(Alliance News) - East Star Resources PLC on Wednesday said it has been awarded its second copper porphyry exploration licence under a new exploration strategy in Kazakhstan.
The Kazakhstan-focused gold and copper exploration and development company said the strategy is funded through a USD500,000 grant from the BHP Xplor programme.
The grant was first announced in January.
Together with BHP Xplor, East Star said it is carrying out "regional target generation "for copper porphyry deposits, mainly focussed on the Balkash-Ili magmatic arc and Aktogai-Aidarly deposits.
East Star said that it intends to secure more exploration licences within the area of interest for future field work.
The BHP Xplor grant will go towards licence costs, field programmes, desktop evaluation work, and staff and administrative costs, it said.
The programme will be managed by East Star with input from BHP.
East Star Technical Director Chris van Wijk said: "We are delighted to have our second copper porphyry licence granted since the beginning of BHP Xplor programme. This is also the third licence granted to East Star using the newly implemented Kazakh online portal system. This demonstrates that East Star is able to promptly formulate compliant applications for new licences and that the Kazakh ministerial process for granting new applications is working efficiently."
Shares in East Star were flat at 1.54 pence each in London on Wednesday afternoon.
By Sabrina Penty, Alliance News reporter
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East Star Reso (EST)