Stratex proposes name change

Aim-listed Stratex International is proposing to change its name to Oriole Resources.

The proposed change reflects a repositioning of the company following the appointment of new CEO Tim Livesey and CFO Bob Smeeton earlier this year and a refocusing of the group's activities on early-stage exploration and joint venture partnerships in Africa and Europe.

The proposed change will be subject to shareholder approval.

The company has, meanwhile, also appointed John McGloin nonexecutive chairperson, effective September 3.

FINANCIAL RESULTS

Stratex, meanwhile, on Thursday described the first six months of this year as having been a time for realignment on existing assets and for an organisational overhaul in the group, following the failed bid for Crusader Resources in 2017.

Stratex swung to a loss before of £3.30-million in the six months to June 30, compared with a profit before tax of £880 000 in the first half of 2017.

The company said it significantly reduced its administrative and operational costs during the first half of this year to £1.04-million from £1.49-million in the same period of last year.

The company’s cash balance at the end of June was £2.3-million.

“We have a a highly significant exploration earn-in agreement with IAMGOLD on the Dalafin licence, in Senegal,” Livesy said.  

At Dalafin, IAMGOLD now has an option to take a 70% stake by spending $8-million, and have already begun a fast-tracked initial programme focused on the southernmost prospect, Madina Bafé, located within a few kilometres of IAMGOLD's 2.52-million-ounce Boto gold resource.

A 5 750 m drilling programme at Madina Bafé began in June and results from the first round of air-core drilling are expected towards the end of the third quarter.

In Cameroon, the group is earning in to two early-stage gold projects in what it believes to be an exciting new gold exploration district.

“We have committed to spend $560 000 within the first year of the option and, subject to ongoing results, would expect to spend a total of $3.12-million over four years to earn-in to a 90% interest in the projects.”

Cameroon and Senegal will be the main exploration projects for the company over the next 6 to 12 months.  

In Turkey, the group has delivered on its strategy to realise value from existing, lower-priority projects by signing an exploration agreement with TET on its Hasançelebi and Doğala projects.

Following an initial payment of $50 000 to Stratex, the licences were transferred to TET, who are now spending $1.5-million on exploration and drilling over two years.

During the six months under review, the group also gained exposure to a further two gold projects in Burkina Faso through its 7.84% holding in private Australian company Aforo.