(Sharecast News) - Vast Resources updated the market on progress at its Baita Plai Polymetallic Mine in Romania on Friday, reporting that the remaining contains of equipment have now all arrived on site.
The AIM-traded mining company said that, following the previous announcements in May 2020 over metallurgical test work, the testing of copper and zinc had been finalised, and the results described as "encouraging".
It said the testing of the lead and molybdenum were ongoing.
"The company will receive the final metallurgical report from Grinding Solutions in August," the board confirmed.
Vast also confirmed it was now in receipt of the first batch of underground drill hole assays from ALS, with the results said to be "equally encouraging".
It said further batches of data were expected in the coming weeks, and that it would have a complete set of assay results ready for publication in August.
"The company can confirm that the commencement of underground production will go ahead, in line with previous announcements, during the week commencing 27 July," the directors explained.
"First concentrate will be produced in August in preparation for sale to Mercuria."
At 1153 BST, shares in Vast Resources were down 4.23% at 0.23p.
Vast Res (VAST)22 May 2024 09:41
CORRECT (May 3): Vast Resources in talks for restructuring finance
(Clarifies that financing discussions are with an unnamed Swiss investment company.)