AIM-listed explorer Stratex International (STI) announced the discovery of epithermal gold mineralisation at the newly acquired 299 sq km Blackrock Exclusive Exploration Licence (EEL) in the northern Afar region of Ethiopia.
This expands the potential size of the epithermal gold district - located 260 km north of Megenta - with further exploration work set to commence in March, with the aim of fast-tracking prospects through to drill-ready status before end-2011.
The news pushed shares in the company up by almost 5% in morning trading on Monday. FoxDavies has published a flash note giving a target price of 10p.
"This newly discovered occurrence of low-sulphidation epithermal-type mineralisation at Blackrock is hot on the heels of our recent discovery of Asal in Djibouti, in addition to the Megenta and Mille prospects in Ethiopia," com
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