Last month, Resource Star (ASX:RSL) released two very significant pieces of news to the market. Firstly, the proposed acquisition of a strategic stake (c18%) in TSX listed CUE RESOURCES , then less than a week later, the appointment of an new highly experienced MD & CEO. Given the transformational nature of these two developments, we thought that now would be a good time to re-visit the Resource Star story and the Company's Management Team agreed to participate in this investor focussed Q&A session with MiningMaven:
BACKGROUND
MM: Could you provide our readers with a brief introduction to Resource Star, your countries of operation and, in overview, your principal business activities?
RSL: Resource Star was re-listed on the ASX in March 2010 with a portfolio of uranium and uranium-related specialty metals (principally rare earths and niobium) assets in Malawi and Australia. Many of Resource Star’s initial projects came from its now 24.5% share-holder AIM-listed Red Rock Resources who supported Resource Star’s float to create a company that would have a focused portfolio of uranium-based exploration projects. Since then, through targeted business development activities and encouraging initial exploration success, the portfolio has advanced further along the project development pipeline.
Resource Star’s mission is to create sustainable wealth for shareholders by identifying and exploring uranium and uranium-related specialty metals projects to efficiently delineate economic resources for development.
MALAWI KEY PROJECTS
MM: Looking first at Malawi, could you outline the interesting features of your Livingstonia project, and the progress being made to determine an increased resource?
RSL: Firstly, some background on Livingstonia. Resource Star entered into a Joint Venture with Globe Metals and Mining Ltd shortly after re-listing for the right to earn up to an 80% stake in the Livingstonia Uranium project, on which Globe had already completed over 11,000 metres of drilling.
Resource Star recognised the potential to define a Mineral Resource based on that drilling, and an initial JORC-compliant Inferred Resource was completed by independent consultants CSA Global Pty Ltd (“CSA”), identifying 7.7Mt @ 270ppm U3O8, (4.6mlbs), using a 150ppm cut-off.
Following the initial estimate and interpretations based on trends of thickened, higher grade mineralisation, Resource Star undertook a 1,500m drilling programme at the end of 2010. The programme returned significant intersections both inside and outside the existing Resource boundary.
These included:
33.95m @ 338ppm eU3O8, including 12.10m @ 575ppm eU3O8
11.80m @…
