Stratex International's Oksut gold project continues to deliver

Turkey and Ethiopia operating gold miner Stratex International (LON:STI) said that latest drilling results from its Oksut gold project in Turkey showed potential for high-tonnage, low-grade gold deposit at Ortacam zone and phase two was underway on the first of five drill targets.
The company and joint venture

partner Centerra Gold (TSX:CG) has completed five diamond drill holes at the Ortaçam Zone of the Oksut project to expand the preliminary resource. The best intersections included 334.90 metres oxide + sulphide grading 0.52 g/t (grammes per tonne) gold including 51 metres oxide grading 1.74 g/t gold, 30.30 metres oxide grading 1.61 g/t gold, 34.65 metres oxide grading 2.26 g/t gold and 109.70 metres oxide grading 1.73 g/t gold including 80.30 metres oxide grading 2.22 g/t gold.
On top of that, the drilling also confirmed long intersections of low-grade oxide and sulphide mineralization. These included 334.90 metres grading 0.57 g/t gold and 109.70 metres at 1.73 g/t gold.

Wireframe 3D modeling of the mineralized zone is currently being undertaken. The initial focus of phase two drilling is on outcropping gold-bearing zone within the wider Öksüt licence area.

Stratex stated that the results demonstrated the “exciting” prospectivity of the project and highlighted the potential of developing the Ortacam Zone as a large-tonnage low-grade gold deposit in the future.
“Importantly, the drilling has increased our understanding of the geometry of the gold mineralization and illustrates the potential to increase the resource in the Ortaçam Zone…the Öksüt discovery, we believe, is also showing the potential to contain a significant porphyry gold-copper system, something which would create a major value uplift for the company. With this in mind, we look forward to reporting further exciting news as the programme continues to develop,” said Stratex chief executive Bob Foster.
A preliminary estimate for the Ortacam zone currently stands at 3.8 Mt (million tones) grading 1.21 g/t gold for 147,814 oz (ounces) gold. This includes 2.88 Mt grading 1.38 g/t for 127,825 oz, or 86% of the total, in the indicated category. The inferred resource amounts to 927,970 tonnes at 0.67 g/t for 19,989 oz.
Under the terms of the option/JV agreement, Centerra is to fund US$3 million over three years to acquire a 50% interest in the project with a minimum commitment of US$500,000 in the first year. Centerra has the option to increase its interest to 70% after the first three years by expending an additional US$3 million over the following two years.