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 doubles Turkey license area
Antimony focused explorer Tri-Star Resources (TSTR) has doubled its prospecting area in Turkey, in land adjacent to its existing mine site.
Tri-Star says the extended area covers rock of the same geological sequence, which should provide favourable prospectivity. The licence commits Tri-Star to undertake further exploration work, with a view to applying for an exploration license by November 2013.
Last month Tri-Star also announced it had signed up Turkey based engineer Spektrajeotek AS to undertake its drilling programme, this follows a period of extensive mapping to ascertain the most prospective areas. Of more significance, Tri-Star has expanded into Canada with a recent agreement to explore a project in New Brunswick, Canada.
As part of the agreement Tri-Star has agreed to invest CAN$5 million to earn a 15 per cent interest in the project, in return for expenditure on a drilling and exploration programme. The AIM company has also secured a further exploration block in New Brunswick, which has a large antimony anomaly.
Investors are also awaiting more information on a planned processing plant in Turkey, this would be used to process antimony and metal as well as antimony trioxide. Tri-Star would have scope to utilise the facility with its own antimony stock piles but may also consider treating resources from overseas mining companies.
Though the antimony price has cooled off to the current level of $14,500 a tonne due to customer destocking, there still remains a supply/demand inbalance in the market. News on its drilling efforts will be revealed in September, however fears of a dilutive fundraising are wide of the mark according to a company spokesman.
The ambition remains to be a 'world class mining company', and by extending its reach both in Turkey and Canada it is exposing itself to plenty of raw material. If the processing plant delivers to Tri-Star's expectations it could prove highly lucrative. At 0.825p the shares are below the last placing at 1p and offer speculative appeal.
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