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Regulatory News


Blueberry Project Drilling Results

Thu, 11th Oct 2018 15:30


RNS Number : 7959D
Vast Resources PLC
11 October 2018

Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining

11 October 2018

Vast Resources plc

("Vast" or the "Company")

Blueberry Project Drilling Results

Vast Resources plc, the AIM listed mining company with operations in Romania and Zimbabwe, is pleased to announce further assay results from the exploration programme undertaken at the Blueberry Project ('Blueberry' or the 'Project') in Western Romania, in which Vast holds a 29.41% interest, subject to the conditions described in the Company's announcement of 15 August 2018. Blueberry is located in the 'Golden Quadrilateral' of Western Romania, which hosts the prolific Baia de Aries gold mine, the 17.1Moz Rosia Montana Mine and the 7.2Moz Rovina Valley Project.

Highlights

· Assay results for a further 2,846 metres of core from surface drilling received

· Highlights from recent assay results include:

o AVBB009A:

§ 21.7m @ 3.14 g/t gold ('Au') and 3.12 g/t silver ('Ag) from 25.3m to 47.0m

§ 12.0m @ 5.79 g/t Au, 5.86 g/t Ag from 54.0m to 66.0m

§ 31.0m @ 1.09 g/t Au, 1.42 g/t Ag from 119.0m to 150.0m

o AVBB018:

§ 9.5m @ 1.44 g/t Au and 3.08 g/t Ag, from 1.0m to 10.5m

§ 28.5m @ 1.58 g/t Au, 17.42 g/t Ag, 0.26% lead ("Pb") and 0.38% zinc ('Zn') from 28.5m to 57.0m

· Including 8.0m @ 0.90g/t Au, 19.33g/t Ag, 0.55% Pb and 0.80% Zn

o AVBB020:

§ 5.0m @ 0.85 g/t Au, 17.68 g/t Ag, 0.1% Pb and 0.22% Zn from 79.0m to 84.0m

o BB014:

§ 6.5m @ 0.03 g/t Au and 94.32 g/t Ag, from 10.5m to 17.0m

§ 3.0m @ 3.24 g/t Au, 22.60g/t Ag, 0.10% Pb and 0.19% Zn from 33.0m to 36.0m.

o AVBB012:

§ 9.0m @ 0.25 g/t Au, 1.74 g/t Ag, 0.31% Pb and 0.51% Zn from 126.0m to 135.0m

o AVBB021:

§ 24.0m @ 2.64 g/t Au, 22.77 g/t Ag, 0.36% Pb and 0.40% Zn from 19.0m to 43.0m

· To date, a total of 3,581 metres of assay results received from the 6,802 metre drill programme representing 52.6% of total assays

· Soil sampling programme completed and confirmed anomalous gold in soil values and extended and defined the target footprint in more detail

· Discovery of new 1.7km gold strike in southern area of Blueberry permit returning gold in soil values of up to 17.7g/t Au

· Continued progress towards defining maiden JORC Compliant Resource Estimate by the end of 2018

· Targeting the application of an Exploitation Licence by end 2018

· Anticipated IPO of EMA Resources Ltd, Vast's subsidiary company which holds the Blueberry Project, in H1 2019 to crystallise the value of this pre-production asset

Andrew Prelea, Chief Executive of Vast, commented,

"I am delighted to report further highly encouraging assay results from Blueberry, which continues to progress at an impressive pace ahead of our targeted maiden resource estimate within three months' time. This period will be punctuated with additonal assay results and operational updates as the team on site prepare all of the relevant work flows to enable the application for the exploitation licence at the end of this year.

"Hot on the heels of the approval from ANRM for our Baita Plai Association Licence yesterday, we are focussed on rapidly expanding and enhancing our overall production profile in Romania to establish Vast as the leading mid-tier, multi-commodity mining company in the region."

Further Information

The intersections represent results from the first 19 surface drill holes totalling 3,581m of the 6,802m exploration drilling programme. Mineralisation has been intersected at or near surface within targeted breccia zones. In addition, higher grade mineralised zones have been intersected at depth within zones of veining and faulting.

The recent results of the drilling programme are as follows (from Surface):

