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Metallurgical recoveries correlate well with historical data that indicate copper recoveries and concentrate grades were 85.5% and 28.2%, respectively, in the 1999-2009 period.
Separately, high grades of gold and silver recorded in samples collected from the underground confirm results from the underground sampling conducted in 2011 and 2012 and offer potential upside to in-house production estimates that did not include those.
Test work is continuing with regards to the production of three separate concentrates (copper, lead and zinc).
The team is looking forward to providing results over ongoing drilling and metallurgical studies over the next 4-6 weeks.
Conclusion: Preliminary results on high grade samples from underground workings, areas that would be targeted in first months of production, demonstrate high copper recoveries. Tests demonstrated the potential for 85% recoveries and 26.6% copper concentrate production compared to our modelled levels of 78% in recoveries and 28.2% concentrate grades. Those are encouraging results offering potential upside to our estimated copper production levels that on our former forecasts suggest $15m in EBITDA and $10m in FCF per annum (both mine level and excluding admin costs) at $6,000/t copper price and once fully ramped up to 13ktpm rates. Assuming Baita kick starts in July, we estimate its attributable NPV10% (post tax) at $47m. We are looking forward to results on recoveries on more representative samples as well as results for precious metals that account for ~40% of payable metal revenues and test work on production of copper, lead and zinc concentrates.
*SP Angel acts as Broker to Vast Resources
Vast Resources* (VAST LN) 0.18p, Mkt Cap £19m – Preliminary test work demonstrates good copper recoveries at Baita Plai
The Company reported preliminary metallurgical test work results from the Baita Plai polymetallic project in Romania.
Test work was carried on rock chip samples collected in accessible underground Baita Plai workings.
Six 100kg each samples in two batches have been collected and sent to Grinding Solutions Ltd in the UK.
Results include:
Sample 4 produced a concentrate grading 26.6% copper at an 84.8% copper recovery
Sample 5 produced a concentrate grading 20.0% with a 94.6% copper recovery and a 92.5% molybdenum recovery.
Sample 6 recovered a bulk concentrate grading 28% copper, 14% zinc and 2.8% lead with recoveries of 91% for copper, 94% for zinc, 83% for lead and 89% for molybdenum.
Grades of respective Samples 4 to 5 are provided below (assay data for elements marked with * are pending from the laboratory):
Batch
Sample
Cu %
Pb %
Zn %
Mo %*
Au g/t*
Ag g/t*
As %
Cd %
Bi %*
Fe %*
S %*
Batch 2
0004 Sample Cu-Mo
7.09
0.36
0.32
0.07
0.01
Batch 2
0005 Sample High Cu
10.74
1.12
3.8
0.38
0.04
Batch 2
0006 Sample Poly
4.74
0.26
0.72
0.08
0.01
Samples 1 to 3 from the Batch 1 were discarded with head assays believed to be not representative of expected grade ranges.
Batch
Sample
Cu %
Pb %
Zn %
Mo %*
Au g/t
Ag g/t
As %
Cd %
Bi %
Fe %
S %
Batch 1
0001 Sample Cu-Mo
8.53
0.96
1.36
4.81
326
0.23
0.02
0.46
4.55
4.62
Batch 1
0002 Sample High Cu
12.21
0.01
0.26
4.24
227
0.01
0.01
0.32
7.02
8.93
Batch 1
0003 Sample Poly
10.85
0.02
0.2
4.67
261
0
0.01
0.38
5.43
7.83
https://twitter.com/Kurrinz01/status/1260189544286228480?s=19
****************************/articles/sp-angel-morning-view-tuesday-12-05-20-9e68a4a/
https://twitter.com/Kurrinz01/status/1260189544286228480?s=19
Look at there last tweet.
https://twitter.com/ukbambammatt/status/1260172998063067137?s=19
Someone seems to have changed there tune again on twitter. And is now ramping. Now saying rumours from Zimbabwe on an update.
As stated last week belive it when it's RNS not when its spread by non pump and dumpers or online articles
Look at futures copper prices , also merc are our off takers and that will have been done on a future pricing . Copper is the best conductor metal and will be in high demand after covid , this is reflected in futures and outlooks .
Baita Plai (80%), a fully permitted, funded and close to production brownfield polymetallic mine ( production due to start no later than 10 weeks from now), is a low capital intensity and high margin project offering exposure to copper along with a series of precious and base metals’ by-products. The mine is expected to launch operations in H1/20 delivering 4ktpa CuEq and yielding $17m in EBITDA (60% margin) and $12m in FCF annually (at $7,500/t Cu price) once ramped up to full 13ktpm capacity
Based on guided production rates, operating and capital costs as well as commodity price forecasts, the Project NPV10% is estimated at $77m (post tax) or $61m for 80% Vast share, equivalent to 0.32p in NAV per share contribution after adjusting for a 0.75 P/NAV factor reflecting the status of the project.
Vast current M/C £14 mill representing a 100% discount to the already discounted BP asset, Sp should be .32p on BP alone.
Hey all sorry to point out about my post earlier but my point 5 is wrong as I stated tailings infact in rns it says:
Drilling continues with positive results at the mine as well as the Metallurgical test work being undertaken by Grinding Solutions UK with the initial results showing grade and recovery being consistent with historical data and in line with the Company’s internal forecasts.
And meturallogical testing is the test work to optimise the separation in the floatation and create the best concentrate and recovery of metal
Yesterday's podcast was brilliant and a massive show of positivity.
What important points I take from the podcast and rns from last week:
1) All equipment is on the water from china
2) longest item to install is on site at Baita plai (locomotives, rails, Also included is transformers and batteries)
3) second shipment to arrive soon (estimated around 15th may according to my calculations)
4) jorc is going well and getting good readings
5) tailings from jorc have been sent to be tested
6) company is working on refinancing Atlas T1 through institutional or banks
7) mecuria are still with us and helping anyway they can and want to help towards refinance of maniala
8) marange is still going a head not a case of if but when
9) DO NOT LISTEN TO ALL INTERNET ARTICLES AS SOME ARE BULL**** AND ARE FALSE
10) BP is a massive asset. We have 3 years of pre prepared ore to start drilling
11) finance package being looked into to bring other Romanian assets into play
But I thought. No wait. Yeah you did.
You've been saying this was going back to the teens.
Why did you buy back in.
You've been so sure that this was dropping to 0.18-0.17p region.
You mad sure everyone knew it was. And anyone that stood up to you in twitter was blocked and anyone confronting you here was removed.
Why have you brought back I'm lol.
I see that sonicboomboy has taken to LSE.
Trying to as he said to me last night. To be controlling.
For someone who apparently sold the 10m shares at 0.29p yesterday.
Seems to be on a war path of wealth and knowledge here.
Unfortunately many have seen his game for what it is. As this is now his 3rd attempt of pumping and dumping this share. And everything he posted on twitter last night, he has removed as he realises how his psots contradict themselves.
For a good summing up of vasts position look at krazyasif786 post below.
Looks like Dodge has sold again. Now starting to de-ramp again.
Rule no 3: look at people's post history.
This persons post history changes weekly from when they want to buy de-ramp to high hell with no real facts given just the same nonsense every time.
But when theyve brought there fill. Begins to ramp this to high hell.
Until they've sold. Then the process continues again.
De-ramp, buy, ramp, sell, de-ramp, buy, ramp, sell