2merkato

Stratex International is showing progress in the development of its gold discoveries according to Christopher Hall Chairman of the company.

The company’s assets in Ethiopia, Turkey and Djibouti are particularly promising said Hall as part of the interim results for the company.

Stratex has had good progress in Africa as it continued work on several exciting and high potential exploration sites he added.

The Blackrock project Ethiopia has been confirmed as showing ‘extensive’ gold mineralization across four of the five key sites identified by Stratex in the area while 1000 meters of drilling work on the Shehagne project has been completed.

A master plan assessing the Wind and Solar resources of Ethiopia conducted by Hydro China Corporation was revealed this week.

Ethiopia has a potential capacity of more than 1.3 million MW for wind resources and annual reserves of 2 million TWh of solar energy according to the Master Plan.

The study included various aspects including field investigations to establish solar and wind energy resources in the country as well as preparing wind and solar energy resources assessments for the Master Plan.

Ethiopia anticipates that revenue generated from the mining sector will add up to 849 million US dollars in the newly started financial year according to the Ministry of Mines.

Artisan miners are expected to raise 70.7% of the revenue projected for the financial year, revenue estimated at 600 million US dollars from the supply of 13,200 kilograms of Gold to the National bank of Ethiopia and selling 18,000 kilograms of artisan mined minerals.

Stratex announced uncovering a potential major epithermal vein system within it Blackrock Project in Ethiopia. The company has observed significantly encouraging geology, texture and extent of gold mineralization with the Black Water Zone noted David Hall, Director of Stratex.

The 33-hole program, launched by the international company has uncovered narrow, high grade mineralization which includes 15.97 grams per ton over a quarter of a meter, and 4.93 grams from a 900 millimeter section he added.

There were also noted several thick intersections of low-grade material of up to 13 meters in width according to Hall.