Getech wins new contract with East Star

23rd Apr 2024 11:36

(Sharecast News) - Subsurface resources location company Getech has won a new contract with Kazakhstan-focussed copper exploration business East Star Resources.

Getech said on Tuesday that the contract will see it locate porphyry copper deposits in Kazakhstan and was backed by the BHP Xplor 2024 accelerator programme - marking the first time its Globe geoscience platform will be used to locate porphyry copper.

The AIM-listed group noted that the contract win builds on its joint venture agreement with East Star Resources, announced last month, to explore sedimentary copper deposits in Kazakhstan. For this contract aimed at locating porphyry copper, the company will receive a fee for exploration services.

Chief executive Richard Bennett said: "It is particularly pleasing to be selected for repeat projects with both the BHP Xplor accelerator programme, and East Star. Importantly, I believe awareness, of our ability to make mineral exploration less risky and more cost-effective, is growing amongst explorers like East Star who are looking for assets to support the energy transition. This is a key part of our strategy and while this is our first contract to locate porphyry copper, given its value as a resource, we are hopefully [sic] that it will be the first of many."

As of 1135 BST, Getech shares were up 6.67% at 8.80p.

Reporting by Iain Gilbert at Sharecast.com