Rns12 Apr 2023 08:02
Vast' or the 'Company')
Baita Plai Q1 Production Report and Update
Tajikistan Update
Settlement Update
Vast Resources plc, the AIM-listed mining company, is pleased to announce updates on Baita Plai Polymetallic Mine ('Baita Plai') (including the Q1 production report), on the Takob mine in Tajikistan, and on the settlement of the historic claim in Zimbabwe.
Highlights:
-- Baita Plai
-- Tonnes mined in Q1 increased by 20% despite January and February
being short months of production.
-- Positive results from new drilling campaign indicate extension of
the skarn at depth.
-- Tajikistan
-- Commercial production of CaF has exceeded the minimum target thus
fulfilling Takob contract performance condition.
-- Pb/Zn commercial production at target grade has commenced. First
commercial quantities are targeted for shipment in May. As
announced on 3 May 2022 Vast will receive a participation
equivalent to a 12.25 percent royalty overall sales of non-ferrous
concentrate and any other metals produced from the Takob
Processing Project.
-- Zimbabwe
-- Closure of the settlement process in Zimbabwe expected towards the
end of April or first half of May.
Baita Plai Production:
Production continued during the New Year period with minimal down time at the mine as the mine management and staff target reaching operational breakeven, and, by June 2023, name plate capacity of 14,000 tonnes per month.
Lower grades in the mine were encountered in March, partly as a result of intense development work in Level 17 and Level 18, and partly because of restriction of access to higher grade ore caused -- following the new drilling results (see below) -- by the development of the incline into
the lower levels and preparation for drilling in Level 19. Had that not occurred, the Company is confident the mine could have reached operational breakeven in March.
Below are the production results for Q1 2023 together with comparisons for previous quarters. The reduction in concentrates sold is due to timing differences.