The gold-focused exploration and development company in Turkey, Stratex, shared recent developments in Turkey. The Company stated that At the Company’s former Karaağaç gold project in Turkey, Anadolu Export is working towards resource definition.
Due to agreement between Stratex and Anadolu the licence has been transferred to Anadolu, which has accepted all financial liability for the licence and is funding a resource-drilling programme up to US$1.5 million. Subject to Anadolu delivering a minimum JORC 2012-compliant Indicated Resource of 50,000 ounces gold, it is required to pay Stratex a one-off cash payment of US$500,000. Stratex also retains a 1.5% net smelter returns royalty on any future mineral production. As previously reported, the time period for completion of this investment and resource definition was originally 2 February 2017 but delays in permitting have extended this timeframe.
The company stated that the first stage of permitting – to allow hydrogeological boreholes and road access – was granted to Anadolu on 27 November 2017 and Anadolu expects infill drilling to commence in Q1 or Q2-2018, depending on weather conditions.
At the 14.87%-owned Muratdere gold project in Turkey, Stratex’s joint-venture partner, Lodos Maden is committed to ongoing expenditure during 2018, relating to the Environmental Impact Assessment programme and general field expenses. In 2016, Stratex advised that it would not be committing any further funds, due to the depressed copper price at that time but, with a considerably stronger outlook for copper and a current metal price of around US$6,900/t, the Company is now reviewing its position in discussion with Lodos.
For Further Information: Stratex International
