IG Asia Recon Drilling Intercepts 50 Meters of 1.16% Copper Equivalent at Yuzhnaya Ploschad Prospect, Pribrezhniy Project Kazakhstan

CHARLESTOWN, Saint Kitts and Nevis, Jan. 21, 2025 (GLOBE NEWSWIRE) -- IG ASIA LLC (“IG Asia” or the “Company”), a private Nevis based company, is pleased to announce encouraging exploration results from an initial reconnaissance drilling program within two out of three prospective areas identified thus far within the greater Pribrezhniy project license area, a cluster porphyry copper system, and outside of the known “Pribrezhniy Copper Deposit”, in the Republic of Kazakhstan. These include the Prikounradskiy II prospect area, located 15-20km NW from Pribrezhniy’s large Cu/Mo porphyry system, and Yuzhnaya Ploschad Prospect located approximately 10km WNW of Prikounradskiy II and 5-10km east of the Kounrad Cu/Au/Mo Mine (mined out) that contained a pre-mining reserve of 800Mt @ 0.62% Cu (Fig.1). The initial recon drilling results at two of three identified targets within the Pribrezhniy Project License are highly encouraging and attest to the fertility of the 40km long Kounrad-Pribrezhniy NW-SE trend (“KP Trend”) and the opportunity to discover new concealed Cu/Mo/Au porphyry systems within our 75% owned Pribrezhniy Project License. 

Figure 1: Prospective areas locations within Kounrad-Pribrezhniy trend. The Pribrezhniy Project License area is shown in red.

PROJECT HIGHLIGHTS

• In October 2024 IG Asia acquired a 75% majority interest in the Balkhash-Saryshagan Partnership (“The Pribrezhniy Project” or “Project”) from Rio Tinto International Holdings Limited. The Project is located in the most prolific porphyry mineral belt in the Republic of Kazakhstan containing several large copper, gold and molybdenum porphyry deposits such as Aktogay (2.2Bt @ 0.37% Cu), Aidarly (>1.5Bt @ 0.38% Cu), Kounrad (800Mt @ 0.62% Cu), and Koksay (736Mt @ 0.42% CuEq). (Fig. 2).
• The Project license area (Fig. 1) covers 754 km² of exploration ground with the exploration stage of the license being valid until February 2029. During the Exploration Phase of the license, IGA working in concert with our JV Partner will produce a feasibility study on the currently defined resources on the large Pribrezhniy Cu/Mo Porphyry system while concurrently advancing four additional prospects within the JV, three within the Pribrezhniy Project License area named “NE Kounrad”, “Prikounradskiy II”, “Yuzhnaya Ploschad” and the 67 sq.km “Shabigon” License area, located 120 km to the West from the Pribrezhniy License area. The Shabigon Prospect represents an additional Cu porphyry prospect (Fig 1,2). These four areas were outlined as prospective for the occurrence of porphyry copper deposits during Soviet exploration programs conducted in the 1950s and 1970s. Most porphyry-type occurrences have been poorly studied through sparse drilling to depths of 200-300 meters or have only been studied at the surface by soil sampling, trenching, and shallow map drilling through post mineralisation alluvial cover that is locally up to 70 meters deep.
• The Project area hosts the Pribrezhniy Cu/Mo porphyry system with a currently defined mineral inventory of 1.38Bt @ 0.37% CuEq (See previous May 1, 2024 press release (Link to release)). The geology of Pribrezhniy comprises typical A, B, and D veins in a porphyry system, encompassing high grade (~0.7% Cu) breccia zones and alteration hosted by monzogranite porphyry and tonalite. The alluvial cover at the Pribrezhniy Deposit is up to 70m thick resulting in a “blind” mineral system, which limits the utility of surface geochemical prospecting.
• The Pribrezhniy Deposit is located at the eastern end of the Kounrad group of copper + Mo +/- Au deposits and boasts excellent mining infrastructure with access to power, water, a dual line railway and an existing smelter and processing plant (with excess capacity) (Fig. 3).

Figure 2: Large Porphyry copper ±Mo/Au systems in South Central Kazakhstan

Figure 3: Infrastructure in the district

EXPLORATION HIGHLIGHTS

• The Oct-Dec 2024 exploration drilling program focused on evaluating the potential for additional copper-molybdenum +/- gold porphyry systems within the Pribrezhniy Project License. The program involved drilling twelve holes, totalling 2,424.4 meters, to test two historical prospective target areas within the Pribrezhniy-Kounrad porphyry Cu/Mo/Au trend, “Prikounradskiy II” and “Yuzhnaya Ploschad” (Table 1). Results from the drilling indicate the presence of Cu/Mo +/-Au mineralization, grading ≥0.1% Cu across 9 out of 12 widely spaced drill holes. Notably, several higher-grade intersections were identified, providing strong support for further exploration programs to define the intersected mineralization and to discover other additional mineral systems. These findings indicate an excellent opportunity exists for expanding the already identified resources within the Pribrezhniy Project License.
• Drilling confirmed historic copper mineralization discovered during Soviet exploration programs and identified a new previously unknown mineralized zone at “Yuzhnaya Ploschad” (YP).
• Initial recon results indicate low-to medium grade copper zones (>0.1% Cu to 0.35% Cu) extending for significant (up to 200m) intervals, associated with disseminated Cu oxides at shallow depths that are underlain by Cu sulfides within hydrothermally altered rock and the existence of higher grade zones (>1% Cu) such as the 50m (not true width) interval at the Yuzhnaya Ploschad prospect.

