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Gold/Mining/Energy : Mining News of Note

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To: LoneClone who wrote (74384)	1/22/2011 6:03:36 PM
From: LoneClone	Read Replies (1) of 192884

Stratex sees Afar in Ethiopia emerging as new gold district miningweekly.com By: Petronel Smit 18th January 2011 JOHANNESBURG (miningweekly.com) – Aim-listed Stratex International has acquired a new exclusive exploration licence (EEL) in the prospective Afar region, in eastern Ethiopia, where it had identified further epithermal-style veining, alteration and mineralisation. Stratex’s total land position in the Afar region is now 3 292 km², including its flagship Megenta deposit, and 138 km² in the Main Ethiopian rift. Executive director David Hall said that the Afar region was emerging as a new gold district. Stratex had defined some 12 epithermal occurrences with further applications submitted over other new discoveries. “The company is encouraged by the further definition of extensive epithermal low-sulphidation-type mineralisation outside our Megenta hot spring epithermal gold discovery in Ethiopia,” he noted. The Mille-Serdo EEL was acquired over seven newly identified areas of mineralisation and alteration, including 510-km² Mille licence areas and 537-km² Serdo licence areas. The Serdo licence area comprises four areas 47 km to the north-east of the company's initial Megenta discovery and were underlain by Serdo Rhyolites and younger basaltic rocks. The rhyolite end-member was very important in such a bimodal setting for the generation of gold-bearing hydrothermal fluids. The Mille licence area consisted of three areas located 45 km south-west of Megenta and was also typified by a series of felsic centres with evidence of epithermal mineralisation and alteration. In the Mille licence area I, the Stratex field teams also identified abundant colloform-banded chalcedony and chalcedonic silica veinlets with sulphides hosted by a series of rhyolitic domes. The scale of the alteration was extensive and would require detailed mapping and sampling. The gold miner identified a number of further targets in the Afar region and additional licence applications were submitted. It aimed to expand its land position in the Afar region and investigate the potential of this newly identified gold-mineralised district. The new EEL belonged to Stratex’s wholly owned subsidiary Stratex East Africa (SEA) and was not included in Stratex's Thani Ashanti joint-venture agreement. The EEL is valid for an initial term of three years and may thereafter either be renewed for two years or be converted into mining licences. Stratex was continuing its exploration for further discoveries and would commence the 3 000-m drill programme with Thani Ashanti at Megenta in March 2011.

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