Estrella Resources Advances Exploration with Positive IP Results at Ira Miri
ESR (ESR) Share Update December 2024 Sunday 15th
Estrella Resources Reports Positive IP Data from Ira Miri Manganese Zone
Estrella Resources Limited (ASX: ESR) has released positive results from its Induced Polarisation (IP) survey at the Ira Miri manganese zone in Timor-Leste, marking a significant step forward in its exploration efforts.
Instant Summary:
- Induced Polarisation (IP) survey identifies low resistivity anomaly at Ira Miri.
- IP system to remain in the field until February 2025 for further exploration.
- Preparation for reverse circulation drilling underway, targeting manganese.
- Permitting and land access in progress for multiple prospects.
Exploration Update
Estrella Resources has announced promising results from its initial IP survey conducted over the Ira Miri manganese zone in Timor-Leste. The survey identified a low resistivity anomaly, which aligns with the company's geological model and suggests a potential target for supergene manganese. This discovery is significant as it provides a clearer direction for future exploration activities.
The IP system, operated by Estrella's geophysics personnel, will continue to be used in the field until early February 2025. The focus will remain on the Ira Miri trend, with the aim of defining further drill targets and enhancing the geological understanding of the area.
Drilling Plans
In preparation for reverse circulation (RC) drilling, essential equipment is being imported into Timor-Leste. Estrella is collaborating with Dili-based H2O Drilling to facilitate this process. The company is also working on obtaining the necessary permits and land access for drilling at the Samalari, Sica, and Ira Miri prospects.
Estrella's CEO, Chris Daws, expressed confidence in the company's progress, highlighting the potential for significant mineralisation and the economic benefits this could bring to Timor-Leste.
Geological Context
The IP survey at Ira Miri targeted supergene manganese mineralisation within the Noni Formation, which lies beneath the Baucau Formation. The low resistivity response observed corresponds with the projected location of the supergene, indicating a conductive layer that could host valuable manganese deposits.
Visual estimates of mineral abundance at the site showed over 80% manganese-iron-oxide minerals, although the company cautions that these estimates are not a substitute for laboratory analysis.
The positive IP results are likely to bolster investor confidence in Estrella Resources, as they suggest a promising path forward for exploration and potential resource development. The successful identification of a low resistivity anomaly could lead to significant discoveries, enhancing the company's asset value and market position.
Investor Reaction:
Analysts are likely to view the announcement favorably, given the potential for new discoveries and the strategic importance of the Timor-Leste assets. The progress in permitting and equipment importation further supports a positive outlook.
Conclusion:
Investors should keep an eye on Estrella's upcoming drilling activities and the results of further exploration efforts. The company's commitment to advancing its Timor-Leste projects positions it well for future growth and development in the region.