Stratex International has agreed to continue funding the exploration programme planned by Thani Stratex Resources (TSR) for the Anbat gold prospect in Egypt.
After completion of the funding, Stratex’s holding in TSR will be 30.1%.
Stratex CEO Marcus Engelbrecht said: “I am delighted to be able to announce Stratex’s participation in the successful $1m fundraising that will enable further drilling at Anbat.
“Results to date have been highly encouraging, delivering a number of high-grade gold intercepts.
“Consequently, we are excited by the future value that we believe the prospect can deliver to our shareholders, and look forward to updating the market on the results of the drilling programme in due course.”
Under the investment deal, Stratex will subscribe for new shares in TSR for a total investment of $390,000 as part of a total share placement of $1m.
Work has already been started at the Anbat prospect, with a plan to drill ten holes for 2,380m.
The drilling will test eastern and southern extensions of previously identified mineralised zones and defining controls on high-grade to provide an initial resource estimate.
TSR is also conducting drilling at Pandora project in Djibouti where the results are expected next month.
In 2014, Stratex and Thani Emirates Resource Holdings combined their assets in East and North Africa to form TSR.
TSR was formed primarily to explore gold properties in Egypt and Djibouti.