Table 1: Diamond drill holes register from 2024 exploration program

• Significant intercepts include:
  • Hole UPL2402: 1.01% Cu over a 50 m interval (1.16% CuEq), including 15m @ 2.62% Cu, 317ppm Mo & 0.25ppm Au (3.03% CuEq)
  • Hole PKN2405: 0.26% Cu over the entire core 181.9 m interval (0.31% CuEq), including 62m @ 0.34% Cu (0.4% CuEq)
• The total length of mineralized intercepts with grades exceeding 0.2% CuEq in 7 out of 12 drilled holes in QIV 2024 was 559 meters, averaging 0.3% CuEq (Table 2). Only three of the twelve first pass recon holes, PKN2401, PKN2407 and UPL2404 did not intercept significant copper mineralization.

Table 2: Summary of drill results and mineralized intervals within from Prikounradskiy II and Yuzhnaya Ploschad areas, 9 holes

Figure 4: 2024 Diamond drilling results at Prikounradskiy II and Yuzhnaya Ploschad

*Copper equivalent (CuEq) is determined using an LME metal price for Jan. 7, 2025, of USD 9,031 per ton for copper and USD 48,606 per ton of molybdenum and USD 2,659 per troy ounce of gold, based on the following formula:

CuEq % = Cu % + 5.38 X Mo % + 0.95 X Au g/t.

Gold results were included in the copper equivalent calculations only for the first 50 meters interval of DH UPL2402 as fire assay analyses were not performed throughout the recon drilling program.

QA/QC MEASURES

• Drill core from Prikounradskiy II (PKN drillholes) and Yuzhnaya Ploschad (UPL drillholes) was sawn and sampled at the Project base camp then shipped to SGS laboratory, in Balkhash Kazakhstan, located 30km from the project camp site, where the samples were weighed (before and after drying), dried at 105^oC, crushed (75% passing 2mm), pulverized (85% 75 μm 500g), homogenized and analysed using an ICP-OES package (Sodium peroxide fusion) analysis for determination of 30 elements. Selective samples from high-grade copper intervals were sent for additional gold Fire Assays (30g, AAS finish 5-10000ppb detection limit).
• IGA had routine quality control procedures which insured that every drillhole batch included five percent of standard certified reference materials (Oreas CRMs) specially selected for porphyry copper-molybdenum deposits of high, medium and low grades for Cu and Mo. Five percent of blank samples (verified barren granite) to control the samples’ processing quality and three percent field duplicates (1/4 of core).
• Result of 2024 drilling program - 1119 samples were analysed, including 982 routine samples, 54 blanks, 55 CRMs, 28 field duplicates.
• The core duplicates from high grade zones will be assayed in early 2025 to assess the Cu, Mo and Au grade variability. SGS laboratory has its own quality control system which ensured the insertion of blanks, CRMs and duplicates. All analytical results and certificates from SGS are stored in the IGA digital database.

OTHER AREAS, SHABIGON

• A one-day reconnaissance trip to the Shabigon License (Fig.5) was conducted by IGA geologists to investigate the historical drill site and trenches locations, where according to the Soviet data, the porphyry type mineralization and alteration was identified during a number of exploration programs conducted between 1950s and 1970s. 19 Diamond drill holes were completed during that time that intersected low grade Cu/Mo mineralization in medium intensity phyllic and argillic alteration zones. One hole, DH C6 intersected higher grade (0.9% Cu) over a 27 meters interval.
• During this initial site visit, the porphyry style mineralization was confirmed by IG Asia geologists in several trenches with copper oxide debris observed around the area of the historical hole C-6. Also, it was noted that an extensive area to the W and NW of the Shabigon prospect is covered by loose quaternary sediments up to 5m thick which may conceal underlying porphyry type mineralization (Fig. 6).

Figure 5: Shabigon reconnaissance trip

Figure 6: Shabigon historical drill holes’ locations on geology map (from historical report)

MANAGEMENT COMMENTS:

Thomas E. Bowens, founder and Executive Director of IG Asia stated, “The fact that IG Asia intercepted significant mineralization in all but three of the twelve widely spaced recon Diamond drill holes drilled into two separate targets including the impressive results from PKN2405 and UPL2402 speaks volumes as to the potential to add significant additional mineral inventory to the already identified 1,38 billion tonne copper molybdenum +/- gold deposit at Pribrezhniy. We couldn’t be more excited and encouraged by these initial results. The company will be following up with additional exploration of these two prospects as well as beginning initial Diamond drilling at the NE Kounrad and Shabigon prospects in the coming year. I personally wish to congratulate our outstanding team, our joint venture partner JSC Tau-Ken Samruk, and our current shareholders for such a momentous start to this very exciting project.”

