JOHANNESBURG (miningweekly.com) – Aim-listed Stratex International on Thursday named Tim Livesey its CEO and provided an update on the company’s future strategy, following the failed takeover of Brazil-focused Crusader Resources last year.
The appointment of Livesey, who has 28 years’ experience in gold and base metals, with a distinct focus on Africa, Europe and Asia, be effective from the start of next month, at which stage Dr Bob Foster will stand down from the board.
Foster, a former CEO of Stratex, rejoined the company in November last year, when Marcus Engelbrecht resigned after shareholders revolted against a deal to buy Crusader.
Foster was tasked with reviewing the exploration firm’s strategy and announced on Thursday that Stratex would adopt a new and revised policy whereby it would ensure that all new opportunities were measured to strict financial and strategic criteria, including a focus on jurisdictions that were more aligned with the company’s current geographic focus.
“Our first priority has been to evaluate projects within our existing portfolio where we recognise inherent value. As part of this evaluation, we are concluding negotiations with a likely joint venture (JV) partner for our Dalafin gold project, in Senegal, that we hope will be finalised during the first quarter,” he stated.
Towards the end of last year, the market began to see an increased amount of new capital from investors for earlier-stage projects, Foster said, adding that it presented a valuable opportunity for Stratex.
“…as such, the company is in a position to consider a wider range of assets, including those that are at an earlier stage of exploration. To this end, the company has identified and shortlisted several priority targets that could offer growth opportunities,” Foster stated.
In addition, Stratex has been actively assessing value-accretive opportunities within its existing portfolio.
Over the next 6-12 months, the board’s strategy is to maximise shareholder value through fast-track exploration at Dalafin and reduce Stratex’s financial exposure through the conclusion of a JV arrangement to bring in third-party funding and additional expertise.
The company is also seeking to acquire interest in new projects where mineralisation has already been identified, but where it can add value quickly through focused exploration, resource definition or expansion and progressive technical and economic studies.
In the fourth quarter of last year, the company visited the gold assets of Thani Stratex Resources (TSR) as part of its wider assessment of the group’s portfolio.
At its former Pandora epithermal gold project in Djibouti, TSR is undertaking phase four drilling for a planned 3 000 m. The aim of this drilling is to test the depth-extension of previously drilled mineralisation and identify potential higher-grade ore shoots within the system that is believed could lead to the definition of a resource.
Stratex has agreed to support completion of the current programme for an additional $200 000, alongside further funding of $300 000 by Thani Emirates Resources. The funds will be invested in two tranches, the first by February 20 and the second by March 20, 2018.
Immediately following the second tranche of the subscription, Stratex's holding in TSR will increase from 30.1% to 30.4%. The funds will be used by TSR to complete the phase two drilling at the Pandora project.