JOHANNESBURG (miningweekly.com) – Gold focused exploration and development company Stratex International on Friday agreed to continue funding exploration planned by joint venture (JV) company Thani Stratex Resources (TSR) at its Anbat gold prospect, in Egypt.
In 2014, Stratex and Thani Emirates Resource combined their assets in east and north Africa to form TSR, a privately-owned exploration and development company.
Each party contributed $1-million of initial working capital towards development of the portfolio, focused primarily on gold in Egypt and Djibouti. Stratex's initial share in the JV was 40%.
Various fundraising exercises and shares issued by TSR had diluted Stratex's interest to 30.4%, and a recent issue of shares diluted Stratex's interest further to 29.5%.
Stratex and Thani will provide a total of $1-million of new equity in TSR, split $390 000 and $610 000 respectively to undertake further drilling at Anbat, within the Anbat-Shakoosh gold district and to meet working capital requirements.
Following completion of the total share placement, Stratex's holding in TSR will be 30.1%.
TSR has now started a ten-hole diamond drilling programme for 2 380 m, which will test the eastern extension of mineralisation intersected in hole TDAND-001, which yielded 58.06 m grading 2.09 g/t from 47.60 m, and 23.55 m grading 4.38 g/t from 69.65 m.
The drilling aims to determine the controls on high-grade mineralisation and it is intended that these holes will allow definition of an initial resource and show the upside potential of the gold mineralisation to the east, west and south.
In Djibouti, TSR has completed 15 holes at the Pandora epithermal gold project, with full results expected in June.