News Release

Pandora Drill Results


January 31, 2018

Drilling Continues to Define Significant Zones of Gold Mineralization

Cover Plate

Cover Plate – OK-D-20 silica breccia at 102.25m grading 5.96 g/t Au over 0.89m

Thani Stratex Resources (TSR) is delighted to announce the results from the ongoing drill programme at the Pandora epithermal gold prospect in the Republic of Djibouti.

The drill programme is now focusing on adding more information on the zone of higher grade defined in initial drilling and also testing along strike of the 10 km of mapped epithermal veins first discovered in February 2012.

Up to 20th January 1,775 metres had been completed in 9 holes. Total drilling to date on this large epithermal system is only 3,934m in 24 holes.

Highlights

  • OK-D-17 – 14.07m grading 1.54 g/t Au from 4.23m
  • OK-D-19 – 7.40m grading 1.07 g/t Au from 71.6m downhole
  • OK-D-20 – 8.27m grading 2.62 g/t Au from 101.28m
  • OK-D-21 – broad zone intersected from 137.2m through to 169m – results awaited.

Details

The Pandora vein system comprises the Northwest, Thyia, Pyrrha, Castalia zones as well as the Pandora and Pandora South zones. Previously TSR completed 15 holes for 2,159 metres with key intersections being:

OK-DD-12                   6.87m grading 4.45 g/t Au from 51.1m downhole includes 1.36m @ 10.55 g/t Au

                                    Within

                                    23.5m grading 1.44 g/t Au from 45m downhole

OK-DD-13                   4.70m grading 3.41 g/t Au from 78m downhole includes 0.8m @ 13.9 g/t Au

                                    Within

                                    11.5m grading 1.52 g/t Au from 76m

These intersections defined a potential shoot of higher grade over a strike of some 600 metres. Recent holes OK-D-16, 17, 18, 19, 20, 21, 22 and 23 aimed to define this zone better and confirm grades and widths.

Location of drill holes relative to mapped extent of the veins to date.
 

Figure 1 – Location of drill holes relative to mapped extent of the veins to date.

OK-D-16 was drilled to the NW on the same section as OK-D-10 & 11. The hole intersected an anomalous gold zone where continuity was expected but lacked any grade of practical interest.

OK-D-17 & 18 were drilled on a section 100m SE of OK-D-10/11 and 100m NW of OK-D-8 & 9.

OK-D-17 entered mineralization from top of hole at 4.23m and grades 1.54 g/t Au over 14.07m including 4.27m with 3.06 g/t Au. The overall zone of 25.9 meters assays 0.93 g/t Au. It extends the broad zone of gold mineralization 100m to the SE.

OK-D-18 intersected a similar broad zone that correlates with that in OK-D-17. However the 35.4m from 8.45m downhole averaged 0.38 g/t Au with best zone of 3.35m grading 0.8m at the top. These holes have intersected a secondary structure and highlight the potential for additional mineralization to the main one. This zone correlates with OK-DD-11 which intersected 8.68m grading 1.35 g/t Au from 49.27m downhole.

OK-D-19 and 20 drilled between OK-D-10/11 and 12/13.

OK-D-19 returned 7.4m grading 1.07 g/t Au from 71.6m downhole within a broad low grade zone of silica veining and brecciation that averaged 0.35 g/t Au over 55.62m of core.

OK-D-20 returned 8.27m grading 2.62 g/t Au from 101.28m downhole. This occurs within 17.3m grading 1.42 g/t Au from 92.25 to 109.55m. The total zone of mineralization averages 29.5m with 0.88 g/t Au. Key results are shown in Table 1.

