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736 metres completed at Pandora Epithermal Gold Project in Djibouti; First samples from the first 2 drill holes dispatched


February 14, 2017

Cover Plate

Cover Plate – Banded colloform epithermal boulder from discovery outcrop of Pandora vein system

Thani Stratex Resources (TSR) is delighted to announce the commencement of the first drill programme at the Pandora epithermal gold prospect in Djibouti with 722 meters completed in 7 holes to date.

The drill programme of initial planned 2000 meters is focusing on the Pandora South and Pandora Central zones which are part of the 10 km of mapped epithermal veins first discovered in February 2013.

Pandora South zone is some 500 meters in strike and includes surface values of:

5.0m @ 10.8 g/t Au

2.5m @ 7.58 g/t Au

2.35m @ 13.17 g/t Au

Channel chip samples across vein structure at Pandora Central includes surface values of:

1.65m @ 15.4 g/t Au (P-Ch-04)

1.9m @ 20.3 g/t Au within 11.1m @ 5.09 g/t Au (P-Ch-17)

2.6m @ 11.9 g/t Au (P-Ch-22)

The aim of the drilling is to confirm vertical continuity of the gold mineralization to depth and to define width and grade of the gold mineralization.

Initial drilling at the Assaleyta prospect in 2016 confirmed vertical continuity to at least 175 meters and returned encouraging values of:

•          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

TSR has established a camp at Pandora (below photo) and has dug a number of water sumps and also a water well to supply the drill programme.

Plate I - View of Pandora Camp  under construction.

Plate I – View of Pandora Camp under construction.

Details

The first half of the drill holes is being completed, 8 holes plus a water hole from the 15 drill holes 2000m programme.


Drill hole
Dip Depth (m) Status
Ok-D-01 -47 100.15 Done
Ok-D-02 -65 138.80 Done
Ok-D-03 -45 120 Done
Ok-D-04 -65 162.90 Done
Ok-D-05 -45 94.35 Done
Ok-D-06 -65 59.26 Drilling
Ok-D-08 -45 61.00 Drilling
  Total 736.46  

Potential mineralized intersection:

  • Ok-D-01: Hydrothermal breccia zone with associated quartz veins 18m wide @37m depth, secondary hydrothermal breccia with carbonates 4m@88m.
  • Ok-D-02: Hydrothermal breccia zone with silicification and veining 17m@50m.
  • Ok-D-03: 60cm Banded vein @32m depth, hydrothermal breccia with strong silicification 7m@72m (Plate II)
  • Ok-D-04: Several silicified hydrothermal breccia, basalt hosted with disseminated pyrite, 4m@45m, 4m@83m depth. Also include strong silicification alteration around the breccias.
  • Ok-D-05: Hydrothermal breccia zone partly silicified 10m@52m depth.
  • Ok-D-06: Silicified breccia structure @50m, still drilling in target zone.

Plate II

Plate II – OK-D-03 Box 20 at ~72 to 75m showing strong silicification with multi-phase hydrothermal breccia

To date, all intersections displays the same pattern. These include a hydrothermal breccia zone between 5 to 20m wide, with variable ratio from 10% to 90% matrix supported. In this zone we find multi-phased chalcedonic silica veins with micro-pyrite disseminated or aggregated. This zone is surrounded by a wide fractured zone with veinlets (mm to cm), the nature of those veinlets evolve with depth from calcite to white silica on the deepest intersections.

Textures of interest with mineralization potential, as seen on the core are: grey chalcedonic silica, crystalline quartz, vuggy silica and adularia. All silica veins are multi-phased with breccia textures very similar to the surface outcrops.

David J. Hall C.E.O. commented “this drill programme has been a long time coming with weather delays last year, but I am delighted that it is underway. Pandora has the potential to be a world class discovery in a new epithermal gold district discovered  by us. The Asaleyta drilling confirmed good grades at depth with continuity to surface. We hope for similar results at Pandora. The core observations are promising with similar epithermal textures to Asaleyta which bodes well for encouraging grades. Pandora and Asaleyta are only 2 of a large number of outcropping epithermal systems within the Asal-Gaggade district, all of which will ultimately have to be drill tested. We look forward to updating on developments in Djibouti.”

Sampling and assaying

All mineralized intersections are fully sampled, some drill holes are selected and sampled widely around the mineralization zone for geochemistry studies on alterations.

All samples follow the TSR QA/QC protocols with certified reference material, blank control and various duplicates to monitor internal and laboratory errors. All assays are being prepared and processed by ALS Chemex laboratory in Romania.

The first sample dispatch is currently going through the last customs control procedure, it contains 102 samples (320Kg) from hole Ok-D-01, Ok-D-02 and Ok-D-03.

Pandora and Assaleyta are part of a portfolio of new gold discoveries by TSR in Djibouti and over which TSR through it’s subsidiary Thani Stratex Djibouti Ltd controls 1,232 square kilometers of concessions and gives the company unparalleled competitive advantage to benefit from early development.

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

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.

We look forward to updating shareholders on the drill developments as they happen.

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

Closing Plate

Closing Plate – View south over the Pandora prospect, cars middle ground centre for scale.

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