Stratex secures new gold exploration licence in Ethiopia’s Afar region

Source: proactive investors Tuesday, January 18, 2011 by Andre Lamberti
Stratex International PLC (LON:STI) said it has acquired a new exclusive exploration licence (EEL) in the prospective Afar region in eastern Ethiopia where it has identified further epithermal-style gold veining, alteration and mineralisation.

The move is in line with the company's strategy to expand its already extensive land position in the Afar so that it may continue to investigate the potential of this newly identified gold-mineralised district, it said in a statement. 

Stratex has acquired the Mille-Serdo EEL which includes seven newly identified areas of mineralisation and alteration, among them the 510 square kilometre Mille licence areas and 537 square kilometre Serdo licence areas.

The Mille-Serdo EEL is located at the northern end of the Main Ethiopian Rift where it widens into the Afar Depression. The Serdo licence area comprises 4 areas 47 kilometres to the north-east of the company's initial Megenta discovery.  The Mille licence area consists of 3 areas located 45 kilometres southwest of Megenta.

Stratex's interest in the Mille-Serdo EEL is 100 percent and not included in the Thani Ashanti joint venture. The licence is valid for an initial term of three years and thereafter may either be renewed for two years or be converted into mining licences.

Stratex's total land package in the Afar region now stands at 3,292 square kilometres. The company also has 138 square kilometres covering an epithermal target at Gademsa in the Main Ethiopian Rift.

Executive director David Hall said: "We are highly encouraged by the further definition of extensive epithermal low-sulphidation-type mineralisation and associated alteration outside of our flagship Megenta hot spring epithermal gold discovery in Ethiopia and believe that the Afar region of eastern Ethiopia is emerging as a new gold district.  In light of this we are continuing to build upon our already substantial position by utilising our first-mover advantage in the area. We now have defined some 12 epithermal occurrences with further applications submitted over other new discoveries.”

"Preparations are underway for the 3,000 metre drill programme with Thani Ashanti at Megenta and that is the next exciting stage of this exploration endeavour and I look forward to updating the market on all developments over the coming months.”