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Vast ResourcesAnnouncement

30/11/2017 07:05

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

30 November 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 final phase of
drilling at its 100% owned Carlibaba prospect ('Carlibaba'), the proposed
location of a second open pit mining operation at the Manaila Polymetallic
Mine in Romania ('Manaila').

Highlights
* Final results from 2,150m (previously estimated at 2,200m) drilling
programme designed to confirm Carlibaba's suitability as a second open pit
mine within the Manaila licence area 
* Subject to an economic assessment, the drilling results appear to support
the development of a second open pit operation at Manaila, in addition to a
new metallurgical processing facility on site, which would reduce Manaila opex
costs by up to 25%.  The cost of this is included in the US$10 million
strategic funding requirement as previously announced and as referred to in
the Company's recent Circular to Shareholders.
* Highlights from the completed drilling programme include:* F004: 4.50m @
1.17% copper ('Cu'); 0.08% lead ('Pb'); 0.21% zinc ('Zn'); 0.18g/t gold ('Au')
and 9.98g/t silver ('Ag')
* F005: 12.4m @ 1.11% Cu; 0.18% Pb; 0.43% Zn; including 5.9m @ 1.97% Cu; 0.30%
Pb; 0.71% Zn; 0.62g/t Au and 26.29g/t Ag
* F009: 3.00m @ 2.93% Cu; 0.88% Pb; 1.95% Zn; 0.47g/t Au and 93.33g/t Ag
* F012: 2.20m @ 1.17% Cu; 0.84% Pb; 1.32% Zn; 0.98g/t Au; 74.9g/t Ag
* F012: 1.00m @ 2.43% Cu; 2.18% Pb; 2.10% Zn; 1.47g/t Au and 132.00g/t Ag
* F013: 1.50m @ 0.93% Cu; 0.93% Pb; 0.66% Zn; 0.43g/t Au and 74.00g/t Ag
* F018: 1.60m @ 1.51% Cu; 0.21% Pb; 0.44% Zn; 0.28g/t Au and 13.9g/t Ag
 

* JORC compliant Mineral Resource update targeted for release in H1 2018
Roy Pitchford, Chief Executive of Vast, commented:

"The results from the now completed drilling programme at Carlibaba have
validated the historic assay data set and provided significant support to our
assertion that this prospect will become the second open pit mine operation at
our Manaila licence, in addition to the site of our new metallurgical
complex.  The development of these twin objectives, which we are looking to
fund through off-take debt finance, is expected to increase throughput volumes
at Manaila considerably and also materially reduce operating costs - which
should significantly enhance profitability in Romania moving forwards."

Further Information

Further to the announcement on 4 October 2017, a total of nine additional
diamond drill holes were cored during the second phase of the drilling
programme for a total of 1,150.2 metres (previously estimated at 1,200m). 
The complete surface drilling programme comprised 18 surface core drill holes
totalling 2,150.6 metres in length.

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 complete drilling programme are as follows:

 Drill hole ID  From (m)  To (m)  Length (m)        Au (g/t)             Ag (g/t)               Cu %                 Pb %                 Zn %         
     F001 *        28       55       27.0             0.28                11.19                 0.49                 0.21                 0.45         
     F002 *       21.5      24        2.5             0.26                 4.72                 0.21                 0.01                 0.06         
                   41      48.5       7.5             0.06                 1.23                 0.13                 0.04                 0.05         
     F003 *        85       97       12.0             0.16                 3.00                 0.49                 0.01                 0.07         
                  101.3     105       3.7             0.22                 3.03                 0.33                 0.03                 0.08         
     F004 *       109.2    113.7      4.5             0.18                 9.98                 1.17                 0.08                 0.21         
                   122     127.7      5.7             0.77                10.63                 0.80                 0.04                 0.15         
     F005 *       114.6     127      12.4             0.44                14.60                 1.11                 0.18                 0.43         
     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             0.20                 3.53                 0.29                 0.03                 0.07         
                   87      89.5       2.5             0.06                  -                   0.16                 0.01                 0.14         
     F008 *        26      27.5       1.5             0.15                 5.00                 0.15                 0.07                 0.14         
     F009 *        79       81        2.0             0.10                11.40                 0.38                 0.11                 0.36         
                   136     145.5      9.5             0.36                39.42                 1.48                 0.40                 0.83         
      F010         0.0     80.0      80.0                                                 No Intersection                                              
      F011         0.0     139.0     139.0                                                    Faulted                                                  
      F012        38.5     38.8       0.3             0.23                 9.0                  1.25                 0.04                32.10         
                  80.4     91.0       7.2             0.65                 57.5                 1.13                 0.63                13.82         
      F013        61.3     62.8       1.5             0.13                 18.3                 0.43                 0.45                14.34         
                  92.0     94.7       2.7             0.33                 62.4                 0.94                 1.18                11.99         
                  100.5    105.0      4.5             0.26                 16.2                 0.39                 0.27                 4.37         
      F014        227.8    228.5      0.7             0.27                 7.0                  0.63                 0.05                 9.76         
      F015         0.0     227.0     227.0                                          Faulted, Intrusive, Breccia                                        
      F016        112.0    128.0      4.7             0.08                 3.6                  0.10                 0.03                13.03         
      F017         0.0     107.0     107.0                                                    Faulted                                                  
      F018        70.9     77.4       6.5             0.12                 9.1                  0.65                 0.09                 6.34         

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

* Phase 1 drill results previously reported

The drilling programme has achieved its primary purpose of validating a
portion of the historic assay data set compiled by Vast from historic drilling
and assay reports.  In addition, the drilling programme was focussed
primarily on the portion of the mineral resource which was previously
identified as having possible open pit mining potential.

The drilling programme appears 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.

The data from this drilling programme undertaken at Manaila by Vast will be
combined with the existing database of information compiled for the mine and
surrounding area.  The geological model and Mineral Resource models will be
updated and a JORC compliant Mineral Resource update is targeted for release
in H1 2018.

Baita Plai Update

The Company will update the market as and when it is in receipt of the
official documentation by the relevant authorities regarding the award of the
Baita Plai association licence.

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  
 SVS Securities Plc - Joint Broker Tom Curran  Ben Tadd                         www.svssecurities.com  +44 (0) 20 3700 0100       
 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