East Star Resources PLC - London-based Kazakhstan-focused gold and copper exploration and development company - In an update on the assays from drilling at the Verkhuba copper deposit on the Rudny Altai volcanogenic massive sulfide belt, says it confirms the potential for resource development by way of open pit mining. Finds 92.5 metres of mineralisation recorded above a cut-off grade of 0.38% copper equivalent i.e. copper, lead, zinc and silver. Finds thick and high-grade intersections within the conceptual open pit shell modelled by independent consultants. Says high-grade mineralised zones match well with high-grade zones identified in over 42,000 metres of historical drilling. Finds predominantly copper mineralisation with up to 6.6% zinc identified in some intersections and notes extensive previously unidentified lower-grade mineralised envelopes around higher-grade intersections. Says gold offers potential for additional upside once assays are complete.
Chief Executive Officer Alex Walker says: "We can now definitively demonstrate that the Verkhuba Deposit has multiple copper-rich ore grade intervals at mineable depths. Grades are relatively consistent with the 1.4% to 1.8% copper grade range derived from the 5 to 6 megatonne open-pit resource calculated from the independent resource model. This gives confidence in the accuracy of the more than 42,000 metres of historical drilling used in calculating our JORC-compliant exploration target...Kazakhstan continues to be a fantastic jurisdiction for resource exploration, with strong support for new projects being demonstrated at the federal and local levels. There's a lot to be excited about in East Star's future."
Current stock price: 1.24 pence, down 11%
12-month change: down 66%
By Greg Rosenvinge, Alliance News senior reporter
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East Star Reso (EST)