated 16 July 2014).
Since signing the Agreement in March, IAMGOLD has undertaken a
review of existing diamond drill core and RC chip samples for
Madina Bafé and has completed a number of traverses to assess the
regolith across the Prospect. Observations from these traverses are
currently being compiled and a final map produced.
IAMGOLD has completed line clearing at Madina Bafé and the
mobilisation of drilling equipment is nearing completion ahead of
commencing an initial 3,000m AC drilling programme for 570 holes,
on a 50m by 200 line spacing. Samples collected at the bedrock
interface will be analysed for multi-element geochemistry and
low-level gold in order to assess the geochemical signature of the
bedrock, help depict alteration corridors and mineralisation
trends, and define targets for follow-up deeper drilling.
RC (2,000m) and diamond core (750m) drilling will test the depth
and strike extension of the mineralisation and will take place
after all targets (existing and those defined during current AC
drilling) have been assessed and ranked. This will include two
diamond holes to confirm mineralisation previously-reported in
holes MBDD002 and MBRC117.
For more information on the Project, including a drill plan,
please visit
http://www.stratexinternational.com/project/dalafin.
** ENDS **
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014. Following the
publication of this announcement, this inside information is now
considered to be in the public domain.
For further information please visit
www.stratexinternational.com, @StratexPLC on Twitter,
or contact:
Stratex International Tel: +44 (0)20
Plc 830 9650
Tim Livesey / Claire
Bay
Camarco (IR/PR Tel: +44 (0)20
Contact) 3757 4980
Gordon Poole /
Nick Hennis / Monique
Perks
Grant Thornton Tel: +44 (0)20
UK LLP 7383 5100
Samantha Harrison
Hannam & Partners Tel: +44 (0)20
7907 8500
Neil Passmore /
Andrew Chubb
Notes to Editors:
Since listing in 2006, Stratex has discovered more than 2.2
million ounces of gold and 7.09 million ounces of silver, as well
as 186,000 tonnes of copper. The Company owns an exciting
exploration project in Senegal and 14.87% of a copper-gold project
at feasibility stage in Turkey, which will likely default to a 1.2%
(post-Turkish tax) royalty position within the next 3 months. The
Company also has significant interests in Thani Stratex Resources
Ltd and Tembo Gold Corp. for their exploration projects in Djibouti
and Egypt, and Tanzania respectively. The Company is currently
pursuing value-accretive opportunities within its existing
portfolio as well as identifying new value-appropriate projects in
Africa and Europe.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
DRLLLFSREDIIVIT
(END) Dow Jones Newswires
May 31, 2018 02:00 ET (06:00 GMT)
Stratex (LSE:STI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Stratex (LSE:STI)
Historical Stock Chart
From Apr 2023 to Apr 2024