News Release

TSR announces encouraging Assaleyta Drill Results


September 30, 2016

Encouraging First Drill Intersections from Assaleyta Epithermal prospect, Djibouti including 6.79 g/t Au over 3.16metres
Thani Stratex Resources Ltd (TSR) is pleased to announce the results of the first drill programme undertaken by the company in the Republic of Djibouti at the Assaleyta prospect.

Highlights

  • 3.16 m @ 6.79 g/t Au from 20m in hole AY-DD-03
  • 1.58m @ 8.67 g/t Au from 178m also hole AY-DD-03
  • 0 to 17.40 m grading 2.24 g/t Au in Ay-DD-01
  • 6.46m grading 1.08 g/t Au in Ay-DD-02
  • 7 holes completed for 967m

The drill programme was shortened due to various logistical delays and also the onset of Ramadan and the extreme weather.

Holes AY-DD-01, 02 and 05 were drilled to test the Black Mamba structure.

Holes AY-DD-03 and 04 tested Porcupine Hill and AY-DD-06 and 07 tested Porcupine East.

The drill programme was undertaken by Energold Drilling using a man-portable EGD-II and one Series III rig. The programme is funded by Nurture EX.

C.E.O. David Hall commented “these are encouraging results from our first scout drilling programme, short as it was. The critical factor is continuity. Previous drilling in the Afar Epithermal Province has shown continuity of structure but not the grade. These drill results support our belief that the setting in Djibouti facilitates deep plumbing and continuity of veins AND grade. In addition we see the relationship of rhyolites with veining in what is  dominantly basalt rocks but represents the highly important bimodality that is a feature of epithermal bonanza low sulphidation gold systems in rift settings. Most significant is that the primary project in Djibouti is the Pandora vein system that remains untested and obtaining such encouraging results for Assaleyta bodes well for additional significant gold mineralization at Pandora. Finally these results, the geology and our developing understanding of the controls supports our view that Djibouti has the potential to host significant new gold district along the lines of the Deseado Massif in Patagonia of southern Argentina. We look forward to informing our shareholders and the market of future exciting results in this developing new greenfield gold district.”

Assaleyta is one of numerous outcropping epithermal gold prospects that TSR control in Djibouti.

Details

Assaleyta exploration started in 2015 with a first phase of surface sampling returning high grade results from low-sulphidation epithermal veins hosted or around rhyolites domes.

An area of 3km² covering multiple rhyolites and numerous narrow epithermal veins, carbonate and quartz with anomalous gold was defined within the permit. 400 rock sample assayed the first year of exploration, with 17 samples above 10g/t Au including RX06942@41.4g/t Au, furthermore only 1% of the 400 sample are below detection in gold fire assay. The programme was quickly upgraded with rock-chip channels and mapping at 1:2 000. All samples were assayed for gold and multi-element providing a complete geochemistry database to define pathfinders elements and compare with other epithermal prospect within the company’s portfolio.

Highlights from the chip-channels includes:

  • Ay-Ch-02: 19m@4.18g/t Au
  • Ay-Ch-05: 21.6m@1.58g/t Au
  • Ay-Ch-12: 6m@10.35g/t Au
  • Ay-Ch-16: 26m@4.72g/t Au
The Assaleyta permit includes several felsic intrusive domes along the rift margin striking ~N130. The main prospect on the Assaleyta permit is located at the South West corner of the permit, along the Asa Leyta valley, which is the result of the weathering of a volcanic dome. The volcanic domes are associated with hydrothermal activity with some part still active as fumarole.

The prospect is bound by major structures, on the South West side an alteration structures striking ~N130, 3km long with hydrothermal footprint, separate the felsic injection with the basalt. On the North East side, it is the rift normal fault with around 100m of vertical movement visible on the topography. The South East is bound by two structures striking ~N050 forming the two valleys of Asa Leyta and Data Leyta. The North West part of the prospect is gently covered by younger basalt boulder hiding any structures or injections.

 

Two zones have been defined during the various phase of work, they both belong to the same hydrothermal system crosscutting various intrusions from trachytes to rhyolites. The two zones (Red Eagle Mountain and Porcupine Hill) are separated by a deep valley, probably a major structure linked to the micro-block (Dimbir-Asal-Ghoubbet) rotation to accommodate the curve of the rift. The Black Mamba structure is located north of Red Eagle Mountain.

