By continuing to use this site you consent to the use of cookies on your device. Find out more about our cookie policy and the types of cookies we use by clicking here

Stratex Says Anbat Mineral Resource Estimate Contained "Deficiencies"

LONDON (Alliance News) - Stratex International PLC said on Thursday the mineral resource ...

Alliance News 7 December, 2017 | 11:27AM
Email Form

LONDON (Alliance News) - Stratex International PLC said on Thursday the mineral resource estimate released by Thani Stratex Resources Ltd for the Anbat gold project contains some inaccuracies.

Thani Stratex Resources said on Wednesday it completed drilling of 11 holes at the Anbat project in Egypt with a JORC compliant report estimating 5.9 million tonnes at a grade of 1.11 grammes per tonne of ore for a total inferred resource of 209,000 gold ounces.

The study estimated a starter operation through an open pit could work off a resource of 2.9 million tonnes of ore graded at 1.08 grams per tonne for 100,839 ounces of gold.

However, Stratex said today it has been made aware the report "contains some deficiencies" and that the material technical disclosure was not given over for review by mining consultants CSA Global.

This is being rectified, Stratex said, with further updates to be provided soon.

Stratex has a holding in Anbat's operator Thani Stratex Resources of just over 30% after making a further USD200,000 investment in the firm on Wednesday.

Stratex shares were up 4.2% Thursday morning at 1.25 pence each.

By George Collard; georgecollard@alliancenews.com

Copyright 2017 Alliance News Limited. All Rights Reserved.

Email Form
Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
Stratex International PLC 1.08 GBX 0.00 -
About Author Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.