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Discovery Holes Confirm Potential at Pandora Epithermal Gold Project in Djibouti

6th June 2017 – Pandora Drill Results

Cover Plate - Banded colloform silica and fine sulphides from OK-DD-010 which assayed 9.55 g/t Au over 80 cms within interval of 3.95m grading 4.49 g/t Au

Cover Plate – Banded colloform silica and fine sulphides from OK-DD-010 which assayed 9.55 g/t Au over 80 cms  within interval of 3.95m grading 4.49 g/t Au

Thani Stratex Resources (TSR) is delighted to announce the results from  the first scout drill programme at the Pandora epithermal gold prospect in Djibouti with a total of 2159 meters completed in 15 holes.

The drill programme  focused on the Pandora South and Pandora Central zones which are part of the 10 km of mapped epithermal veins first discovered in February 2013.

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

Highlights

  • OK-D-10 – 3.95m grading 4.49 g/t Au from 87.2m including 1.55m @ 7.49 g/t Au;
  • OK-D-11 – Upper Zone from 49.27m of 8.68m grading 1.35 g/t Au including 5.2m @ 1.92 g/t Au from 49.27m;
  • OK-D-11 – Lower Zone of 3.84m grading 5.19 g/t Au from 147m including 0.84m @ 6.79 g/t Au;
  • OK-D-12 – 6.87m grading 4.45 g/t Au from 51m including 1.36m @ 10.55 g/t Au;
  • The intersections in holes 10 and 11 tie-in with surface values of 1.3m grading 6.4 g/t Au and  shows continuity from surface to approximately 150m vertically.

Details

A total of 15 holes was drilled for a total meterage of 2159 metres. The drilling covered approximately 1.2 kms of strike of the mapped 10 kms vein system at Pandora (Figure 1). Holes OK-D-01 to 06 tested the Pandora South zone with OK-D-07 testing below the wadi that cuts the outcropping vein. OK-D-08 to 15 tested the Pandora Central Zone. A drill camp was constructed by TSR for the programme. Water was supplied by locally dug sumps and also by truck.

The Pandora vein system comprises the Northwest, Thyia, Pyrrha, Castalia zones as well as the Pandora and Pandora South zones.

Drill intersections are given in following table:

OKLILA DRILL HOLE SUMMARY    
Pandora Prospect      
HOLE # From To Interval m. g/t Au
OK-D-01 47.05 50.1 3.05 1.11
         
OK-D-02 62.55 67.2 4.65 0.29
         
OK-D-03 32.06 32.71 0.65 2.56
         
  80.35 81.4 1.05 0.93
         
OK-D-04 38.05 50.7 12.65 0.27
  including      
  38.5 39.65 1.15 0.63
         
OK-D-05 35.1 46.2 11 0.49
         
OK-D-06 54.9 61.05 5.15 1.8
         
OK-D-07 97.17 100.41 3.24 0.49
         
OK-D-08 21.35 24.43 3.08 0.42
         
OK-D-09 161.4 168 6.6 0.49
         
OK-D-10* 87.2 91.15 3.95 4.49
  including      
  87.2 88.75 1.55 7.49
  and      
  90 90.55 0.55 6.55
         
OK-D-11* 49.27 57.95 8.68 1.35
         
  147 150.84 3.84 5.19
         
OK-D-12* 51.1 57.97 6.87 4.45
  including      
  56.6 57.96 1.36 10.55
         
OK-D-13* 78 82.7 4.7 3.41
  including     
  81.2 82 0.8 13.9
         
OK-D-14 28.3 46.55 18.25 0.52
         
         
OK-D-15 54.6 65.3 10.7 0.74
Signifies "discovery holes"    

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.

N.B. INSET – holes 12/13 are second set in from NW with 10/11 third set in from NW.

Paired holes OK-D-10 and OK-D-11, and OK-D-12 and OK-D-13 were drilled 200m apart. They show good continuity from surface to approximately 150m depth from current surface. The chip channel sample from surface on section with holes 10 and 11 returned 1.3m grading 6.4 g/t Au. The estimated true widths of the intersections range from 1.68 to 2.84m. The surface chip channel on section with holes 12 and 13 returned 1.9m grading 20 g/t Au. The estimated true width of the drill intersections is 2.51m to 5.43m.

In some holes there are parallel zones to main structures e.g. hole 11 with an upper zone of 8.68m grading 1.36 g/t Au (estimated true width of 4.34m at only 40m vertical depth) and in hole 7 where though low order there are a number of parallel zones showing diffuse fluid flow.

Commenting David Hall, C.E.O said “the economic grades over economic widths in holes OK-D-10, 11, 12 and 13 can be considered discovery holes with respect to the gold potential of the Pandora vein system. All drill holes show gold mineralization and are associated with intense alteration and multiple phases of hydrothermal brecciation. The team is hugely excited by these results. The two first scout drill programmes in the country have resulted in two new gold discoveries at Pandora and Assaleyta and we will aim to maximize our strategic and competitive advantage in this new exciting epithermal district.”

“These systems can have multiple episodes of structural dilation, high fluid flux, and mineral deposition that will create the resulting dimensions of the vein mineralization. Given that this is only the second drill programme in the new Asal-Gaggade epithermal district we must be careful not to draw any conclusions as to its economic potential until we fully understand the dynamics of each hydrothermal system.

We are aware that the system is fully preserved as we have sinter deposits at higher elevations than where initial drilling has been undertaken. Sinter is at elevation 385m a.s.l. whilst drill holes at Pandora South are at 296m with the lowest intersection at approximately 150m a.s.l. shows potential for 200m vertical extent of the mineralization. This matches our view from the work at Assaleyta.

The extensive strike length of the veining (~10 kms) and presence of zones such as Thyia and Castelia where we have multiple parallel veins provide for large targets for further drilling given that ore shoots are often not more than 500m in strike length”.

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 (TSD), controls 1,112 square kilometres of concessions and gives the company unparalleled competitive advantage to benefit from early development.

The drill programme is funded by Nurture EX. Subsequent to expending US$2.5M TSD is now owned 50/50 with NEX. 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.

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 I - Bladed silica replacement in OK-DD-010 shows that boiling of fluids occurred which is  a key factor in gold deposition.

Plate I – Bladed silica replacement in OK-DD-010 shows that boiling of fluids occurred which is  a key factor in gold deposition.

Plate II - OK-D-013 with vein that assayed 0.8m grading 13.9 g/t Au within 4.7m @ 3.4 g/t Au

Plate II – OK-D-013 with vein that assayed 0.8m grading 13.9 g/t Au within 4.7m @ 3.4 g/t Au

Plate III - Silica flooded breccia and quartz vein in OK-DD-010 that assayed 2.39 g/t Au over 60 cms.

Plate III – Silica flooded breccia and quartz vein in OK-DD-010 that assayed 2.39 g/t Au over 60 cms.

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