News

Thani Stratex Announces Maiden Resource at Anbat

12th December  2017

Cover  Plate

Cover Plate – Senior Geologist Henry Onslow reviewing core at Anbat project

Thani Stratex Resources (TSR) is delighted to announce a maiden Mineral Resource estimate (Table 1 ) for the Anbat project within its 100% owned Hodine Concession in southern Eastern Desert of Egypt.

TSR undertook a further 2,076.7 meters in 11 holes between 27/04/2017 – 31/07/2017 (Table 2 ) bringing the total meters drilled by TSR at Anbat to 3,976.8m over 18 holes. On completion of this limited amount of drilling, CSA Global were tasked to prepare a maiden JORC 2012 compliant Mineral Resource estimate (MRE) and conceptual pit optimization combining historical and current drill data. The Mineral Resource is exclusively from shallow near surface porphyry sills. Gold mineralization hosted in granodiorite stock requires further drilling to potentially upgrade it to a resource status which could result in a considerable increase to the gold endowment of the deposit (Figure 1).

Highlights
  • Inferred Mineral Resource estimate of 5.9Mt grading 1.11 g/t Au for 209,000 oz in porphyry sills.
  • Latest drill highlights include:
    • TDAND009        9m @ 1.45 g/t Au from 28.3m  
    • TDAND014        32.6m @ 1.00 g/t Au from 188.55m  incl. 12.45m @ 2.19 g/t Au
    • TDAND017        25.65m @ 0.56 g/t from 42.5m incl. 12.15m @ 1.06 g/t

Background

TSR took over management and operations in the Hutite license from Thani Ashanti at the end of 2014. After extensive data and field review, exploration activities focused around the Anbat project in the south of the license. It became apparent that the Anbat project was part of a larger mineralized intrusive belt named the Anbat-Shakoosh belt by TSR. Mineralization along the belt is intrusion hosted with a gold arsenic signature similar in style to the world class Sukari gold deposit located to the North of the Hodine Concession.

TSR commenced a scout drill program at the newly discovered Anbat North prospect. Results were highly encouraging showing significant gold mineralization over a 1km strike length in stacked sequences of shallow dipping quartz veins. TSR moved on to test further the Anbat prospect previously drilled by Thani Ashanti where the geological model of steeply dipping to vertical porphyry dykes had consistently returned highly anomalous gold values. The first drill hole by TSR (TDAND-001) returned 23.55m grading 4.38 g/t Au from only 69.65m downhole and changed the geological model from vertical dikes to low angle near surface porphyry sills. TSR continued drilling to test this model and have confirmed the continuity and geometry of the gold mineralization.

TSR did not focus on the gold mineralization in the stock, however, significantly hole TDAND-011 which was drilled on azimuth 018° entered the intrusive stock at the bottom of the hole and returned a zone of 12.9m grading 1.03 g/t Au which appears to cut a new zone of east-west veining within the intrusive and correlates with deeper zone in TDAND-013 of 18.45m grading 0.74 g/t Au. This opens up further potential within the stock as all previous drilling was oriented 108°/288° to target the north-south striking veins that were exposed on surface therefore missing any east-west component. This vein set will require further drill testing.

Commenting David Hall, C.E.O. said “we have in the short period of 12 months been able to advance Anbat to this maiden Mineral Resource state. The continuity of the porphyry hosted gold is well constrained by geology but will require infill drilling to expand and increase confidence level. The intersections in TDAND-011 where the hole entered the intrusive stock and cut a new zone of east-west veining with the intrusive shows that more drilling is required to fully understand and define this large area of gold mineralization. This opens up significant potential within the stock as all previous drilling will have missed this vein set. The expansion and confirmation of bulk mineable gold within the stock would add hugely to the resource. The initial drilling at Anbat North defined new intrusion hosted gold there e.g. 37.5m grading 0.8 g/t and 20.5m grading 1.01 g/t Au. The Nofret Zone between Anbat and Anbat North is as yet untested and adds further potential to this exciting gold district. We look forward to advancing and expanding the project further with ongoing drilling.”

