Last checked at 17 Jul 2023 07:00
Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
17 July 2023
Vast Resources plc
('Vast' or the 'Company')
Phase 1 Drill Results at Baita Plai Mine
Vast Resources plc, the AIM-listed mining company, is pleased to announce that, further to the announcement made on 27 February 2023 regarding the technical programme at its Baita Plai Polymetallic Mine in Romania ('Baita Plai'), it has received positive drilling results from Phase 1 of an extensive exploration programme, which confirms the potential to extend the mining area. This process is part of the Company's plans to establish a JORC compliant Mineral Resource and in due course an Ore Reserve for its licence renewal in August 2024.
OVERVIEW
· Drilling results, which represent 5% of the total planned exploration programme, include:
o Drill Hole F5 from 44m to 45m 2.18 % Cu;
o Drill Hole F6 from 24.9m to 33m avg. 3.69% Cu; and
o Drill Hole F13 From 33m-34m 2.10% Cu.
· Samples were collected from seven drill holes and based on the assay the ore was intercepted in six holes with a thickness from 1-10 metres and an average of 1.87% Cu.
· Based on the performed economic composite, a total 45 metres were classified as ore with an average of 0.71% Cu.
· From a total of 164 metres that were assayed, 27.4% or 45 metres is ore.
Andrew Prelea, CEO of Vast Resources plc, commented: "As the mine management focuses on confirming precise details of the implementation of underground works to coincide with the Phase 1 drilling report at our Baita Plai Polymetallic mine, these exciting drill results, which exceed the initial estimation for the next working areas, give us increased confidence in the potential to extend the mining area at Baita Plai from its existing base and then to report a JORC compliant Mineral Resource. We look forward to providing the market with updates as further results are received."
DETAILS
The Company remains focused on optimising operations at its producing Baita Plai Polymetallic Mine located in the Apuseni Mountains, Transylvania, an area which hosts Romania's largest polymetallic mines. Accordingly, it engaged a third-party technical contractor to review and reprofile the mine resources in order to report a JORC compliant Resource report for Baita Plai to be incorporated into a new independent competent person's report.
Figure 1: Map to show the drilling program at Baita Plai Mine
As part of this, an extensive drilling programme is underway, with results from Phase 1 of the programme, representing approximately 5% of the total programme, now received. This includes assay results from 164 samples that were collected from seven drill holes, with ore intercepted in six holes with a thickness from 1-10 metres and an average of 1.87% Cu. Based on the performed economic composite, a total of 45 meters were classified as ore with an average of 0.71% Cu and from the total 164 metres that were sampled, 27.4% or 45 metres is ore.
In the centre section of the ore, the initial thickness, based on historical data, was estimated at 6.7 metres and the actual intersected thickness, based on current drilling, is at 14 metres. The best results were intercepted in drill hole F6_ug at a thickness of 14 metres with an average grade of 1.8% Cu and in F5_ug at a thickness of 14.7 metres with an average grade of 0.53% Cu.
Below are the preliminary drilling results for the immediate area below Level 4 at a depth of approximately 430m from mine entry surface (approximately 170m above sea level) in the current mining areas that will determine the next nine months of production. The results to date exceed the interpretation of historic data by Formin published by the Company on 27 February 2023.
