Newly listed Ursa Major International (URSA-C) will explore for copper-gold deposits in Kazakhstan.
Indirectly, the company holds a 56.6% interest in four licences covering 4,208 sq. km.
The Koktasjal licence includes the Koktasjal copper-gold deposit and will be the focus of initial exploration. Inferred resources of 57 million tonnes grading 0.62% copper, 0.71 gram gold and 2.76 grams silver per tonne have been found in a sulphide zone above 305 metres. The deposit is open at depth.
Initial exploration is aimed at confirming the grade and continuity of the Koktasjal deposit by surface exploration and 2,450 metres of diamond drilling. Regional programs will test surface showings and geochemical anomalies.
The Kenespai, Tekturmas and Ainabulak licences contain small deposits and occurrences with potential for gold, base metals and diamonds.
To fund the programs, Ursa Major has raised $715,000 through an initial offering.
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