Capital Ethiopia Newspaper

Afar gold sparkles interest

Stratex International Private Limited Company, the (Alternative Investment Market) of the London stock exchange -quoted exploration and Development Company,    reported that it had found significant gold  deposits from drilling at its Megenta hot spring epithermal gold discovery in the Afar region of Ethiopia, which is a joint venture with Thani Ashanti Company, as well as new high grade samples from the nearby Akehil gold prospect.
Both the Megenta and Akehil prospects are located within the Company’s Tendaho Exclusive Exploration Licence (‘EEL’) in the Afar region of Ethiopia.  The discovery confirmed that high grades of gold are present in the two locations in Afar.
David J. Hall, Stratex’s Executive Director of East Africa commented that, “This new discovery continues to yield significant results indicating that Megenta is a large and exciting new gold system”.
He also said equally significant was the presence of high grade samples of gold found at the Akehil gold prospect only 9 Km from Megenta.
The company believes that bonanza grades of gold are present in epithermal veins that are within the Afar depression, and along with the evidence from the Blackrock discovery 250 Km to the north, it underpins the prospective nature of the area where the company has a substantial license holding.
Stratex discovered the Megenta hot spring gold system in October 2009. The Company has undertaken detailed geological and structural mapping, along with channel-chip rock sampling.
Stratex and Thani Ashanti have previously signed a binding Heads of Agreement with respect to five license blocks that comprise the Tendaho EEL in the Afar Depression of Ethiopia and six EEL’s in the Republic of Djibouti (collectively ‘the Afar Project’).
Under the terms of the Agreement, Thani Ashanti can acquire 51percent of the Afar Project by expending a total of US$3 million on exploration and development over two years. Thani Ashanti is expected to expend 1 million USD   in one year which also includes a 3,000 meter drill program to test the Megenta prospect in Ethiopia. Subsequently Thani Ashanti must expend a further US$2 million in the second year to earn 51percent in the project.
The company’s East African branch Stratex East Africa (‘SEA’) holds all of its east African assets which are found in  Ethiopia and Djibouti , including the Afar Project,   Shehagne project, Abi Adi projects located in Tigray regional state ,and any new Stratex projects started in that region.
Thani Ashanti has acquired 5 percent of SEA (and thereby 5percent of all Stratex’s current East African interests) having expended 50percent of its first year commitment of US$1 million.
The company is currently also engaged in  A joint venture with Sheba Exploration Company (U.K.) to  earn in to an initial 60 percent of  the prospective 37 sq km Shehagne gold project in northern Ethiopia, and  explore targets in other northern Ethiopia areas  on a 70:30 joint venture basis.
It has also taken licenses in Berahale and Gademsa EELs covering a combined area of 1,225 sq km in northern and central Ethiopia respectively and is prospective areas for gold and base metals.
It currently has 3,853Square Kilometers of land position over new epithermal gold discovery and multiple related gold targets in the Afar Depression of eastern Ethiopia and Djibouti.
The company has also recently Acquired 49.9 percent Shareholding in Rift Resources Plc to Provide Exposure to Ethiopian Potash and prospect for the commodity in the Afar region of Ethiopia and is currently engaged in a 500 sq km potash and associated minerals exploration licence in the prospective Afar region of Ethiopia – with the license to be assigned to the newly-formed company Rift Resources.
Stratex International plc is an AIM-quoted exploration and development company focused on gold and base metals in Turkey and East Africa as well as recently in the West African Country of Senegal.