Stratex International said it has identified three new veins within the Airtstrip Calcite Zone of its Blackrock Gold Project in Ethiopia.

At the same time it reported that licence-wide channel-chip sampling returned some exciting results.

They included 1.86 metres at 4.12 grams of the precious metal per tonne, including 48 centimetres at 9.61 grams, 9.22 metres at 1.91 grams and 2.33 metres at 4.14 grams, including 28 centimetres at 17.95 grams.

Stratex also said that its phase-2 diamond drilling programme is now underway, with an initial focus on the Abyssinia vein and deeper sections of the previously drilled Black Water Zone.

Chief executive Bob Foster added: “We are continuing to make new discoveries within the Blackrock licence area, reinforcing our view that this 95%-owned project has substantial upside in terms of both further discoveries and drill intersections of the bonanza grades that characterise this type of gold deposit.”

He added that the grassroots exploration of the older rocks of the Arabian Nubian Shield in the northern part of the Ethiopia continues. The discovery of multiple vein occurrences with gold values up to 104 grams per tonne in the Mariam Hill area of the Tigray licence is described in rather understated fashion as “particularly encouraging”.

City broker Northland repeated its buy and 12.8 pence a share price target on the stock in the wake of this morning’s update. The stock is currently trading at 5.13 pence.

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