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UK-based Stratex International has unveiled plans to set up a new company in partnership with Thani Emirates Resources Holdings for its East African asset
The company said that the new firm will be a vehicle for growth in the Arabian Nubian Shield and Afar region.
Stratex will own 40 per cent of the new business, once it has divested certain assets.
Stratex executive director David Hall highlighted that the UAE-based Thani had extensive business knowledge and relationships in the region.
"We believe that with Stratex's technical expertise in exploration and the regional influence of Thani, this new company will provide the mechanism for achieving the new company's objective to become one of the leading mineral resource developers in the region,” said Hall.
"The new company will initially focus on drilling the Pandora epithermal system in Djibouti as well as advancing key projects in Egypt that show potential for large Sukari-like gold deposits, as well as a range of other deposit-types with large-scale gold and copper potential. “
Following the deal, Thani will vest the Wadi Kareem and Hodine concessions, previously worked with AngloGold Ashanti, where a non-JORC resource of 520,000 ounces has already been defined at the Hutite prospect.
Stratex will vend in its Blackrock concession in Ethiopia where around 10,000 metres of drilling has confirmed the presence of epithermal gold mineralisation.