Details

TSR commissioned CSA Global (UK) Ltd (CSA Global) to prepare a Mineral Resource Estimate (MRE) and conceptual pit optimization for the Anbat gold project.

Mineral Resources were classified as Inferred Mineral Resources in accordance with JORC 2012 guidelines (Table 1), and comprised 5.9 million tonnes at a grade of 1.11 g/t for a total of 209,000 ounces. Inferred Mineral Resources were reported for blocks above a 0.5 g/t Au cut-off grade and within a conceptual pit optimization scenario based on $1,500/oz to underpin the JORC (2012) requirement of reasonable chances of eventual economic extraction (Figure 2). The conceptual pit does not extend to the base of the Mineral Resource indicating that the pit is limited by conceptual economic conditions rather than the extent of the Mineral Resource.

The conceptual pit optimization does not represent an Economic Study, since no such study has been completed, and is based upon an Inferred Mineral Resource which is not suitable for detailed mine planning. Mineral Resources located within the conceptual pit do not have proven economic viability and are not Mineral Reserves.

Table 1 . Inferred Mineral Resource estimate for the Anbat Deposit (CSA Global, 15 August 2017)


Anbat Mineral Resource as of 15 August 2017. Reported at a cut-off grade of 0.5 g/t Au

Classification Tonnes (Mt) Au Grade (g/t) Au Metal (Koz) Density
(t/m3)

Inferred 5.9 1.11 209 2.63

1. Figures have been rounded.
2. The Mineral Resources are stated as in situ dry tonnes. All figures are in metric tonnes.
3. Mineral Resources are reported within a conceptual pit optimization run on a $1,500/oz scenario.
4. Mineral Resources located within the conceptual pit do not have proven economic viability and are not Mineral Reserves.

The information in this report that relates to Mineral Resources is based on information compiled by Belinda van Lente, Senior Resource Geologist, CSA Global. Belinda van Lente is a full-time employee of CSA Global (UK) Ltd and is a Member of the South African Council for Natural Scientific Professions (Pri.Sci.Nat). Belinda van Lente has sufficient experience relevant to the style of mineralization and type of deposit under consideration and to the activity which she is undertaking to qualify as Competent Persons as defined in the 2012 edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources, and Ore Reserves (JORC Code). Belinda van Lente consents to the disclosure of information in this report in the form and context in which it appears. In accordance with the JORC disclosure requirements JORC Table one is disclosed and can be found in the full report from CSA.

Drilling undertaken by TSR at the Anbat project has defined to date 52oz of gold per meter drilled. Mineralization within the porphyry sills is open in all directions. Infill drilling within the granodiorite stock may allow mineralization currently categorized as an exploration target by CSA Global to be upgraded into the Mineral Resource estimate. However, there is no certainty that additional work will result in an upgrade of the Mineral Resource. Further drilling in the stock will allow investigation into a concern raised by CSA Global whilst analyzing QAQC procedure, that drilling undertaken by Thani Ashanti may have understated gold assay grades by ≥ 5% (Section 3.2, CSA MRE Report, 2017). 

Next Steps

Exploration activities will focus on infill and step out drilling at the Anbat prospect in order to expand the maiden Mineral Resource, and on follow up drilling at the Anbat North prospect with an aim to convert mineralization to Mineral Resource status. Drill testing of further prospects in the Anbat-Shakoosh belt where surface sampling has shown anomalous gold – arsenic signatures, including the Nofret prospect located between Anbat and Anbat North, which has returned multiple grab samples grading 1 to 4 g/t Au from limited exposure due to sand cover.

Oblique view looking north at conceptual $1,500/oz pit outline (light blue) and Inferred mineral resource (Green). Granodiorite exploration target shown in brown (CSA MRE report, 2017).

