Award of Drilling Contract
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4 February 2022
East Star Resources Plc
("East Star" or the "Company")
Award of Drilling Contract
East Star Resources Plc (LSE:EST), the Kazakhstan-focused gold and copper explorer, is pleased to announce the award of a diamond drilling contract to IG Copper and Gold Kazakhstan (''IGKZ'') for 5,000 metres of drilling this year focused initially on the Apmintas and Dalny Licences in the Chu-Ili orogenic gold belt of central Kazakhstan.
IGKZ is a wholly owned subsidiary of IG Global Group (IGG), which holds direct and indirect interests in companies that specialise in various disciplines across the spectrum of the mining industry including mineral exploration, drilling, and mine development, with projects and clients in the United States, the Russian Far East, and Kazakhstan.
Alex Walker, East Star CEO, commented:
"We are delighted to be working with IGG on this 2022 drill programme. They have extensive experience working in Kazakhstan and other CIS countries not only as an operator but as an extremely successful explorer. The quality of the geological team that will support the drilling operators cannot be underestimated and the extra checks and balances this provides will ensure East Star conducts the most efficient and thorough exploration programme possible.
"Diamond drilling is expected to provide an enhanced picture of the various orebodies, including the extent of disseminated ore, and their orientation and to allow the Company to test targets at depth, potentially adding scale and longevity to future operations. Furthermore, by using diamond core, work can be undertaken on the minerology and metallurgy including conducting 'gravity recovered gold' testing to begin establishing a processing route for eventual production.''
IG Global Group Background
IGG was founded in 2010 by Thomas E. Bowens, a Certified Professional Geologist, with degrees in Economics, Geological Engineering (Magna Cum Laude) and a master's degree in Geology (Colorado School of Mines). Since inception IGG has made two greenfield discoveries: the Svetloye High Sulfidation Epithermal Gold Deposit containing 1.3 million ounces of gold, which was sold to Polymetal Corp. in 2009 and the world class Malmyzh Copper-Gold Porphyry Deposit containing in excess of 7.2 million tonnes of copper equivalent metal. The deposit was sold to Russia Copper Company in 2018 for $200 million. In Russia's Far East, IGG is developing the Durmin gold and silver deposit, while also exploring the property for another potential major copper-moly-gold deposit.
The drilling will be managed by Volodymyr Buchynskyy, IGG's Chief Geologist for Eurasia with oversight from Steven McRobbie, IGG's VP of Exploration. Mr Buchynskyy is a Professional Geoscientist with 25 years of mineral exploration experience working in Canada, Russia and Kazakhstan for major companies including BHP Billiton, where he headed the Kazakh branch managing porphyry copper exploration projects; Kazakhmys Exploration, where he led a group of over 400 employees and was responsible for overall management of exploration and drilling for brownfield exploration programmes in Kazakhstan; and Freeport McMoran where he was Regional Exploration Manager for Eurasia. Mr McRobbie has 30 years' experience as a professional exploration and project director on gold, base metals, diamond, and uranium projects. Mr McRobbie was a key leader in the evaluation team for Kazakhmys Projects which took the Bozshakol and Aktogay Copper Porphyry Deposits in Kazakhstan through feasibility studies and into development. He was also involved in the due diligence and subsequent evaluation of Koksay Copper Porphyry in Kazakhstan as Exploration Manager for KAZ Minerals Project Group.
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 / Oliver Clark
Tel: +44 (0)20 7390 0234
About East Star Resources Plc
East Star Resources is focused on the discovery and development of gold, copper, and base metal deposits in Kazakhstan. With an initial four licences covering 1,432 km2 in two mineral rich belts, East Star is undertaking an intensive exploration programme, applying modern geophysics to discover gold, copper, and base metals in levels that were not explored in the Soviet era. The Company also intends to expand its licence portfolio in Kazakhstan. East Star's management are based permanently on the ground, supported by local expertise, and a joint venture with the state mining company.
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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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