Last checked at 26 May 2022 08:00
Successful Underground Drill Testing of Mantis CMR4 Production RigVast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
26 May 2022
Vast Resources plc(“Vast” or the “Company”)
Successful Underground Drill Testing of Mantis CMR4 Production Rig
Vast Resources plc, the AIM-listed producing mining company, is pleased to announce an update from its producing Baita Plai Polymetallic Mine in Romania (“Baita Plai”).
First of two Mantis CMR4 production drilling rigs has successfully completed functional drill testing underground.Drilling with a Doofor DF530S hydraulic drifter resulted in penetration rates of up to 1.05 metres per minute which significantly outperforms the standard pneumatic rock drills which typically achieve penetration rates of up to 0.3 metres per minute.The use of the Mantis drilling rig will result in drilling efficiency improvements of up to 3.5 times with a reduction of labour at the drilling face, thereby allowing additional faces to be worked.Formal operator training is underway and the preparation of the area on 17 level for initial Long Hole Stoping ahead of production in this area in June 2022.The second of the two Mantis rigs is expected within the next week and will be put into service to develop infrastructure from below 18 level on the Antonio Skarn, to a planned 21 level elevation.With the two new Mantis drills and the transition to mechanised mining, together with the implementation of long hole stope mining, significantly increased production output is expected from the end of Q2 onwards.Andrew Prelea, Chief Executive Officer of Vast Resources PLC, commented:
“Our planned ramp up at Baita Plai is now on course. The implementation of long hole stope mining is expected to deliver a significant increase in production volumes, and together with our additional operational improvements, including the introduction of of molybdenum flotation circuit, Vast is in a strong position to lift production, output and revenues from the end of Q2 and into Q3. I look forward to sharing more operational developments in the coming weeks as the additional elements of our mechanisation and optimisation plan at Baita Plai are rolled out.
“In the meantime, we will share pictures and video on our social channels to keep investors updated with our progress.”
Competent Person
The forward-looking technical views made in this announcement is based on information interpreted by Mr Craig Harvey, the Group Geologist and Chief Operating Officer for Vast and a full-time employee 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'.
**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 AdvisorRoland CornishJames 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 Kamran Hussain | www.axcap247.com +44 (0) 20 3206 0320 |
| St Brides Partners LimitedSusie Geliher Charlotte Page | www.stbridespartners.co.uk+44 (0) 20 7236 1177 |
ABOUT VAST RESOURCES PLC
Vast Resources plc is a United Kingdom AIM listed mining company with mines and projects in Romania 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 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 Reserve & 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 was commissioned in 2015, currently on care and maintenance. The Company has 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.
The Company has also acquired an interest in a joint venture company which provides exposure to a near term revenue opportunity 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 over all sales of non-ferrous concentrate and any other metals produced. Processing of stockpiled ore on site is expected to commence in Q2 2022.
In Zimbabwe, the Company is focused on the commencement of the joint venture mining agreement on the Community Diamond Concession, Chiadzwa, in the Marange Diamond Fields.