Last checked at 30 Jun 2020 07:00
Manaila Polymetallic Mine UpdateVast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
30 June 2020
Vast Resources plc(“Vast” or the “Company”)
Manaila Polymetallic Mine Update
Vast Resources plc, the AIM-listed mining company, is pleased to update the market on progress at its Manaila Polymetallic Mine and the adjacent Manaila Carlibaba Extension Project in Romania “Manaila”.
The Company can confirm it has now been granted the Manaila Carlibaba Exploitation License which will allow the Company to re-examine the exploitation of the mineral resources within the larger Manaila Carlibaba license area.
The Manaila Carlibaba exploitation perimeter contains a JORC 2012 compliant Measured and Indicated Mineral Resource of 3.6Mt grading 0.93% copper, 0.29% lead, 0.63% zinc, 0.23g/t gold and 24.9g/t silver with Inferred Mineral Resources of 1.0Mt grading 1.10% copper, 0.40% lead, 0.84% zinc, 0.24g/r gold and 29.2g/t silver.*
The enlarged exploitation license is 138.6 hectares in size, an increase of 410% in surface area from the existing exploitation license at Manaila (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 transportation element increased the operational cost of the Manaila, currently on care and maintenance, by approximately 25-30%.
Preliminary studies by the Company indicate the potential for a new open pit mine to exploit mineral resources to a depth of approximately 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 (horizontal mine entrances) from the high wall of the open pit.
* Figures are both gross and net attributable to Vast and are derived from an internal report as at 28 February 2018 prepared by Mr. Craig Harvey, MGSSA, MAIG, Group Geologist
Qualified Person
The information in this announcement is based on information compiled by Mr Craig Harvey, the Chief Operating Officer for Vast and a full-time employee and Director of the Company. Mr Harvey is a Competent Person who is a Member of the Australian Institute of Geoscientists and of the Geological Society of South Africa, a Recognised Professional Organisation included in a list that is posted on the ASX website from time to time.
Mr Harvey has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Harvey consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
**ENDS**
For further information, visit www.vastplc.com or please contact:
| Vast Resources plc Andrew Prelea (Chief Executive Officer)Andrew Hall | www.vastplc.com +44 (0) 20 7846 0974 |
| Beaumont Cornish - Financial & Nominated Adviser Roland Cornish James Biddle | www.beaumontcornish.com +44 (0) 20 7628 3396 |
| SP Angel Corporate Finance LLP – Joint Broker Richard Morrison Caroline Rowe | www.spangel.co.uk +44 (0) 20 3470 0470 |
| Axis Capital Markets Limited – Joint Broker Richard Hutchison | www.axcap247.com +44 (0) 20 3206 0320 |
| Blytheweigh Tim Blythe Megan Ray | www.blytheweigh.com +44 (0) 20 7138 3204 |
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (“MAR”).
ABOUT VAST RESOURCES PLC
Vast Resources plc, is a United Kingdom AIM listed mining company with mines and projects in Romania and Zimbabwe - focused on the rapid advancement of high quality projects by recommencing production at previously producing mines in Romania and the commencement of the joint venture mining agreement on the Chiadzwa Community Concession Block of the Chiadzwa Diamond Fields in Zimbabwe.
The Company’s portfolio includes an 80% interest in the Baita Plai Polymetallic Mine in Romania, where work is now currently underway towards developing and recommissioning the mine and the Community Concession Block in Chiadzwa, Zimbabwe.
Vast Resources owns the Manaila Polymetallic Mine in Romania, which was commissioned in 2015, currently on care and maintenance. With the granting of the new extended Manaila/Carlibaba Exploitation License it will allow the Company to re-examine the exploitation of the mineral resources within the larger Carlibaba license area