NEXT STEPS

In CY 2025 the company plans to conduct an extensive exploration program that will include:

• New targets generation within Shabigon, Prikounradskiy II and NE Kounrad as well as at Pribrezhniy’s flanks by applying shallow inexpensive map drilling (deep soil geochemistry) up to 70m deep through the younger, post-mineralized alluvial/colluvial cover. In the areas with shallow cover at Yuzhnaya Ploschad a standard soil geochemistry program will be conducted.
• Diamond core drilling within the identified Pribrezhniy deposit and at the Shabigon license using IG in-house diamond drills and crews.
• Hydrogeological and seismic geophysical surveys within the Pribrezhniy Cu porphyry deposit (CPS) as part of ongoing Pre-feasibility work.
• In-fill drilling at Pribrezhniy to improve certainty of mineralization continuity.
• Brownfield drilling at the underexplored flanks of Pribrezhniy CPS.

QUALIFIED PERSON

Volodymyr Buchynskyy, P. Geo, Vice President Exploration of IG Asia LLC and a “qualified person” within the meaning of NI 43-101 has prepared, validated and approved the scientific and technical information contained in this press release. During the exploration program from October to November 2024, Mr. Buchynskyy has visited the Pribrezhniy site twice and spent 10 days by observing drill sites, overseeing the drilling, core logging, sawing and sampling procedures.

CONTACT INFORMATION:

Stephanie Ashton, VP of Business Development: [email protected]

Volodymyr Buchynskyy, VP of Exploration: [email protected]

For more information see the company's website: https://igasia.co/

About IG Asia

IG Asia is a privately held exploration and development company advancing its core Pribrezhniy Project in Kazakhstan it acquired from Rio Tinto International Holdings Inc in 2024. The company began operations in 2021 with a focus on copper, gold and lithium and the world class opportunities that can be found in the mineral-rich country of Kazakhstan. On the heels of IG Global Group’s successful exploration and discoveries at IG Copper and IG Tintic, founder Thomas E. Bowens formed IG Asia recognizing the vast mineral discovery potential of Kazakhstan and the opportunity presented by the modernization of their attractive foreign investment frameworks. IGG’s team and experience is a strategic advantage in its ability to execute successful exploration and develop in this region. 

FORWARD-LOOKING INFORMATION

Certain statements included in this press release constitute forward-looking information or statements (collectively, “forward-looking statements”), including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “should” and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward looking statements. These forward-looking statements and information reflect management's current beliefs and are based on assumptions made by and information currently available to the company with respect to the matter described in this new release. Forward-looking statements involve risks and uncertainties, which are based on current expectations as of the date of this release and subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements.

Forward-looking statements are not a guarantee of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Factors that could cause the actual results to differ materially from those in forward-looking statements include the continued availability of capital and financing, and general economic, market or business conditions. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that the statements will prove to be accurate or that management’s expectations or estimates of future developments, circumstances or results will materialize. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Readers should not place undue reliance on the Company’s forward-looking statements.

Photos accompanying this announcement are available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/8508a33a-4a8c-4d38-aa78-6d36c9d5de07https://www.globenewswire.com/NewsRoom/AttachmentNg/443f4848-b7da-4dfe-ba84-e03d9dd3856ahttps://www.globenewswire.com/NewsRoom/AttachmentNg/ea4e6999-1856-44ca-9a0b-f1d0db4f9885https://www.globenewswire.com/NewsRoom/AttachmentNg/57a16ba7-ca22-473f-b3cb-93ed46763660https://www.globenewswire.com/NewsRoom/AttachmentNg/5e7467e9-efb0-45c8-a955-210306564fcchttps://www.globenewswire.com/NewsRoom/AttachmentNg/9ad2d5df-f386-4545-be22-8f975cd5cb00https://www.globenewswire.com/NewsRoom/AttachmentNg/628ef386-c573-4568-9676-c3bee7a02ec1

Figure 1:

Prospective areas locations within Kounrad-Pribrezhniy trend

Figure 2:

Large Porphyry copper ±Mo/Au systems in South Central Kazakhstan

Figure 3:

Infrastructure in the district

Figure 4:

2024 Diamond drilling results at Prikounradskiy II and Yuzhnaya Ploschad

Figure 5.1

Shabigon reconnaissance trip

Figure 5.2:

Shabigon reconnaissance trip

Figure 6:

Shabigon historical drill holes’ locations on geology map (from historical report)