Vast Res Share News (VAST)

(Sharecast News) - Vast Resources updated the market on progress at its Manaila Polymetallic Mine, and the adjacent Manaila Carlibaba Extension Project, in Romania on Tuesday, confirming it has now been granted the Manaila Carlibaba exploitation licence.
The AIM-traded firm said it would allow it to re-examine the exploitation of the mineral resources within the larger Manaila Carlibaba licence area.

It said the Manaila Carlibaba exploitation perimeter contains a JORC 2012-compliant measured and indicated mineral resource of 3.6 megatonnes, grading at 0.93% copper, 0.29% lead, 0.63% zinc, 0.23 grams of gold per tonne, and 24.9 grams of silver per tonne.

Inferred mineral resources totalled one megatonne, grading at 1.10% copper, 0.40% lead, 0.84% zinc, 0.24 grams of gold per tonne, and 29.2 grams of silver per tonne.

The enlarged exploitation licence is 138.6 hectares in size - an increase of 410% in surface area from the existing license at Manaila of 27.2 hectares.

"This could allow for a larger mining and processing facility to be developed on site and would eliminate the need for costly road transport of mined ore to the current processing facility located at Iacobeni, approximately 30 kilometers away," the Vast board said in its statement.

"The transportation element increased the operational cost of the Manaila, currently on care and maintenance, by approximately 25% to 30%."

Vast said preliminary studies indicated the potential for a new open pit mine to exploit mineral resources to a depth of about 125 meters below surface, and to simultaneously develop a smaller higher-grade underground mine below the open pit mineral resources.

"Immediate access for the underground section can be provided from the existing open pit at Manaila by developing adits, or horizontal mine entrances, from the high wall of the open pit."

At 1302 BST, shares in Vast Resources were up 5.68% at 0.21p.