Stratex International Plc announced results from its second round of drilling at Megenta that focused on deeper parts of the previously-identified system. The company has completed an 8-hole diamond drill programme for a total 2,162 metres at the Megenta gold project in the Afar Region of Ethiopia, as part of an earn-back into the 1,671 sq. km Tendaho Exclusive Exploration Licence from partner Thani Ashanti.

This round of drilling focused on deeper parts of the previously-identified system, concentrating on earlier favourable results from the initial drilling at the Hyena and Gazelle Zones, fully funded by Thani Ashanti. Of the 646 selective samples taken, 28% graded above the 0.1 g/t Au cut-off, with 4% of those samples assaying over 1 g/t Au. This drilling has confirmed that the mineralized system continues to vertical depths of around 400 metres from surface.

However, as in the first programme, drilling is yet to intersect cohesive, well-mineralized veins and boiling textures (potentially indicative of peak gold deposition). Instead, multiple moderate to high-grades intercepts (1 - 10.45 g/t Au) have been returned from selective samples containing 1-25 cm banded quartz veins, commonly within wider zones (1- 11.75 metres) of lower grade (<1 g/t) mineralized zones. It is likely that the gold is confined to the narrow quartz veins and hence the actual grade of the individual veins will be considerably higher.

Calcite still forms a large component of many of the veins, suggesting that peak gold deposition, if present, will be at greater depths than those tested to date. The company is currently reviewing all data for both Tendaho and also for the Blackrock project. Furthermore, the Akehil and Lakeside areas of alteration to the north and south of Megenta respectively may well merit future exploration.