REG - Vast Resources PLC - Phase 1 Drill Results at Baita Plai Mine
17/07/2023 07:00
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RNS Number : 1454G Vast Resources PLC 17 July 2023
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 Sample %Cu %Zn %Pb
length (m) ID
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 plc www.vastplc.com
Andrew Prelea (CEO) +44 (0) 20 7846 0974
Andrew Hall (CCO)
Beaumont Cornish - Financial & Nominated Advisor www.beaumontcornish.com (http://www.beaumontcornish.com)
Roland Cornish +44 (0) 20 7628 3396
James Biddle
Shore Capital Stockbrokers Limited - Joint Broker www.shorecapmarkets.co.uk
+44 (0) 20 7408 4050
Toby Gibbs / James Thomas (Corporate Advisory)
Axis Capital Markets Limited - Joint Broker www.axcap247.com
Richard Hutchinson +44 (0) 20 3206 0320
St Brides Partners Limited www.stbridespartners.co.uk (http://www.stbridespartners.co.uk)
Susie Geliher vast@stbridespartners.co.uk (mailto: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
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