Figure 1 Geological map of Assaleyta

Figure 1 Geological map of Assaleyta

The zones are:

Porcupine Hill:
Zone south-east of the valley, where most of the veins are found hosted in trachytes and basalts, rhyolites are minimal and seen only in hydrothermal breccias and floats around the area. This zone presents all the outcrops along the NW-SE fault and the river cliff NE-SW, the rocks are strongly altered from clay alteration to strong silicification, with active fumaroles. Most of the hill is covered by fresh unaltered basalt.

Red Eagle Mountain:
Hunting ground of the local Egyptian eagles, the zone north-west of the valley is covered by rhyolites, pyroclastic flows and their associated veins and breccias. The base of the mountain is made of a thick sediment deposits with basalt flows. This zone is mainly covered by oxidized rhyolite talus giving it's unmistakable red colour, outcrops are limited to the cliff formed by the thickest flows.

Black Mamba:
Dark structure standing out of the topography below the Red Eagle Mountain in the northern area, the structure is a thick breccia hosting high grades quartz veins, the extension of the structure is not yet known as most of the outcrops lies below a thick layer of scree from the erosion of Red Eagle Mountain.

Figure 2 - Drill hole site locations

Figure 2 – Drill hole site locations

AY–DD–01 was drilled essentially on the exposure of the Black Mamba structure. However the ground was very broken with poor recoveries. The hole returned from surface to 17,4m grading 2.24 g/t Au with 10.8 g/t Au over 1.52m but with 50% recovery.

AY–DD–05 drilled on same section failed to hit the target depth.

AY–DD–02 was drilled to the NW and targeting the outcrop that returned 16,8m grading 6.79 g/t Au. Ground conditions were again difficult with poor recoveries. A small vein at 18m returned 3.09 g/t Au over o.5m. The main zone intersected 6.46m grading 1.08 g/t Au showing continuity over 75 metres vertical depth.

The Black Mamba structure is open to the NW and SE and remains to be fully tested.

AY–DD–03 and 04 were drilled on Porcupine Hill on a steep SE facing slope. The slope is scree covered with outcrops above the drill sites that returned 19m at 4. g/t Au.

AY–DD–03 hit a blind vein that gave 3.16m with 6.79 g/t Au. This includes:

1.63 m grading 5.92 g/t Au with 20.8 g/t Ag

1.53 m grading 7.73 g/t Au and 5.66 g/t Ag.

A second zone at 177.19m returned 1.58m grading 8.67 g/t Au. This structure correlates with a weak fumarole at the surface and indicates vertical continuity of 175 metres.

This lower zone was not reached in AY-DD-04. This hole hit another blind zone at 26m with 2.65m at 0.66 g/t Au. The hole intersected a flow banded rhyolite dome that would have cut off the first structure in 03, The rhyolite dome is altered and with sulphides. Samples returned up to 0.33 g/t Au.

AY–DD–06 was drilled some 800m to the SW in Porcupine Valley. The hole was drilled to test high level calcite-silica veins that on surface gave 30.7m grading 0.65 g/t Au. The hole intersected numerous small dominantly calcite veins. The main zone correlated at 150m depth with 4.58m grading 0.735 g/t Au.

AY–DD–07 also in Porcupine Valley failed to hit the target depth.

These scout holes tested three zones over a 3 km strike.

Drill sections are available on request.

Assaleyta Mineralization

Going Forward

TSR intends to re-commence drilling in October. Nurture EX have the right to fund a further US$1.25 million to acquire 50% of the Djibouti projects. Subsequent to this event the parties will fund pro-rata. The aim of next drilling is to test Pandora vein system when access is possible. The normal access route across Gaggade Plain is temporarily impossible due to excessive rains.

Assaleyta is now a priority second phase drill programme with the priority to test the upper levels of the epithermal system as exposed.

TSR has other outcropping epithermal gold discoveries at Hercules rhyolite domes, Garabayyis, Dimoli Khan, Hemed and Ladinis prospects.

For further information, please email info@thanistratex.com.

Attachment C.

Assaleyta Drill Results – Graphs

Assaleyta Drill Result Graph One

Black Mamba:

Assaleyta Drill Result Graph Two Assaleyta Drill Result Graph Three Assaleyta Drill Result Graph Four

Porcupine Hill (East)

Assaleyta Drill Result Graph Five Assaleyta Drill Result Graph Six

Porcupine Hill (West)

Assaleyta Drill Result Graph Seven Assaleyta Drill Result Graph Eight

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