Stratex International and Dubai’s Thani Emirates Resources Holdings are forming a 40:60-split joint investment vehicle focused on the growth in mineral exploration in the Arabian Nubian Shield rock formation along the coast of Egypt, Sudan, Eritrea and Djibouti, and Ethiopia’s inland Afar region.

The two companies will each contribute a million dollars in initial working capital to the venture, while leaving the partnership open to the future possibility of seeking additional expansion capital from third-party investment sources at a later date.

David Hall, executive director of Stratex: “We believe the complementary skills of each partner, namely Stratex’s technical expertise in exploration and the regional influence of Thani, will provide the mechanism for achieving the new company’s objective to become a leading mineral resource developers in the region.

“The new company will initially focus on drilling the ‘Pandora’ epithermal (gold vein) system in Djibouti, as well as advancing key projects in Egypt that show potential for large Sukari-like gold deposits and a range of other deposits with large-scale gold and copper potential.”

Stratex reported the discovery of the Pandora gold vein in Djibouti during a 2012 helicopter reconnaissance programme of the region conducted with Thani Ashanti, a separate partnership between the Johannesburg-based AngloGold Ashanti and Thani Dubai Mining.

He added: “The partnership will continue to develop projects within the portfolio and has already identified other opportunities in the region that warrant further investigation. An evaluation process of these opportunities is currently in progress.”

Stratex International is an AIM-listed exploration and development company that focuses on gold and high-value base metals in Turkey, East Africa and West Africa, while the new company is said to be in a “strong position” to consolidate other assets in the region.