Stratex International, the AIM-quoted gold-focused exploration and development company in Turkey and Africa, reports that Thani Stratex Resources (TSR) has announced a drilling update and a JORC 2012 compliant maiden resource estimate for its Anbat gold project in Egypt.
The company has also agreed to subscribe for new ordinary shares in TSR for a total investment of US$200 000, alongside a subscription by TSR’s other major shareholder, Thani Emirates Resources (Thani Emirates).
Following completion of the investment, Stratex’s holding in TSR will be 30.1%.
• 11 holes completed for a total of 2,076.7 m
9 m @ 1.45 g/t Au from 28.3 m
32.6 m @ 1.00 g/t Au from 188.55 m, including 12.45 m @ 2.19 g/t Au
25.65 m @ 0.56 g/t Au from 42.5 m including 12.15 m @ 1.06 g/t Au
“The recently reported drill intersections and the delivery of an initial JORC-compliant resource are encouraging developments, with the plus of further exploration potential being indicated by consultants CSA," says Stratex CEO, Dr Bob Foster.
"I look forward to having the opportunity to get further insight to the project when I visit Anbat in the near future.”
Following the announcement of initial results from its Anbat Project in Egypt, TSR has reported results for a further 11 diamond drill holes completed between 27 April 2017 and 31 July 2017 for a total of 2,076.7 m.
On completion of drilling, TSR commissioned CSA Global to prepare a Mineral Resource Estimate and conceptual pit optimization for the Anbat gold project, combining historical and current drill data.
Mineral Resources were classified as Inferred Mineral Resources in accordance with JORC 2012 guidelines, and comprised 5.9 million tons at a grade of 1.11 g/t for a total of 209,000 oz.
The resource is confined to low-angle, near-surface porphyry sills.
Resources were reported for blocks above 0.5 g/t Au and within a pit optimization scenario based on a gold price of 1,500/oz.
A conceptual pit optimization study was completed at a gold price of $1,250/oz and produced 2.9 million tons of ore, grading 1.08 g/t for 100,839 oz of gold, showing an undiscounted cash flow of $50.31 million.
The preliminary pit optimization study is conceptual in nature, based on typical estimated operating costs and mining parameter assumptions.
CSA has categorized additional mineralisation in the granodiorite stock as a JORC (2012) Exploration Target, further drilling of which may result in the delineation of additional resource material.
Feature image credit: Wikimedia