Kazakhstan's Rulikha Copper Mine Commences 1,500-Meter Verification Drilling

en.Wedoany.com Reported - On October 16, Alex Walker, CEO of UK mining company East Star Resources, disclosed that the company's Rulikha copper project in eastern Kazakhstan commenced drilling on October 5. The first phase plans to drill 5 holes with a total footage of approximately 1,500 meters, focusing on verifying historical exploration data. The project is being advanced with funding from a local partner. East Star Resources previously signed a binding cooperation terms agreement with Nova Ltd, and the two parties are progressing toward a final joint venture agreement.

The first round of drilling at Rulikha covers two target areas. The company holds detailed records of approximately 170 historical drill holes. The first batch of new drill holes will verify historical mineralized intervals, providing data for subsequent resource evaluation. The project is located in the East Kazakhstan Region and is a volcanogenic massive sulfide polymetallic deposit, with an exploration target of up to 23 million tonnes at a copper-equivalent grade of 2.4%.

Nova Ltd is proposed to undertake project financing, while Orion Development Ltd will serve as the operator and technical development party, responsible for resource evaluation, feasibility studies, permit applications, mine construction, and production preparation. Under the proposed cooperation terms, East Star Resources can retain a 25% interest under a scheme not involving debt repayment; under an alternative financing arrangement, the company first receives an agreed revenue-sharing share, and its interest increases to 35% after the relevant debt is repaid.

The project partners have conducted preliminary technical due diligence, site visits, and permitting pathway assessments. East Star Resources confirmed on September 1 that it had obtained drilling approval for the main exploration area 1799-EL and began engaging drilling contractors. The company plans to arrange follow-up drilling to evaluate the deposit's resources after the first round of historical mineralization verification.