**NEW RNS**24 May 2022 09:15
Vast Resources plc, the AIM-listed mining company, is pleased to announce that further to the announcement made on 3 May 2022 regarding its acquired interest in a joint venture company which provides exposure to a near term revenue opportunity from the Takob Mine processing facility in Tajikistan (“Takob”), the Company has executed a Memorandum of Understanding (“MoU”) linked to processing the tailings produced at Takob. The MoU, agreed between the Company’s Tajikistan focused Joint Venture subsidiary, and Open Joint Stock Company “Talco” is a separate and additional project to the Takob Joint Venture Project announced on 3 May 2022.
The Company can announce that as part of this project, its joint venture partner, Formin TJK (“Formin”), has commenced surveying, soil sampling and preliminary drilling on site at the tailings facility and the results will be announced upon receipt from ALS Romania. Formin reported visible signs of lead, zinc and precious metals, including gold, silver & platinum group metals, in the tailings facility. Initial surface survey results compiled by Formin show that there is a minimum of 1 million tonnes and up to 3.3 million tonnes of tailings. The depth of the tailings is to be determined once drilling is completed.The funding for this project, which may be up to U$20 million, will be provided by Central Asia Minerals and Metals Ore Trading FZCO (“CAMM”) on the same or similar terms as the Company’s existing Takob Joint Venture Project announced on 3 May 2022.
Andrew Prelea, Chief Executive Officer of Vast Resources PLC, commented:
“On behalf of the Company I wish to again thank the Minister of Industry and New Technologies of the Republic of Tajikistan, together with the Chairman and Executive Team of Open Joint Stock Company TALCO for providing us with a further joint venture opportunity.
“I would also like to thank our strategic joint venture partners in Central Asia Minerals and Metals Ore Trading FZCO, namely Formin TJK and Mr Abdul Jabbar Gargash, for their continued support and giving the opportunity to further grow our strategic partnership in Tajikistan.”