Figure 1. Drill holes used in the mineral resource evaluation. Porphyry mineral resource Area and granodiorite exploration target indicated (CSA MRE report, 2017)

Drill holes used in the mineral resource evaluation. Porphyry mineral resource Area and granodiorite exploration target indicated (CSA MRE report, 2017)

Figure 2. Oblique view looking north at conceptual $1,500/oz pit outline (light blue) and Inferred mineral resource (Green). Granodiorite exploration target shown in brown (CSA MRE report, 2017).

Full drill results of drilling by TSR to date are given below in Table 2.

Drilling is being undertaken by Capital Drilling (Egypt) Ltd using Atlas Copco CT14 Truck mounted Diamond 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.

Table 2. Full intersections from drilling undertaken by TSR at the Anbat Prospect

Hole ID From
(m)
To
(m)
Interval
(m)
Au Wt av
g/t
TDAND001 47.60 106.20 58.60 2.07
including 69.65 93.20 23.55 4.38
including 74.00 78.00 4.00 12.59
and 147.36 179.00 31.64 0.65
including 164.20 179.00 14.80 1.20
and 312.67 317.55 4.88 1.03
TDAND002 111.00 151.20 40.20 0.97
including 136.70 151.20 14.50 1.92
and 248.00 267.00 19.00 0.49
and 299.56 299.85 0.29 21.20
TDAND003 117.50 127.50 10.00 0.96
and 144.00 159.00 15.00 0.86
TDAND004 75.00 81.00 6.00 0.60
and 99.15 105.00 5.85 1.67
and 128.00 129.25 1.25 227.70
TDAND005 86.65 119.00 32.35 1.48
including 100.80 119.00 18.20 2.25
and 184.40 192.70 8.30 1.05
TDAND006 139.50 147.65 8.15 0.74
and 160.70 171.60 10.90 1.04
and 201.00 221.20 20.20 0.57
including 213.50 221.20 7.70 1.14
TDAND007 34.00 64.40 30.40 1.70
including 45.35 46.00 0.65 71.10
and 113.25 114.00 0.75 45.50
and 136.55 171.00 34.45 0.54
including 145.50 154.50 9.00 1.16
TDAND008 82.25 87.60 5.35 0.14
and 114.00 119.70 5.70 0.55
TDAND009 28.30 62.00 33.70 0.66
including 28.30 37.30 9.00 1.45
and 92.40 99.40 7.00 0.40
TDAND010 151.40 161.35 9.95 0.56
TDAND011 68.30 91.10 22.80 0.51
including 70.30 76.00 5.70 1.27
and 123.50 130.30 6.80 1.08
including 125.70 128.30 2.60 2.40
and 152.00 166.70 14.70 0.59
including 152.00 158.00 6.00 1.02
and 182.90 195.80 12.90 1.03
TDAND012 127.90 162.60 34.70 0.55
including 144.65 150.90 6.25 1.71
TDAND013 70.00 79.00 9.00 0.52
and 187.85 226.40 38.55 0.42
including 187.85 206.30 18.45 0.74
including 197.60 205.00 7.40 1.43
TDAND014 15.00 20.80 5.80 0.53
and 188.55 221.15 32.60 1.00
including 188.55 201.00 12.45 2.19
TDAND016 58.50 74.55 16.05 0.64
including 59.50 68.00 8.50 1.04
and 103.80 113.00 9.20 0.79
including 103.80 107.10 3.30 1.94
TDAND017 42.50 68.15 25.65 0.56
including 56.00 68.15 12.15 1.06
including 59.40 64.40 5.00 1.79
and 82.50 86.30 3.80 0.97
TDAND018 13.30 29.60 16.30 0.81
including 13.30 18.20 4.90 1.04
including 25.80 29.60 3.80 1.36
and 52.50 57.50 5.00 0.69
and 116.00 138.00 22.00 0.51

For further Information:

David Hall
CEO
Mob:+353 87 618 9867 david.hall@thanistratex.com
     
Vina Patel
Corporate Development
Mob: +44 7740 422263 vina.patel@thanistratex.com
     
Website:   www.thanistratex.com

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