REG - East Star Resources GETECH Group plc - Sediment-Hosted Copper Exploration JV

GetechAnnouncement

29/02/2024 07:00

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RNS Number : 8578E  East Star Resources PLC  29 February 2024

29 February 2024

 

East Star Resources Plc

("East Star" or the "Company")

Sediment-Hosted Copper Exploration JV

&

Appointment of Technical Director

 

East Star Resources Plc (LSE:EST), the Kazakhstan focused copper exploration
and resource development company, is pleased to announce it has entered into a
joint venture agreement with Getech Group Plc (AIM: GTC) ("Getech"), a
world-leading locator of subsurface resources, to explore for sediment-hosted
copper deposits in Kazakhstan. The JV will be conducted through a wholly owned
East Star subsidiary established specifically for this purpose (the "JV
Company").

 

JV with Getech

 

Pursuant to the Agreement, Getech will deploy its unique data set, geoscience
expertise, AI-driven analytics, and extensive GIS capabilities, to carry out
initial targeting in return for an option to obtain 5% of the JV company upon
the granting of an exploration licence within the outlined area of interest.
East Star will provide on-the-ground logistics and project management
including licence procurement, as well as geological expertise led by East
Star director, Chris van Wijk.

Next Steps

Getech and East Star are conducting a targeting exercise over basins
prospective for sediment-hosted copper in Kazakhstan using their combined
geological data, advanced algorithms, and expertise. The JV aims to complete
this exercise in time for the start of the field season in Kazakhstan around
April 2024 at which time field evaluations of the most prospective areas
identified will commence. Pending the results of field visits, East Star aims
to acquire additional licences prospective for sediment-hosted copper in the
forthcoming season.

 

Appointment of Technical Director

 

East Star is delighted that Chris van Wijk, who joined East Star's board as a
non-executive director last month, has agreed to become Technical Director. Mr
van Wijk's extensive geological expertise, including a role as the Principal
Geologist, Business Development and Exploration of Fortescue Metals Group with
a focus on copper and gold porphyries in South America. Prior to this, van
Wijk was the Principal Geologist in charge of sediment-hosted copper
exploration for First Quantum Minerals where he developed the targeting
strategy for this style of deposit and led a highly skilled team responsible
for evaluating sediment-hosted copper projects in Zambia, Namibia, Botswana
and Australia.

Alex Walker, East Star CEO, commented:

"Sediment-hosted copper deposits account for around 20% of global copper
production. These types of discoveries have the potential to become Tier-1
deposits which are sought after by global mining majors. At no upfront cost to
East Star, this play-type adds a potential third strand to East Star's copper
strategy, which includes more advanced VMS exploration and a BHP-backed
porphyry exploration programme. We look forward to working with Getech to
apply their unparallelled database and modern geoscientific expertise to
underexplored basins in Kazakhstan.

Further, Chis van Wijk taking on an executive role brings outstanding
geological pedigree, particularly with regard to sediment-hosted copper and
porphyry exploration which, when paired with East Star's proven ability to
efficiently and effectively execute exploration in Kazakhstan, will take the
Company to the next level."

Richard Bennett, Getech CEO, commented:

"This collaboration presents us with significant upside potential and minimal
risks. In the event of a successful exploration campaign, we obtain a 5% stake
in one or more mining assets. The option has transformative value creation
potential, which we can monetise at various stages. This is therefore an
exciting opportunity for Getech, and we are progressing other similar
transactions where we are looking to leverage our data and expertise to secure
asset participation in promising locations."

 

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 copper
resources in Kazakhstan. With eight licences covering 1,190.3 km² in three
mineral rich districts of Kazakhstan, East Star is undertaking exploration
programmes, 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.

 

Visit our website:

www.eaststarplc.com (http://www.eaststarplc.com)

 

Follow us on social media:

LinkedIn: https://www.linkedin.com/company/east-star-resources/
(https://www.linkedin.com/company/east-star-resources/)

 

X (formerly Twitter): https://twitter.com/EastStar_PLC
(https://twitter.com/EastStar_PLC)

 

Subscribe to our email alert service to be notified whenever East Star
releases news:

 

www.eaststarplc.com/newsalerts (http://www.eaststarplc.com/newsalerts)

 

About Getech

Getech is a leading locator of the energy and mineral resources essential
for the world's energy transition. Getech's unique data encompassing the most
recent 400 million years of Earth's evolution, coupled with its geoscience
expertise, AI-driven analytics and extensive GIS capabilities, enables Getech
to provide valuable and actionable insights to support resource discovery and
development.

Getech's client portfolio is wide-ranging, from governments, municipalities,
natural resources and energy companies to consumer goods and computing
services companies, all striving to become energy and minerals self-sufficient
and drive towards net zero.

Founded in 1994 Getech is listed on the Alternative Investment Market of the
London Stock Exchange ("AIM"), with ticker symbol GTC.

 

The person who arranged for the release of this announcement was Alex Walker,
CEO of the Company.

 

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.

 

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