11 March 2024
East Star Resources Plc
("East Star" or the "Company")
Verkhuba Copper Deposit Update
Increased confidence in historical data and development potential - Mineral Resource Estimate commissioned
East Star Resources Plc (LSE:EST), the Kazakhstan focused copper exploration and resource development company, is pleased to provide an update regarding resource modelling of the Verkhuba copper deposit on the Rudny Altai Volcanic Massive Sulphide ("VMS") belt, Kazakhstan, following extensive fieldwork (including drilling) in 2023.
Updated Resource Modelling
East Star has updated its resource model for the Verkhuba copper deposit using more accurate data derived from 12 months of detailed fieldwork, which included geological mapping, a Light Detection and Ranging ("LIDAR") topographical survey, and drilling. 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. As such, and in discussion with the Company's independent experts, AMC Consultants ("AMC"), East Star has instructed AMC to undertake the work required to produce a maiden JORC Inferred resource. This work is expected to take around one month and will be ready prior to the commencement of the 2024 field season.
Alex Walker, East Star CEO, commented:
"Detailed work by our technical team, in conjunction with AMC, over the last 12 months has culminated in East Star being on the brink of delivering its maiden JORC Inferred resource for Verkhuba. 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.
In addition to progressing with Verkhuba, East Star intends to drill several other VMS targets in the Rudny Altai licences, which have been progressively refined from the initial 48 targets defined by the Heliborne-Electro Magnetic Survey conducted in 2022. Coupled with our new copper porphyry exploration strategy and the recently announced sediment-hosted exploration strategy with Getech, East Star is well poised to deliver discoveries and shareholder returns at a time when the global economy is beginning to run critically short of copper supply."
East Star Resources Plc
Alex Walker, Chief Executive Officer
Tel: +44 (0)20 7390 0234 (via Vigo Consulting)
SI Capital (Corporate Broker)
Nick Emerson
Tel: +44 (0)1483 413 500
Peterhouse Capital Limited (Corporate Broker)
Peter Greensmith
Tel: +44 (0) 20 7469 0930
Vigo Consulting (Investor Relations)
Ben Simons / Peter Jacob
Tel: +44 (0)20 7390 0234
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 1,190.3 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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The person who arranged for the release of this announcement was Alex Walker, CEO of the Company.
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