8th Aug 2022 14:11
East Star Resources PLC - gold and copper exploration company focused on Kazakhstan - Wins new licence at Talairyk Heavy Rare Earths Elements project in Kazakstan, consisting of 59 blocks (Talairyk 1), which the company is farming in for up to 90%. Says Talairyk 1 is highly prospective for ionic adsorption clay hosted heavy rare earth elements.
Chief Executive Officer Alex Walker says: "Rare earth elements are classed by the UK as representing the highest global supply risk and the third highest UK economic vulnerability. We are therefore very pleased to extend our HREE footprint in the region by over tenfold and secure access to additional prospective ground for IAC hosted minerals - the same geology as the rare earths of South China on which the world currently substantially depends."
IACs are rarely found outside of South China with only a few in South East Asia in production today. IAC deposits are relatively rich in HREEs and are a primary source of China's and the world's HREE production.
Announced in May this year, Talairyk 1 will be included in the farm-in agreement with Phoenix Mining, with East Star expenditure on Talairyk 1 also contributing towards the agreed earn-in milestones.
Current stock price: 4.45 pence, down 3.2%
12-month change: down 6.3%
By Xindi Wei; [email protected]
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