TIDMEST
RNS Number : 9887V
East Star Resources PLC
15 August 2022
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.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES,
AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF SUCH JURISDICTION.
15 August 2022
East Star Resources Plc
("East Star" or the "Company")
Three New Licences Awarded in VMS Belt of Rudny Altai,
Kazakhstan
East Star Resources Plc (LSE:EST), the Kazakhstan-focused gold,
rare earths and copper explorer, is pleased to announce the award
of three new licences comprising 55 blocks (1794-EL, 1795-EL,
1799-EL) (the "New Licences") on the Rudny Altai volcanogenic
massive sulfide ("VMS") belt in Kazakhstan.
Highlights:
-- New Licences incorporate two historic operating (extremely
high grade), copper-lead-zinc mines (Pokrovskoye and Talovskaya),
one known deposit ( Verkhubinskoye), and many historical mineral
occurrences
-- New Licences, comprising 111.7 sq km, are contiguous with the
Company's existing Rudny Altai belt licences, Novo 1 and Novo 2
-- Geological exploration of the new licences has already
started with some rock chip samples collected and sent for assay
along with samples from Novo 1 and Novo 2
-- New Licences already covered by helicopter electromagnetic
("HEM") survey conducted in July 2022, with analysis and targeting
underway
Alex Walker, East Star CEO, commented:
"The best place to find a new mine is around an existing one, so
expanding our footprint to include more licences with historical
mines is extremely exciting. The Pokrovskoye mine for example -
reportedly 'mined out' in 1979 - contained average grades of 11.5%
copper, 3.3% lead and 12% zinc. We don't believe these areas have
been fully explored, especially considering changes in economic
cut-off over the last 40 years and new geophysical methods such as
downhole electromagnetics to explore for additional conductors
which do not outcrop at surface. We are still collecting data on
these areas, both in the field and via historical reports which,
along with the processing of our HEM data, will dictate our
exploration programme going forward.
We are grateful to the Akimat of Shemonaikha for their support
of our applications and intended work plan, having received their
required letters of support in just a matter of weeks after meeting
with them."
Figure 1 East Star Licence map with key mines, deposits and
occurrences
Selected Historical Mines and Deposits
The following summaries are extracted and translated from a 1996
report by 'Altai Geolog', a geology body of the Government of
Kazakhstan, titled 'Geological Structure and Mineral Resources of
the Eastern part of the Priirtysh Ore District' and from geological
field work conducted by East Star in June 2022.
Talovskaya - A massive sulphide ore deposit found in 1782 and
mined up to 1896, consisting of many ore lenses up to 30 m by 60 m
with grades up to 11.9% Cu, 16% Zn and 2% Pb. The most recent
exploration was conducted between 1989 and 1992, which found
disseminated sphalerite.
The main rock type in the ore field is tuffaceous siltstone.
Large volumes of malachite veinlets along a granite porphyry were
reported from the first field visit (Figure 1) as well as magnesium
skarns nearby. In the area are lots of smaller waste dumps and
outcrops with malachite.
Figure 2 Bleached tuffaceous siltstones with malachite veinlets
at Talovskaya
Pokrovskoye - Found in 1822 and mined up to 1979. The massive
sulphide ore body was reported as 150 m long by 200 m wide and up
to 22 m thick with average ore grades of 11.5% Cu, 3.3% Pb and 12%
Zn.
This ore lens was located in a flexure along the contact of
andesitic lava with a rhyolitic body. The volcanic formation was
hornfelsed by granite prior to the ore stage. During this, there
was tectonic brecciation with chlorite and sericite alteration.
Figure 3 Open pit of historic Pokrovskoye mine
Figure 4 Waste dump of Pokrovskoye deposit
Verkhubinskoye - Found in 1949 (vein type) and 1988 (skarn
type). The total length is up to 1,500 m with irregular grades over
two zones; the northern zone 2.5-17.5% Cu, 1.25-14.34% Pb and the
southern zone 0.2-1.8% Cu and 3.36% Pb. A summary report after
drilling stated (non-compliant) resources with contained metal of
136,500 t of Cu, 24,810 t of Pb and 173,500 t of Zn, however, the
deposit was not taken into production.
From the field visit, a small shaft and several pits were found.
