The Altıntepe (‘Gold Hill’) gold project (Fig. 1) is located near the town of Fatsa close to the Black Sea coast of northern Turkey. The project is underlain by an advanced argillic lithocap extending over an area of at least 8 square kilometres (Fig. 2). High-sulphidation epithermal gold mineralization is an integral part of the lithocap and consists of wide zones dominated by silica alteration. In places, this is accompanied by intermediate-sulphidation epithermal gold mineralization (Fig. 3) that occurs as a series of linear, fault-controlled veins and related stockworks.

Figure 1. Mineralized outcrop at Altıntepe

Since fully exercising its option to acquire 100% of the project from Teck Resources ('Teck') in April 2008, Stratex has completed a total of 4,752.5 m diamond drilling across the property, realising an in-house JORC-compliant resource (based on the cross-sectional method) of 472,318 oz oxide gold (Table.1). The bulk of the contained gold is in the Çamlık East and Kayatepe deposits.

Scoping studies comprising further drilling are currently being funded by NTF as part of a joint-venture production agreement and is due to be completed by end-2010. Subject to a positive outcome, feasibility should commence early 2011, with first production targeted for end 2012/early 2013.

Teck Cominco Arama ve Madencilik San. Tic. A.S. (TCAM) retains an underlying 1.5 % Net Smelter Return (‘NSR’) royalty from any future production. A portion of the property is also held by a third party that holds a NSR royalty of 2.5 % which can be reduced to 1.25 % by a payment of US$ 750,000.

Figure 2. Simplified geological map of the Altıntepe prospect illustrating key mineralized zones

 

 

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Table 1. Altıntepe oxide Au resource (0.2 g/t Au cut-off)

Zone	Category	Tonnes*	Grade (g/t Au)	Gold (oz)
Çamlık East	Indicated	3,521,672	1.09	123,603
	Inferred	528,206	1.09	18,604
Çamlık	Indicated	3,643,746	0.45	52,871
Kayatepe	Measured	287,333	1.78	16,453
	Indicated	1,431,841	1.54	71,214
	Inferred	702,660	1.98	44,935
TOTAL	Measured - All	287,333	1.78	16,453
	Indicated - All	9,287,370	0.87	259,661
	Inferred - All	3,523,434	1.73	196,204
	All	13,098,137	1.12	472,318
* Using SG of 2.14 t/m3

 

The oxide resource also includes 2,371,689 oz silver (Ag), and a further 101,695 oz Au and 812,819 oz Ag have been identified in sulphide material.

 

 

Figure 3.  Mineralized intermediate-sulphidation breccia (cm-scale)

 

The following cross-sections show the sub-surface extension of mineralization at Çamlık East, based on outcrop mapping and drilling intersections (Fig. 4 and Fig. 5).

 

Figure 4. Cross-section of the central part of the Çamlık East Zone

Figure 5. Cross-section of the Çamlık East Zone, 100 m east of Fig. 4.

 

The following cross-sections shows the sub-surface extension of mineralization at Kayatepe, based on outcrop mapping and drilling intersections (Fig. 6).

 

Figure 6.  Cross-section of hole ST-KT-DD-01, Kayatepe Zone

 

Three further zones of mineralization, Sinan and Orta (Fig. 2), were identified towards the end of the exploration programme although have not been drilled. The 500 m-long Orta Zone (Fig. 7) is located between Extension Ridge and Kayatepe and comprises extensive silica-pyrite mineralization associated with quartz-vein stockwork and hydrothermal breccias. The Sinan Zone appears to be an 800 m north-eastward extension of Çamlık East. Although poorly exposed, the average width of the Sinan Zone appears to be 50-60 m. Karakıla is a further high-sulphidation target in the western part of the property.

Figure 7. On-site strategy meeting, Orta Zone

 

Preliminary Metallurgical Testwork

Preliminary cyanide-leach test work has been completed by Wardell Armstrong International Ltd on oxide samples from all five main zones. Carbon-in-leach (CIL) tests on material ground to less than 75 micron and bottle roll tests on material crushed to less than 12 mm indicate the potential for high gold recoveries from all material, although a lower recovery (68.5 %) was recorded for the leach tests on coarse material from Extension Ridge (Table. 2).

Table 2: Altıntepe Metallugical Testwork

Zone	CIL (<75 microns)	Bottle roll (12 mm)
Camlık	96.40 %	95.00 %
Camlık East	94.10 %	96.50 %
Karakısla	92.80 %	96.60 %
Kayatepe	91.80 %	86.70 %
Extension ridge	87.50 %	68.50 %

 

This test work suggests that the oxide material from Altıntepe is amenable to processing by low-cost heap leaching methods, a key factor that considerably enhances the potential economic viability of the project. However further technical studies, including detailed metallurgical tests, are necessary to confirm the leaching characteristics.