Table 1: Key mineralized intersections for Phase 2 DD drilling at Pandora

Hole No Dip (°) From (m) To (m) Drill Width
(m)*
Average Au
Grade (g/t)**
OK-D-16 -50 91.55 98.13 6.58 0.23
includes   92.63 93.10 0.47 1.15
OK-D-17 -45 4.23 18.30 14.07 1.54
includes   4.23 8.50 4.27 3.06
OK-D-18 -65 8.45 43.85 35.40 0.38
includes   10.80 11.80 1.00 1.29
OK-D-19 -45 71.60 79.00 7.40 1.07
    89.75 107.35 17.60 0.44
includes   98.90 101.95 3.05 0.99
OK-D-20 -65 92.25 109.55 17.30 1.42
includes   101.28 109.55 8.27 2.62
Includes   101.28 103.85 2.57 4.39
OK-D-21   Results pending

* True widths are estimated to be between 42% and 71% of the reported (downhole) intersection lengths.
** no cut-off applied; internal waste up to 60%.

OK-DD-21 was drilled 50m off section of OK-DD-12/13.

The hole intersected a broad zone of veining and brecciation from 137.20m downhole to 169m. This would represent 160m of vertical continuity. Results are awaited.

Commenting David Hall, C.E.O said “the drilling continues to intersect broad zones of classic low sulphidation epithermal gold mineralization with wide range of silica vein and breccia textures. The zone of 600m from holes OK-D-8/9 in the south-east to the current holes of OK-D-22/23 in the north-west suggests there may be potential for large low grade open pit resource with high grade zones. Developing a new discovery in a new district will take time as we have no benchmark to compare with. The exciting intersection in hole 17 of just over 14m grading 1.54 g/t Au in a secondary structure to the main Pandora zone is an example of this. It also highlights the potential for the Pyrrha and Castelia structures which is as yet are untested.

We are now testing some 900m to the SE with hole OK-DD-24 and will also scout test a further 700m along strike in this current programme. We will seek to undertake preliminary metallurgical testwork to define gold recoveries and characteristics which we believe will be positive.

We believe that the Djiboutian portfolio merits further funding. It is the expectation now that Thani Stratex Djibouti will be spun-off as a separate entity seeking exposure to public markets highlighting the significance of this new gold district and the potential for further discoveries”.

Pandora and Assaleyta are part of a portfolio of new gold discoveries in Djibouti and over which TSR, through its subsidiary Thani Stratex Djibouti Ltd (TSD), controls 812 square kilometres of concessions and gives the company unparalleled competitive advantage to benefit from early development.

The drill programme is funded jointly by TSR (50%) (through investments made by Thani Emirates, Stratex International plc and Resource Capital Funds) and NEX (50%).

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

Sampling, assaying, and QA/QC

TSR sampling of outcropping rocks, drill core, and other geological materials conforms to industry-wide good practice, with chain of custody being observed for all samples. Gold analysis for material sampled in this campaign is undertaken by ALS Chemex laboratory in Romania. The Company maintains QA/QC on all analytical work via the use of certified reference materials, field duplicates, and blank samples in addition to monitoring of internal laboratory check-analyses. David J. Hall, Chief Executive Officer, is a Competent Person as defined by various international instruments and takes responsibility for the release of this information.

Please click here for JORC Table 1 disclosure.

David Hall, CEO                                                        
For further Information:
Mob:    +353 87 618 9867 
Email:   david.hall@thanistratex.com
www.thanistratex.com

Vina Patel
Corporate Development
+44 7740 422263
vina.patel@thanistratex.com

Plate II

Plate II – Part of core from OK-D-20 at 103.5m assaying 4.21 g/t Au over 0.71m

Plate III - Part of core from OK-D-17- 5.1m to 6.2m (1.1m) assaying 4.47 g/t Au

Plate III - Part of core from OK-D-17- 5.1m to 6.2m (1.1m) assaying 4.47 g/t Au

Plate IV

Plate IV – Core sample at 72m in OK-D-17 assaying 1.66 g/t Au over 0.93m

Plate V -View to pads for holes OK-D-22/23 on far left and OK-D-21 in centre (drill rigs shown in yellow

Plate V -View to pads for holes OK-D-22/23 on far left and OK-D-21 in centre (drill rigs shown in yellow

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