TIDMEST

RNS Number : 6156Z

East Star Resources PLC

26 January 2022

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26 January 2022

East Star Resources Plc

("East Star" or the "Company")

First Drill Results from Apmintas Licence, Kazakhstan

Discovery Hole

East Star Resources Plc (LSE:EST), the Kazakhstan-focused gold and copper explorer, announces the first batch of assay results from reconnaissance Reverse Circulation (RC) drilling undertaken in September 2021 on the Apmintas Licence in the Chu-Ili Gold Belt in central Kazakhstan. The results include a "discovery hole" at the first drill target at "Novoe" returning 63 meters at 4.51 g/t Au from surface.

Highlights:

-- AP_008 discovery hole with 63m @ 4.51 g/t Au from surface including 19m @ 14.36 g/t Au from 44m - hole ended in mineralisation, remaining open at depth

-- Vein system with stockwork style mineralisation with four higher grade veins, including a bonanza grade zone of 2m @ 131.4 g/t Au

   --    Mineralisation starting from surface and plunging below depths previously mined by artisanals 

-- 12 holes drilled at "Novoe" target - one of seven targets tested in the 51-hole drilling programme in September 2021

Alex Walker, East Star CEO, commented:

"We are delighted to report outstanding high-grade intersections from the first set of assay results received from our 51-hole September 2021 drilling programme. The discovery hole shows high grade gold hosted within near vertical stockwork mineralised zones close to surface. Four higher grade veins include a bonanza grade zone of 2m at 131.4 g/t.

AP_008 hole was collared close to artisanal workings where historic lump samples assayed up to 401.7 g/t. Data from an ultra-high resolution drone-based survey flown in September 2021 is currently being processed to determine strike extent and direction and will be used in planning follow-up diamond drilling exploration expected to commence in Q2 2022."

Background

The "Novoe" target on the Apmintas Licence is one of seven drill targets tested by RC drilling in September 2021. The entire drill programme comprised 51 holes for a total of 3,127 metres. Analytical results have been received for the first 12 holes drilled at the "Novoe" target only.

Hole AP_008 in the "Novoe" target intersected a vein system with stockwork style mineralisation with four higher grade veins, including a bonanza grade zone of 2m @ 131.4 g/t Au. The intercepts in hole AP_008 include:

   --    1m @ 4.66 g/t from 5m 
   --    1m @ 1.20 g/t from 12m 
   --    1m @ 3.04 g/t from 29m 
   --    19m @ 14.36 g/t Au from 44m 

o including 2m at 131.41 g/t from 44m

Hole AP_008 ended in mineralisation, which remains open at depth.

Correlating the high-grade intercept of hole AP_008 with high-grade mineralisation from the historical artisanal pits at surface, the mineralised vein stockwork is likely south-easterly sub-vertical dipping. Hole AP_008 is the closest hole to the outcrop of the mineralised system marked by the chain of artisanal pits. Other holes drilled on the "Novoe" target were positioned further from historic workings and are assumed to have under-drilled the target (example: AP_007 in Figure 1 as shown in a version of this announcement with supplementary information and images which can be found at http://www.rns-pdf.londonstockexchange.com/rns/6156Z_1-2022-1-25.pdf.

Low grade mineralisation encountered in the other 11 holes are interpreted as splay-offs from the main mineralised zone, with higher grades within the main stockwork potentially existing further to the southeast.

Whereas historical reports showed gold is largely hosted in quartz veins with minor sulphides, East Star's drill results clearly show a dissemination of the mineralisation into the host rock, creating a larger gold bearing halo and increasing the width of the mineralised zone significantly.

A drone-based ultra-high resolution magnetic survey was flown over the entire licence area by Geoscan Group during September and October 2021. The data is currently being interpreted by international specialists which will further improve the understanding of the geometry and strike extent of the mineralised system at "Novoe" and similar structural settings on the Apmintas Licence area as well as the Company's second licence in the Chu-Ili Gold Belt at Dalny.

Based on these encouraging results of the virgin reconnaissance drilling campaign, East Star plans for a follow-up diamond drilling campaign to include testing of the orientation and extent of the mineralised systems at the "Novoe" target where historical surface sampling (Figure 2 in supplementary version) demonstrates high grades along strike to the southwest and untested terrain to the northeast.

Results from the remainder of the 2021 drill programme across the Apmintas Licence are pending and are expected to be received, interpreted and released during Q1 2022.

For further information visit the Company's website at www.eaststarplc.com , or contact:

East Star Resources Plc

Alex Walker, Chief Executive Officer

Tel: +44 (0)20 7390 0234 (via Vigo Consulting)

Peterhouse Capital Limited (Corporate Broker and Placing Agent)

Duncan Vasey / Lucy Williams

Tel: +44 (0) 20 7469 0930

Vigo Consulting (Investor Relations)

Ben Simons / Oliver Clark

Tel: +44 (0)20 7390 0234

About East Star Resources Plc

East Star Resources is focused on the discovery and development of gold, copper, and base metal deposits in Kazakhstan. With an initial four licences covering 1,432 km(2) in two mineral rich belts, East Star is undertaking an intensive exploration programme, applying modern geophysics to discover gold, copper, and base metals in levels that were not explored in the Soviet era. The Company also intends to expand its licence portfolio in Kazakhstan. East Star's management are based permanently on the ground, supported by local expertise, and a joint venture with the state mining company.

Follow us on social media:

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

Twitter: https://twitter.com/EastStar_PLC

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

Competent Persons Statement

Information and data presented within this announcement has been compiled by Mr Azamat Bizhanov, a Member of the Australian Institute of Geoscientists ("MAIG"). Mr Bizhanov is the Exploration Manager for East Star Resources Plc and has sufficient experience, which is relevant to the style of mineralisation, deposit type and to the activity which he is undertaking to qualify as a Competent Person defined by the 2012 Edition of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves (the "JORC" Code). This includes 10 years of Mining, Resource Estimation and Exploration relevant to the style of mineralisation.

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END

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January 26, 2022 02:00 ET (07:00 GMT)

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