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Vast ResourcesAnnouncement

04/10/2017 07:05

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Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining

4 October 2017
Vast Resources plc
("Vast" or "the Company")

Manaila Extension (Carlibaba) Drilling Results Update

Vast Resources plc, the AIM-listed mining company with operations in Romania
and Zimbabwe, is pleased to announce the results of its first phase of
drilling at the Carlibaba prospect ('Carlibaba'), the proposed location of a
second open pit mining operation at the Manaila Polymetallic Mine in Romania
('Manaila').

Overview
* Results from first 1,000m of the 2,200m drilling programme designed to
confirm Carlibaba's suitability as a second open pit mine within the Manaila
licence area 
* Preliminary results support the development of a second open pit operation
at Manaila with the construction of a metallurgical processing facility on
site, which would reduce Manaila opex costs by up to 25% 
* Highlights from drilling include: * 3.00m @ 2.93% copper ('Cu'); 0.88% lead
('Pb'); 1.95% zinc ('Zn'); 0.47g/t gold ('Au') and 93.33g/t silver ('Ag') 
* 5.90m @ 1.97% Cu; 0.30% Pb; 0.71% Zn; 0.62g/t Au and 26.29g/t Ag 
* 4.50m @ 1.17% Cu; 0.08% Pb; 0.21% Zn; 0.18g/t Au and 9.98g/t Ag 
 
* Second phase of drilling underway to verify the continuation of the zones at
depth 
* JORC Compliant Resource to be declared on completion of Phase 2 drilling
analysis
Roy Pitchford, Chief Executive of Vast, commented:
"Carlibaba is shaping up to be an important new component in our expanding
portfolio of development projects and operating mines in Romania.  Not only
does Carlibaba appear to be a significant new mining prospect in its own
right, but when coupled with the proximal main open pit at Manaila and the
proposed new metallurgical complex, the entire production profile of the
licence has potential to be significantly enhanced to deliver long-term
profitable operations for the Company."

Further Information
A total of nine diamond drill holes were cored for a total of 1,000.6 metres
of drilling. All samples were logged on site by Vast employees in conjunction
with Formin SA, a local drilling and geological consultancy firm.  All core
from mineralised intervals were split in half using a diamond saw on site and
photographed.  One half of the core was used for sampling with the samples
sent to the independent laboratories of ALS at Rosia Montana. The remaining
split core is stored on site for future reference.

The results of the Phase 1 drilling programme are as follows:

 Drillhole ID  From (m)  To (m)  Length (m)          CU %                 PB %                 ZN %                AU ppm               AG ppm        
     F001         28       55       27.0             0.49                 0.21                 0.45                 0.28                11.19         
                                                                                                                                                      
     F002        21.5      24        2.5             0.21                 0.01                 0.06                 0.26                 4.72         
                  41      48.5       7.5             0.13                 0.04                 0.05                 0.06                 1.23         
                                                                                                                                                      
     F003         85       97       12.0             0.49                 0.01                 0.07                 0.16                 3.00         
                 101.3     105       3.7             0.33                 0.03                 0.08                 0.22                 3.03         
                                                                                                                                                      
     F004        109.2    113.7      4.5             1.17                 0.08                 0.21                 0.18                 9.98         
                  122     127.7      5.7             0.80                 0.04                 0.15                 0.77                10.63         
                                                                                                                                                      
     F005        114.6     127      12.4             1.11                 0.18                 0.43                 0.44                14.60         
                                                                                                                                                      
     F006         122      124       2.0           Intersected underground drive. Massive sulphides in the final 0.10 metres of core obtained.        
                                                                                                                                                      
     F007         63      67.3       4.3             0.29                 0.03                 0.07                 0.20                 3.53         
                  87      89.5       2.5             0.16                 0.01                 0.14                 0.06                  -           
                                                                                                                                                      
     F008         26      27.5       1.5             0.15                 0.07                 0.14                 0.15                 5.00         
                                                                                                                                                      
     F009         79       81        2.0             0.38                 0.11                 0.36                 0.10                11.40         
                  136     145.5      9.5             1.48                 0.40                 0.83                 0.36                39.42         

Intercepts are fully diluted with internal waste of up to 3.0m between
sulphide units

The drilling programme has confirmed the mineralised zones and geological
structures as previously modelled.  The orebody appears to be wide closer to
surface with moderate grades while progressively thinning down dip with a
corresponding increase in value.  The assayed values appear to support the
development of a second open pit operation at Manaila with the construction of
a metallurgical processing facility on site, thereby significantly reducing
the cost of ore transport incurred at the current operation.

For Phase 2 drilling, a total of nine surface drill holes are in the process
of being completed totalling a further 1,200 metres of core.  The Phase 2
drilling will intersect the defined mineralised zones identified from historic
drilling and the Phase 1 drilling at depth and serve to verify the
continuation of the zones at depth.

The drilling undertaken at Manaila by Vast, in conjunction with the
significant data obtained from historic sources, is being collated and
modelled in-house by Vast and will result in a JORC compliant mineral resource
for Manaila being reported in due course.

Competent Person

The information in this report that relates to Exploration Targets,
Exploration Results, Mineral Resources or Ore Reserves is based on information
compiled by Mr Craig Harvey, the 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'. 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.vastresourcesplc.com or please contact:

 Vast Resources plc Roy Pitchford (Chief Executive Officer)                    www.vastresourcesplc.com +44 (0) 20 7236 1177    
 Beaumont Cornish - Financial & Nominated Adviser Roland Cornish James Biddle  www.beaumontcornish.com                          
                                                                               +44 (0) 020 7628 3396                            
 Brandon Hill Capital Ltd - Joint Broker Jonathan Evans                        www.brandonhillcapital.com +44 (0) 20 3463 5016  
 Peterhouse Corporate Finance Ltd - Joint Broker Duncan Vasey                  www.pcorpfin.com +44 (0) 20 7469 0936            
 St Brides Partners Ltd Susie Geliher Charlotte Page                           www.stbridespartners.co.uk                       
                                                                               +44 (0) 20 7236 1177                             

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").
This announcement is distributed by Nasdaq Corporate Solutions on behalf of
Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for
the content, accuracy and originality of the information contained therein.
Source: Vast Resources plc via Globenewswire