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Stratex posts initial 209,000-ounce resource for Anbat gold project in Egypt

Stratex International Plc unit Thani Stratex Resources Ltd. completed an initial resource estimate for its Anbat gold project in Egypt.

The project hosts inferred resources of 5.9 million tonnes grading 1.11 g/t for 209,000 ounces of gold within a pit-optimization scenario and using a gold price of US$1,500/oz.

Stratex said pit optimization for a starter pit defined 2.9 million tonnes at 1.08 g/t of gold for 101,000 ounces at a gold price of US$1,250.

In addition, Stratex agreed to subscribe for new shares in Thani Stratex worth US$200,000 as part of a US$500,000 offering, increasing its holding in the company from 29.8% to 30.1%.

Thani Stratex plans to use the funds for a second drill program at the Pandora project, part of the Oklila property in Djibouti.