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Sheba Exploration and Stratex begin exploration programme in Ethiopia

October 20, 2009

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Sheba Exploration, the PLUS-listed mining outfit working in Ethiopia, has reported that exploration is continuing for the fourth successive year on its Shehagne Exclusive Exploration Licence in Tigray State.

Sheba recently signed a farm-in deal on the licence with AIM listed Stratex International, which is now operating the licence. Stratex has the option to earn up to 60% of the licence title in return for spending £350,000 over the next 21 months.

Geologists from Sheba and Stratex are now operating in the area, with phase one of the exploration programme including a multi-element stream sediment survey and channel rock sampling. This is taking place close to the Tsemetti gold anomaly, which occurs in the south of the licence area.

Sheba’s exploration licence is one of the first of a number of new gold and base metal discoveries made in Ethiopia in recent years. Others announced recently include Makeda Mining’s Terer gold-rich volcanogenic massive sulphide deposit, Nyota Minerals’ Tulu Kapi syenite-hosted gold deposit and Midroc Gold’s Metekel shear-zone hosted gold trend.

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