HOLE_ID

From

To

Length

Au g/t

Ag g/t

Cu %

Pb %

Zn %

AR003

-

100.0

100.0

-

-

-

-

-

AR005

0.3

165.0

164.7

-

-

-

-

-

AR006

74.0

76.0

2.0

0.70

0.10

0.00

0.00

0.01

120.0

122.0

2.0

3.07

0.70

0.01

0.00

0.01

AVBB002

-

133.0

133.0

-

-

-

-

-

AVBB009

16.0

20.0

4.0

1.63

0.70

0.00

0.01

0.01

29.0

32.0

3.0

0.97

0.53

0.00

0.00

0.01

41.0

46.0

5.0

1.36

0.90

0.01

0.00

0.01

53.5

56.0

2.5

2.02

57.70

0.02

0.00

0.00

AVBB018

1.0

10.5

9.5

1.44

3.08

0.01

0.02

0.02

22.0

25.5

3.5

1.08

6.30

0.03

0.17

0.27

28.5

57.0

28.5

1.58

17.42

0.06

0.26

0.37

*including

49.0

57.0

8.0

0.90

19.33

0.04

0.54

0.80

124.0

126.0

2.0

0.85

0.10

0.01

0.00

0.01

128.0

130.0

2.0

2.97

0.75

0.01

0.00

0.01

138.0

140.0

2.0

1.11

0.15

0.01

0.00

0.01

158.0

159.0

1.0

2.07

0.60

0.00

0.01

0.01

166.0

167.0

1.0

1.88

0.20

0.01

0.00

0.01

190.0

193.0

3.0

0.63

0.33

0.01

0.00

0.01

AVBB019

94.7

99.9

5.2

0.34

23.41

0.01

0.02

0.03

106.5

117.1

10.6

0.43

62.29

0.01

0.03

0.08

AVBB020

52.0

54.0

2.0

1.89

0.40

0.00

0.01

0.00

79.0

84.0

5.0

0.85

17.68

0.06

0.10

0.22

BB012

27.8

32.5

4.7

1.25

4.90

0.00

0.00

0.02

BB014

10.5

17.0

6.5

0.03

94.32

0.04

0.00

0.02

33.0

39.4

6.4

1.80

13.91

0.00

0.06

0.12

*including

33.0

36.0

3.0

3.24

22.60

0.01

0.10

0.19

BB015

0.6

3.0

2.4

3.24

13.47

0.01

0.06

0.08

21.0

25.3

4.3

1.37

4.35

0.00

0.09

0.08

BB018

2.5

11.0

8.5

0.60

7.28

0.00

0.01

0.02

AVBB012

27.0

32.0

5.0

1.36

7.26

0.00

0.00

0.01

88.0

89.0

1.0

3.40

0.40

0.00

0.00

0.01

111.0

116.0

5.0

0.76

0.70

0.01

0.02

0.04

126.0

135.0

9.0

0.25

1.74

0.01

0.31

0.51

AVBB021

4.0

14.0

10.0

2.03

8.81

0.02

0.10

0.08

19.0

43.0

24.0

2.64

22.77

0.11

0.36

0.40

173.0

175.0

2.0

1.25

0.55

0.01

0.00

0.02

AVBB008

38.0

107.0

69.0

1.15

3.49

0.01

0.00

0.01

*including

70.0

81.0

11.0

2.41

8.84

0.01

0.00

0.01

118.0

119.0

1.0

0.20

4.10

0.01

0.41

0.86

137.0

141.0

4.0

0.50

1.20

0.01

0.00

0.01

AVBB007

63.0

67.0

4.0

1.61

0.20

0.01

0.01

0.12

69.0

74.0

5.0

0.93

0.24

0.01

0.01

0.12

127.0

129.0

2.0

1.97

0.65

0.00

0.00

0.01

138.0

140.0

2.0

2.45

0.90

0.00

0.00

0.01

142.0

145.0

3.0

2.59

0.43

0.00

0.00

0.01

164.0

170.0

6.0

2.91

0.92

0.01

0.00

0.01

* including

169.0

170.0

1.0

13.40

1.80

0.01

0.00

0.01

176.0

177.0

1.0

1.23

0.30

0.00

0.00

0.01

204.0

206.0

2.0

1.45

0.70

0.00

0.00

0.01

208.0

209.0

1.0

1.72

0.60

0.01

0.00

0.01

AVBB009A

25.3

47.0

21.7

3.14

3.12

0.01

0.00

0.01

54.0

66.0

12.0

5.79

5.86

0.01

0.01

0.01

85.0

93.0

8.0

0.57

0.70

0.00

0.00

0.00

119.0

150.0

31.0

1.09

1.42

0.01

0.00

0.01

175.0

192.0

17.0

0.56

1.01

0.01

0.01

0.01

308.0

313.0

5.0

0.12

2.18

0.01

0.18

0.31

The widths of the mineralised zones are highly encouraging, and it is anticipated that the assay results yet to be received from adjacent drilling in these exploration areas will be used to determine the size, shape and continuity of the mineralised zones.

Mineralisation is developed in the form of breccia pipes, polymetallic quartz carbonate veins and metasomatic replacement deposits on the lithological boundaries between andesite, limestones and schists.

Gold mineralisation is more prevalent in the breccia pipes and occurs as free gold or inclusions within sulphides. The area is a type locality for sylvanite, a gold silver telluride, which has been observed in core from the recent drilling program. Further mineralisation takes the form of auriferous pyrite whereby fine-grained gold is included in the crystal lattice of the pyrite structure.

The gold (dominant) and polymetallic (subordinate) mineralisation is spatially associated to the andesite intrusive structures with hornblende pyroxene (Afinis structure), while the polymetallic (dominant) and gold (subordinate) mineralisation is spatially associated to the quartz andesite intrusive structure with hornblende biotite (Ambru Mihai structure).

