Verkhuba JV & Operations Update

Summary by AI BETAClose X

East Star Resources Plc has achieved significant milestones at its Verkhuba Copper Deposit through its joint venture with Hong Kong Xinhai Mining Services Ltd. Seven diamond drill holes totaling over 1,350 metres have been completed, and a second drill rig has been mobilized to accelerate the program, which is fully funded by the JV and designed to support resource conversion, geological modelling, mine planning, and feasibility studies. Xinhai has fulfilled its Stage 1 investment obligations of A$1.5 million, securing an initial 15% stake in the JV company, Verkhuba Limited, which now holds the Verkhuba licence. East Star remains fully carried through to production, retaining a 30% interest in the producing mine, with the process of issuing 15% of the Company to a Xinhai subsidiary now underway.

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