DIAMOND PAGE — Ursa Major ups stake in Koktasjal

Diamond drill results have induced Ursa Major International (NRI-T) to increase its stake in the Koktasjal deposit in central Kazakhstan.

Ursa Major has acquired an option to increase its interest in the Koktasjal licence to 94% from 56.6%. The option involves a US$500,000 cash payment and shares to joint-venture partners over the next 18 months. The company’s interest in three other mineral licences in the area will remain at 56.6%.

The copper-gold deposit contains a preliminary resource of 57 million tonnes grading 0.62% copper, 0.71 gram gold and 2.76 grams silver per tonne.

Meanwhile, drilling is attempting to confirm mineral reserves, as well as test for extensions of the deposit.