Stratex International has announced a drilling update and a JORC 2012 compliant maiden resource estimate for its Anbat gold project in Egypt.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%.

Drilling results and maiden resource

• 11 holes completed for a total of 2,076.7 m

Best results reported by TSR include:

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

  • JORC 2012 compliant resource estimate of 5.9 Mt grading 1.11 g/t Au for 209 000 oz within a pit optimization scenario based on a gold price of US$1,500/oz
  • Pit optimization for a starter pit has provided 2.9 Mt grading 1.08 g/t Au for 101 Koz at a gold price of $1,250 – undiscounted cash flow of $50.31 million

TSR fundraising

  • Stratex has agreed to subscribe for new shares in TSR, for a total investment of $200 000 payable in two tranches of $100,000. The first tranche is payable immediately and the second tranche is payable by the end of December 2017
    • Stratex’s subscription is part of a total TSR ordinary share placement of $500,000
  • Funds raised by TSR will be used to fund the second drill programme that has commenced at the Pandora gold project in Djibouti

“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.”

Drilling results and maiden resource

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