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.

Stratex International plc announced the discovery of notable gold reserves in Ethiopia. The Ethiopian gold deposits were discovered through drilling exploration at the company’s Megenta hot spring epi-thermal gold discovery in the Afar Region of Ethiopia as well as the Akehil gold prospect.

The recent discovery proves the presence of high grade gold reserves indicating a rich gold system at Megenta said David J. Hall, Executive Director of East Africa for Stratex.

Stratex PLC, the British mining company that has been prospecting for gold in the Tigrai and Afar regional regions of Ethiopia, has relinquished three gold exploration projects, according to The Reporter.

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.

Stratex International, the AIM-listed gold miner, saw shares shoot up today following its announcement of "significant results" from drilling at its Megenta hot spring gold discovery in Ethiopia.

The company said that it had found new high grade samples at the nearby Akehil gold prospect.

Stratex International, along with its partner Thani Ashanti, said the latest drilling data confirmed bonanza grades were present in epithermal veins in the region and in response its shares jumped 12 percent higher.