Drill Hole ID | FROM | TO | Sample length (m) | Sample ID | %Cu | %Zn | %Pb |
F4 | 46.7 | 48 | 1.3 | F4-22 | 0.65 | 0.07 | 0.00 |
F5 | 30.3 | 31 | 0.7 | F5-31 | 4.10 | 0.06 | 0.10 |
F5 | 31 | 32 | 1 | F5-32 | 1.33 | 0.06 | 0.06 |
F5 | 32 | 32.9 | 0.9 | F5-33 | 1.12 | 0.56 | 0.60 |
F5 | 44 | 45 | 1 | F5-40 | 2.18 | 0.04 | 0.38 |
F6 | 24 | 24.9 | 0.9 | F6-59 | 0.30 | 0.03 | - |
F6 | 24.9 | 25.8 | 0.9 | F6-60 | 4.09 | 0.15 | - |
F6 | 25.8 | 26.7 | 0.9 | F6-61 | 0.48 | 0.04 | - |
F6 | 26.7 | 28 | 1.3 | F6-62 | 4.06 | 0.95 | - |
F6 | 28 | 29 | 1 | F6-63 | 2.02 | 0.08 | 0.01 |
F6 | 29 | 30 | 1 | F6-64 | 3.84 | 0.08 | 0.00 |
F6 | 30 | 31 | 1 | F6-65 | 2.28 | 0.05 | 0.06 |
F6 | 31 | 31.9 | 0.9 | F6-66 | 1.55 | 0.05 | 0.06 |
F6 | 31.9 | 33 | 1.1 | F6-67 | 4.79 | 0.04 | 0.03 |
F6 | 37 | 38 | 1 | F6-72 | 0.46 | 0.03 | 0.02 |
F13 | 23 | 24 | 1 | F13-90 | 0.20 | 0.02 | 1.00 |
F13 | 33 | 34 | 1 | F13-101 | 2.10 | 0.03 | 0.14 |
F18 | 59 | 60 | 1 | F18-136 | 1.08 | 0.15 | 0.39 |
F18 | 61 | 62 | 1 | F18-138 | 0.19 | 0.03 | 0.01 |
F11 | 7.4 | 8.4 | 1 | F11-165 | 0.61 | 0.25 | 0.35 |
Table 1. Table with high Cu% assay values
Hole ID | From | To | Cu% | Length(m) | Status |
F4_ug | 46.7 | 48.0 | 0.650 | 1.3 | Ore |
F5_ug | 30.3 | 45.0 | 0.518 | 14.7 | Ore |
F11_ug | 7.4 | 8.4 | 0.613 | 1 | Ore |
F13_ug | 23.0 | 34.0 | 0.217 | 11 | Ore |
F18_ug | 59.0 | 62.0 | 0.456 | 3 | Ore |
F6_ug | 24.0 | 38.0 | 1.796 | 14 | Ore |
Table 2.Table with economic composited copper grades
Hole ID | Sum of Length(m) | Average of Cu% |
F11_ug | 1.00 | 0.61 |
F13_ug | 11.00 | 0.22 |
F18_ug | 3.00 | 0.46 |
F4_ug | 1.30 | 0.65 |
F5_ug | 14.70 | 0.52 |
F6_ug | 14.00 | 1.80 |
Grand Total | 45.00 | 0.71 |
Table 3.Summary table with Ore length and average grade
Further work
The current drilling stage has the purpose of confirming the extension of the orebody at higher depth and along strike. The second stage will consist of infill drillholes with the aim of classifying a JORC-compliant resource ratified by an independent Competent Person.
Report Signatories
Negru Vlad Andrei is a 'Certified Person' from the National Agency for Mineral Resource in Romania. He is a geologist with more than 12 years' experience in Mineral Resource estimation. He has worked for a large number of projects in Romania and also as an SRK consultant. Mr Andrei consents to the inclusion of his name in this announcement in the form and context to which it appears.
Competent Person
The forward-looking technical views made in this announcement are based on information interpreted by Mr Nicolae Turdean, the Our Romanian Country Manager and a full-time employee of the Company. Mr Nicolae Turdean is a Qualified Person who is a member in good standing of the:
· Romanian National Association of Specialists in Mining Industry
· General Association of Romanian Engineers
· Romanian National Committee of Mining Engineers
Nicolae has 40 years' experience in the Romanian mining industry. He was most recently President of the National Agency for Mineral Resources. Prior to this, Nicolae was the Chief Executive of Cupru Min SA, the Romanian state-owned copper producer. Nicolae has worked closely with the Ministry of Economy and Commerce, the Minister of Economy and Finance, and the World Bank, as well as serving on the Board of Administration for a number of companies. Nicolae holds both a Bachelor of Mining Science and a MSc. in the Management of Mining Activities from the Technical University of Petrosani in Romania.
Market Abuse Regulation (MAR) Disclosure
Certain 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 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR") until the release of this announcement.
