Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
Tri-Star extends target area
Antimony focused miner Tri-Star Resources (TSTR) has unveiled a much wider reaching occurence of the rare earth than originally envisaged.
Tri-Star has been actively assessing rock samples across its mining site in the Goynuk region of Turkey, however this has hitherto largely focused on a carefully mapped area. Further investigation towards the bottom of the hill 1.2 km south, but within its license area, has revealed highly anomalous antimony and gold.
The significance of the announcement has been lost on some due to the wording that the assays 'were not economically viable', this is due to the rock sampled being at surface - so further drilling is required to further confirm the resource. A spokesperson describes the news as both 'very positive' and 'highly significant' as it adds sway to the belief that Tri-Star has a potential world class deposit, that could stretch further than first thought.
Tri-Star is undertaking an ongoing drilling programme, and recently raised £2.9 million by way of a placing at 1p a share to help fund this. The shares have recovered lost ground yesterday and currently trade at 0.93p. Samples are being sent to Canada to confirm antimony grades with news of the drilling expected by the end of the summer.
The antimony price has held up well at the current level of $16,250, some way ahead of the $4,500 it was trading at a year ago when Tri-Star was set up to exploit the resource. Significantly, the cost of extraction has changed little over the same time period so making the potential mining economics highly profitable. Though the shares are speculative, they could provide good upside from here.
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