Vast starts drilling in Romania

VAST Resources, the AIM-listed mining company with operations in Romania and Zimbabwe, announces that a drilling programme to confirm the mineral resource and provide material for metallurgical testwork has commenced at its Faneata tailings dam (“Faneata”) located 7km from the Baita Plai Polymetallic Mine (“Baita Plai”) in western Romania.

Highlights

  • Drilling commenced this week at the 4.6Mt tailings dam at Faneata, which is comprised of approximately 40 years of tailings from the high grade Baita Plai
  • 33 auger drill holes are planned of approximately 25m each in length covering a total of 825m
  • Previous historical sampling indicates that the tailings contain economic quantities of minerals, including 4,080 tonnes of copper, 6,640 tonnes of zinc, 3,100 tonnes of lead, 35 tonnes of silver and 309kg of gold in-situ
  • Drilling is anticipated to take six weeks and independent assay results are expected in Q1 2017
  • A maiden JORC Compliant Resource Estimate (2012) is anticipated for publication in Q1 2017
  • Independent flotation test work and recovery optimisation, for use in the feasibility study, will be conducted in Q1 2017
  • Feasibility work will commence post completion of the JORC resource and the metallurgical testwork, with the intention of progressing towards low capex production in the near term utilising the existing plant and infrastructure on site at Baita Plai

Roy Pitchford, Vast CEO, says: “Faneata represents a low-cost route to monetising our interests at the Baita Plai site, offering the opportunity to process 40 years’ worth of material from the high grade mine. Our intention would be to utilise the plant and equipment which we already own at Baita Plai, which would enable us to develop a new operation at Faneata in the near term, complementing our two existing production assets and enhancing our production profile, revenue and financial performance moving forward.

“With this in mind we have set an ambitious development schedule for Faneata, which should deliver a JORC Compliant Mineral Resource estimate and flotation test work results in Q1 2017. A feasibility study, based on the JORC resource and associated metallurgical testwork will follow shortly thereafter and will set the parameters for developing Faneata into a new revenue stream for the Company.”

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