**ENDS**
For further information, visit www.vastplc.com or please contact:
Vast Resources plcAndrew Prelea (CEO) Andrew Hall (CCO)
| www.vastplc.com +44 (0) 20 7846 0974 |
Beaumont Cornish - Financial & Nominated Advisor Roland Cornish James Biddle
| www.beaumontcornish.com +44 (0) 20 7628 3396 |
Shore Capital Stockbrokers Limited - Joint Broker Toby Gibbs / James Thomas (Corporate Advisory)
| www.shorecapmarkets.co.uk +44 (0) 20 7408 4050 |
Axis Capital Markets Limited - Joint Broker Richard Hutchinson
| www.axcap247.com +44 (0) 20 3206 0320 |
St Brides Partners Limited Susie Geliher | www.stbridespartners.co.uk vast@stbridespartners.co.uk |
ABOUT VAST RESOURCES PLC
Vast Resources plc is a United Kingdom AIM listed mining company with mines and projects in Romania, Tajikistan, and Zimbabwe.
In Romania, the Company is focused on the rapid advancement of high-quality projects by recommencing production at previously producing mines.
The Company's Romanian portfolio includes 100% interest in Vast Baita Plai SA which owns 100% of the producing Baita Plai Polymetallic Mine, located in the Apuseni Mountains, Transylvania, an area which hosts Romania's largest polymetallic mines. The mine has a JORC compliant Mineral Resource Report which underpins the initial mine production life of approximately 3-4 years with an in-situ total Mineral Resource of 15,695 tonnes copper equivalent with a further 1.8M-3M tonnes exploration target. The Company is now working on confirming an enlarged exploration target of up to 5.8M tonnes.
The Company also owns the Manaila Polymetallic Mine in Romania, which the Company is looking to bring back into production following a period of care and maintenance. The Company has also been granted the Manaila Carlibaba Extended Exploitation Licence that will allow the Company to re-examine the exploitation of the mineral resources within the larger Manaila Carlibaba licence area.
Vast has an interest in a joint venture company which provides a share of revenue generated from the Takob Mine processing facility in Tajikistan. The Takob Mine opportunity, which is 100% financed, will provide Vast with a 12.25 percent royalty equivalent overall sales of non-ferrous concentrate and any other metals produced.
In Zimbabwe, the Company is preparing for the release of its diamonds previously mined by the Company and preparing for their marketing. Upon the finalisation of the process the Company will recommence its focus on the finalisation of the mining agreement on the Community Diamond Concession in the Marange Diamond Fields.
TECHNICAL GLOSSARY
The following is a summary of technical terms:
Ag | Silver |
Au | Gold |
Cu | Copper |
Pb | Lead |
Zn | Zinc |
Mo | Molybdenum |
Bi | Bismuth |
W | Wolfram (Tungsten) |
Cut-off | The cut-off grade is the lowest grade, or quality, of mineralised material that qualifies as economically mineable and available in a given deposit. May be defined on the basis of economic evaluation, or on physical or chemical attributes that define an acceptable product specification; |
Economic composite | This classifies drill data into ore and waste categories and takes into account grade thresholds, mining dimensions and allowable dilution. It is primarily an input into modelling the geometry of mineralisation rather than grade. |
Grade | Grade(s) means the quantity of ore or metal in a specified quantity of rock |
Mineral Resource | A 'Mineral Resource' is a concentration or occurrence of solid material of economic interest in or on the Earth's crust in such form, grade (or quality), and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade (or quality), continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories. |
Inferred Mineral Resource | An 'Inferred Mineral Resource' is that part of a Mineral Resource for which quantity and grade (or quality) are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade (or quality) continuity. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. |
Indicated Mineral Resource | An 'Indicated Mineral Resource' is that part of a Mineral Resource for which quantity, grade (or quality), densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. |
Exploration Target | An Exploration Target is a statement or estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnes and a range of grade (or quality), relates to mineralisation for which there has been insufficient exploration to estimate a Mineral Resource. |
Mineral Reserve | An 'Ore Reserve' is economically minable part of a Measured and/or Indicated Mineral Resource. It includes diluting materials and allowances for losses, which may occur when the material is mined or extracted and is defined by studies at Pre-Feasibility level as appropriate that include application of Modifying Factors. Such studies demonstrate that, at the time of reporting, extraction could be reasonably justified. |
JORC Code | Australasian Institute of Mining and Metallurgy Joint Ore Reserves Committee code on mineral resources and ore reserves |
Mineralisation | Process of formation and concentration of elements and their chemical compounds within a mass or body of rock |