Polymetallic mineralisation is more prevalent in the vein systems and the metasomatic replacement bodies with a lower tenor of gold. Zinc and lead are the main economic base metals present with copper being subordinate but can be locally elevated in places.

Soil Sampling

· A 300 point soil sampling exercise was completed across portions of the Blueberry perimeter

· The sample points were spaced on a grid pattern of 100 metres x 100 meters and encompassed areas that have historically not been sampled as well as portions that have been sampled before.

· The soil sampling has confirmed anomalous gold in soil values in the areas that have recently been drilled and in most cases have extended and defined the target footprint in more detail.

· In the southern portion of the Blueberry perimeter, a 1,700 metre long east - west striking, previously unknown anomaly has returned gold in soil values of up to 17.7 g/t Au. The anomaly has returned an average value of 4.62g/t Au from the soil sampling exercise

Qualified Person

The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Craig Harvey, the Chief Operating Officer for Vast and a full-time employee and Director of the Company. Mr Harvey is a Competent Person who is a Member of the Australian Institute of Geoscientists and of the Geological Society of South Africa, a Recognised Professional Organisation included in a list that is posted on the ASX website from time to time.

Mr Harvey has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Harvey consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Technical Glossary

Assay The chemical analysis of rock or ore samples to determine the proportions of metals.

Breccia A rockmass comprised of large angular fragments (over two millimeters in diameter). The spaces between the large angular fragments are filled with a matrix of smaller particles and a mineral cement that binds the rock together.

Cut-off grade Lowest grade of mineralised material considered to be economically viable to extract.

Exploration Target An Exploration Target is a statement or estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnes and a range of grade (or quality), relates to mineralisation for which there has been insufficient exploration to estimate a Mineral Resource.

g/t Gram per tonne

Grade The relative quantity or percentage of ore mineral content in an orebody.

Hectare A measure of surface area equalling 10 000m2.

Indicated Resource An 'Indicated Mineral Resource' is that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed.

Inferred Resource An 'Inferred Mineral Resource' is that part of a Mineral Resource for which tonnage, grade and mineral content can be estimated with a low level of confidence. It is inferred from geological evidence and assumed but not verified geological and/or grade continuity. It is based on information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes which may be limited or of uncertain quality and reliability.

JORC Code Australasian Code for Reporting of Mineral Resources and Ore Reserves prepared by the Joint Ore Reserves Committee of the Australian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Mineral Council of Australia, as amended.

Koz A thousand troy ounces

Kt A thousand metric tonnes

Measured Resource A 'Measured Mineral Resource' is that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a high level of confidence. It is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are spaced closely enough to confirm geological and grade continuity.

Mineralisation The process or processes by which a mineral or group of minerals are introduced to a host rock.

Mineral Reserve Is the economically mineable material derived from a Measured and/or Indicated Mineral Resource.

Mineral Resource A 'Mineral Resource' is a concentration or occurrence of material of intrinsic economic interest in or on the Earth's crust in such form, quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories.

Mt One million metric tonnes

Ore The naturally occurring material from which a mineral(s) can be extracted at a reasonable profit.

Orebody A continuous well-defined mass of material to sufficient ore content to make extraction economically feasible.

**ENDS**

For further information, visit www.vastresourcesplc.com or please contact:

Vast Resources plc
Andrew Prelea (Chief Executive Officer)

www.vastresourcesplc.com

+44 (0) 20 7236 1177

Beaumont Cornish - Financial & Nominated Adviser
Roland Cornish

James Biddle

www.beaumontcornish.com
+44 (0) 020 7628 3396

Brandon Hill Capital Ltd - Joint Broker

Jonathan Evans

www.brandonhillcapital.com

+44 (0) 20 3463 5016

SVS Securities Plc - Joint Broker
Tom Curran

Ben Tadd

www.svssecurities.com

+44 (0) 20 3700 0100

St Brides Partners Ltd
Susie Geliher
Charlotte Page

www.stbridespartners.co.uk
+44 (0) 20 7236 1177

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

Notes

Vast Resources plc is an AIM listed mining and resource development company focussed on the rapid advancement of high quality brownfield projects and recommencing production at previously producing mines in Romania and Zimbabwe.

Vast Resources currently owns and operates the Manaila Polymetallic Mine in Romania, which was commissioned in 2015, and is focussed on its expansion through the development of a second open pit operation and new metallurgical complex at the Carlibaba Extension Area. The Company's Romanian portfolio also includes interests in two brownfield development projects; the Baita Plai Polymetallic Mine (80% interest), where work is currently underway towards obtaining the relevant permissions to start developing and ultimately commissioning the mine, and the Blueberry Project (29.41% interest), a 7.285kmē brownfield area of prospectivity in the Golden Quadrilateral of Romania located in the immediate vicinity of the now closed Baia de Aries mine.

The Company also has interests in a number of projects in Southern Africa including a controlling 25 per cent. interest in the producing Pickstone-Peerless Gold Mine and a 23.75% economic interest in the Eureka Gold Mine, both located in Zimbabwe.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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