East Star Resources PLC Commencement of IP Programme in the East Region

RNS Number : 9242J

East Star Resources PLC

29 October 2024

 

29 October 2024

East Star Resources Plc

("East Star" or the "Company")

Commencement of IP Programme in the East Region

 

East Star Resources Plc (LSE:EST), which is exploring for copper in Kazakhstan, is pleased to announce that it has commenced an Induced Polarisation ("IP") geophysical survey on its Rudny Altai Volcanogenic Massive Sulphide ("VMS") Licences in East Kazakhstan.

 

The programme will include up to 17.3-line kilometres of IP geophysics over four targets, which have already demonstrated the required geological indicators of a potential deposit, including mineralisation at surface. The programme is already underway and will continue as long as weather permits.

Alex Walker, CEO of East Star, commented:

"In the 2023 and 2024 field season, the East Star team has been diligently working through targets derived from the electromagnetic survey conducted in 2022, incorporating a significant amount of historic data, new geological mapping, and sampling results. We have been extremely encouraged by the sheer number of mineralised points in this region, particularly where they coincide with an electromagnetic anomaly and are in close proximity to known deposits as well as past and current operating mines. We expect the IP results to provide definitive drill collar locations to begin drill testing these targets with the intention of adding further resources to our existing 20.3Mt at the Verkhuba deposit."

 

Figure 1 locations of intended IP survey lines

Target Locations

 

Rulikha

The Rulikha target is a newly discovered electromagnetic ("EM") and IP anomaly located 1 km north of the Rulikha Deposit, a historical defined deposit of 14.2 Mt @ 1.18% Cu, 3.58% Zn and 13.5 g/t Ag[1], partially located on East Star's 100% owned licence, EL_1799. The target is hosted in a strongly altered quartz porphyry unit of the middle Devonian series, which is a similar age to units hosting the Nikolaevsky Mine. The target has a strong EM conductor that had dipole-dipole IP ground surveys completed in 2023. The surveys revealed a number of strong IP signatures at 120-250 m depth that were interpreted to be massive sulphides. The unit that the IP and EM anomalies are hosted in has known Zn-Cu mineralisation 700 metres to the north, in historical drill holes used for stratigraphy. East Star completed mapping and spectral sampling over the target area. The spectral analyses showed muscovite and jarosite alteration, which are indicators of hydrothermal alteration. East Star intends to progress the target to be drill ready by extending the IP survey to the east to further define the anomaly.

 

Talovskoye

The Talovskoye deposit is located 1.7 km north of the Rulikha target. The prospect historically reported resources of 3.9 Mt @ 1.87% Cu, 5.4% Pb, 11% Zn, 0.3 g/t Au and 34.5 g/t Ag[2]. The historical deposit is hosted in sediments and volcaniclastics of the Loshinskaya Suite, which is significant because this suite of rocks is host to the Verkhuba deposit and at least two other deposits in the region. Talovskoye has been explored through some small-scale adits, which penetrate the hill that the deposit is hosted in. The deposit has had some 15 historical holes which tested the central part of the deposit. Historical reports noted a strong EM conductor south east of the deposit that has not been tested before. As announced on 27 November 2023, geological sampling completed by East Star found 6.30% Cu, 5.19% Pb, 0.81 g/t Au and >100g/t Ag and 8.44% Cu, >20% Pb, 1.1 g/t Au and > 100 g/t Ag in samples at surface.

 

Rulevskoye

The Rulevskoye occurrence is a historically known copper occurrence located in the middle Devonian series and is comprised of volcanic breccias, tuffs, and quartz porphyry lithologies. East Star has mapped the area and collected spectral samples. Mapping revealed copper-iron oxide mineralised bodies with several small pits and trenches across them. These were used as the basis for historical drilling. In total, nine holes were drilled on the flanks of the hill and two drilled in the south on top of the hill. Historical holes '8' and '172' intersected sulphides including up to 5.25% Cu and 7.4m @1.8% copper[3] respectively.

 

Nikolaevskoye East

The Nikolaevskoye East area is host to an EM anomaly in a geologically prospective part of the area. Geological mapping in the area noted sedimentary lithologies with some volcanic clasts and sericite alteration. Within the unit there are known mineralised occurrences at surface and in historically dug pits and trenches. The EM anomaly strikes approximately 900 m from NW-SE.

 

Next Steps

 

After a standard tender process, Aurora Geophysics Ltd. has been contracted to complete the IP surveys, with the results being processed and analysed by Mitre Geophysics Pty Ltd. The Company looks forward to updating shareholders on its progress.

 

 

East Star Resources Plc

Alex Walker, Chief Executive Officer

Tel: [phone] (via Vigo Consulting)

 

SI Capital (Corporate Broker)

Nick Emerson

Tel: [phone]

 

Peterhouse Capital Limited (Corporate Broker)

Peter Greensmith

Tel: [phone]

 

Vigo Consulting (Investor Relations)

Ben Simons / Peter Jacob

Tel: [phone]

 

About East Star Resources Plc

 

East Star Resources is focused on the discovery and development of strategic minerals required for the energy revolution. With eight licences covering >1,000 km² in three mineral rich districts of Kazakhstan, East Star is undertaking an intensive exploration programme, applying modern geophysics to discover minerals in levels that were not previously explored. East Star's most advanced project is a copper deposit on the world-class Rudny Altai VMS Belt where the Company is working towards the delivery of a JORC compliant open pit copper resource close to infrastructure, within trucking distance of third-party mills with excess capacity. East Star's management are based permanently on the ground, supported by local expertise, a joint venture with the state mining company on certain projects, and grant funding from BHP through the BHP Xplor programme for copper porphyry exploration.

 

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www.eaststarplc.com

 

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The person who arranged for the release of this announcement was Alex Walker, CEO of the Company.

 

This announcement contains inside information for the purposes of Article 7 of Regulation 2014/596/EU which is part of domestic UK law pursuant to the Market Abuse (Amendment) (EU Exit) Regulations (SI 2019/310) ("UK MAR"). Upon the publication of this announcement, this inside information (as defined in UK MAR) is now considered to be in the public domain.

 

Competent Person's Statement

Scientific or technical information in this disclosure related to exploration was reviewed by Dr Tremain Woods, a full-time employee of Discovery Ventures Kazakhstan Ltd, a 100% owned subsidiary of East Star Resources PLC. Dr Woods is a member in good standing with the Geological Society of South Africa. He has sufficient experience that is relevant to the commodity, style of mineralization or type of deposit under consideration and activity which he is undertaking to qualify as a Competent Person under the JORC code (2012 Edition).

 

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[1] Lobanov et al., 2914, announced in the Prospectus dated 14 December 2021 

[2] Lobanov et al., 2914, announced in the Prospectus dated 14 December 2021 

[3] 1978_ Geological structure and metallogeny of the Priirtysh ore region of Rudny Altai_t-1_30646

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