The shaft crossed brecciated tuffaceous sandstones and siltstones
with malachite veinlets (Figure 4). The pits contain iron oxides
and quartz veins, and rare malachite and limonite veinlets. Two
trenches at the lower half of slope contain malachite-quartz
veinlets and lenses in brecciated siltstones.
Figure 5 Small exploration shaft at the southern slope of a
hill
Rodnikovoye - F ound in 1986, the occurrence reported massive
sulphide ores 1-4 m thick and up to 200 m long with grades of 2-15%
Cu, up to 9% Pb and up to 20.7% Zn. The reports do not state that
mining ever occurred.
Rudny Altai Region
The Rudny Altai region is one of the largest VMS provinces in
the world, part of the Central Asian Orogenic Belt. Licences
1794-EL, 1795-EL and 1799-EL are located in the Rudny Altai region
of Eastern Kazakhstan, adjacent to the existing licences 847-EL and
914-EL (together, the "Licences"). Administratively, the Licences
are within the Shemonaikha district and are extraordinarily well
connected to infrastructure. The regional centre of
Oskamen/Ust-Kamenogorsk is located 45 km, and its international
airport is located 35 km, southeast of the Licences. The railway
connecting Ridder and Tomsk cities crosses the Licences from the
south to the northwest with two railway stations located on the
territory of the Licences. There is a network of dirt roads within
the Licences that are suitable for driving all year round. A
hard-surfaced road from Ust-Kamenogorsk to Shemonaikha crosses the
western part of the Licences.
The area is characterised by moderately hilly terrain with
elevations ranging between 270 m and 630 m above the mean sea
level.
Next Steps
A number of additional reports have been located and ordered
from the state geological data provider which will provide more
detail to the above-mentioned historical reports. Once received,
key data will be digitised and analysed to continue to grow the
Company's geological model and understanding of the region and
specifically the areas of known mineralisation.
The final deliverables from the HEM survey have now been
received and are currently undergoing processing by East Star's
external consultants after which a thorough geological review will
take place to assist the modelling and then ranking of priority
targets.
For further information visit the Company's website at
www.eaststarplc.com , or contact:
East Star Resources Plc
Alex Walker, Chief Executive Officer
Tel: +44 (0)20 7390 0234 (via Vigo Consulting)
Peterhouse Capital Limited (Corporate Broker and Placing
Agent)
Duncan Vasey / Lucy Williams
Tel: +44 (0) 20 7469 0930
Vigo Consulting (Investor Relations)
Ben Simons / Tara Benniman
Tel: +44 (0)20 7390 0234
About East Star Resources Plc
East Star Resources is focused on the discovery and development
of gold, rare earth, and copper deposits in Kazakhstan. With an
initial seven licences covering 1,694 sq km in three mineral rich
districts, East Star is undertaking an intensive exploration
programme, applying modern geophysics to discover minerals in
levels that were not previously explored. The Company also intends
to further expand its licence portfolio in Kazakhstan. East Star's
management are based permanently on the ground, supported by local
expertise, and joint ventures with the state mining company.
Follow us on social media:
LinkedIn:
https://www.linkedin.com/company/east-star-resources/
Twitter: https://twitter.com/EastStar_PLC
The person who arranged for the release of this announcement was
Alex Walker, CEO of the Company.
Competent Persons Statement
Information and data presented within this announcement has been
compiled by Mr Azamat Bizhanov, a Member of the Australian
Institute of Geoscientists ("MAIG"). Mr Bizhanov is the Exploration
Manager for East Star Resources Plc and has sufficient experience,
which is relevant to the style of mineralisation, deposit type and
to the activity which he is undertaking to qualify as a Competent
Person defined by the 2012 Edition of the Australasian Code for
Reporting Exploration Results, Mineral Resources and Ore Reserves
(the "JORC" Code). This includes 10 years of Mining, Resource
Estimation and Exploration relevant to the style of
mineralisation.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCPAMATMTJBMLT
(END) Dow Jones Newswires
August 15, 2022 02:00 ET (06:00 GMT)
East Star Resources (LSE:EST)
Historical Stock Chart
From Mar 2024 to Apr 2024
East Star Resources (LSE:EST)
Historical Stock Chart
From Apr 2023 to Apr 2024
