Estrella Resources (ASX:ESR) has partnered with Dili-based CoreSearch Minerals and Mining Services to advance its drilling operations in the company's mineral prospects in Timor-Leste, according to a Friday filing with the Australian bourse.
The partnership follows Estrella's $200,000 investment to help CoreSearch import drilling equipment, which will be repaid through drilling services at $10 per meter drilled over the first 20,000 meters, the filing said.
Under the deal, CoreSearch will conduct 10,000 meters of reverse circulation drilling and 3,000 meters of diamond drilling, with a further 10,000 meters of drilling scheduled for later, the filing added.
Environmental approvals are nearing completion, with drilling expected to begin in mid-April, the company said.
Shares of the company fell 12% in recent Friday trade.
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