East Star Resources PLC - Kazakhstan-focused gold and copper exploration and development company - Updates resources model for Verkhuba copper deposit on the Rudny Altai volcanic massive sulphide belt in Kazakhstan. "The results of the remodelling have provided the company with a higher degree of confidence in the historical data and the development potential of the deposit," East Star says. It adds that it instructed AMC Consultants Pty Ltd to undertake work to produce a maiden JORC inferred resources. It expects this to take around one month, and to be ready before the start of the 2024 field season.
Chief Executive Officer Alex Walker says: "We believe Verkhuba is an attractive copper deposit due to its initial open pit potential and proximity to existing processing infrastructure in the region, which could enable us to get into production quickly and with a much lower capital requirement. Drilling in the upcoming season will focus on further resource definition to convert the open pit area to JORC indicated status as well as further testing the continuity of the underground ore bodies to assess development potential. We expect this to precede either a scoping study or a pre-feasibility study to demonstrate the low-cost development potential of the Verkhuba deposit."
Current stock price: 1.62 pence each, 4.7% lower on Monday afternoon in London
12-month change: down 46%
By Tom Budszus, Alliance News slot editor
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East Star Reso (EST)