Size of Koktasjal project underestimated — Ursa Major beats Soviets 2-1

The Koktasjal copper-gold project of Ursa Major International (URS-T) in Kazakstan is nearly twice as large as originally estimated by the former Soviet government, reports consulting firm Watts Griffis & McOuat (WGM).

According to the new evaluation, the deposit contains 121 million tonnes.

The figure includes an indicated resource of 71 million tonnes grading 0.52% copper plus recoverable gold values, as well as an inferred resource of 50 million tonnes grading 0.41% copper plus gold. The Koktasjal contains 1.25 billion pounds of copper.

Previously, the Soviets had estimated that the Koktasjal contains a resource of 65 million tonnes grading 0.6% copper and 0.71 gram gold per tonne.

WGM based its estimate on more than 60 Soviet diamond drill holes and 10 Ursa diamond drill holes, using a cutoff grade of 0.2% copper. Copper and gold assays were conducted in Kazakstan and validated by checks at a Canadian laboratory.

According to Ursa, not all of the Soviet holes were assayed for gold, and the resource estimate will be upgraded to reflect its gold content following the receipt of assay data from current exploration.

Data confirm that gold is associated with copper mineralization and that higher-grade copper samples have a higher associated gold grade.

The deposit remains open along strike and at depth. The company has planned a scoping study at Koktasjal which will include preliminary designs for an open-pit mine and processing plant. The study will also evaluate capital and operating costs.

Drilling and trenching programs are testing geochemical and geophysical targets that extend more than 1 km along strike to the southeast of the delineated resource.

The licence for the Koktasjal project covers 250 sq. km. Ursa has a 75% interest in the project, with an option to increase this to 94%.