Vast Resources (VAST ) has appointed consultancy firm, Wardell Armstrong, to work on the verification of the company’s increased JORC Resource which is being targeted with its upcoming exploration drilling campaign at the Baita Plai Polymetallic Mine in Romania. 

The objective of the exploration drilling campaign is to target the downdip extension of the Antonio skarn from 19 level to 22 level and to convert part of the exploration target. 

This will target between 3.2M–5.8M tonnes with a copper (‘Cu’) range of 0.50–2.00%, a gold (‘Au’) range of 0.20–0.80 g/t and a silver (‘Ag’) range of 40-80g/t to a JORC classification. 

The London-listed mining company said exploiting the Antonio skarn at planned production capacity to a 21 level elevation would provide ‘sufficient mineralisation’ for around 7 to 8 years and would be the focus of a continuation of the incline access beyond 19 level. 

The Company said it intends to expand exploration drilling to the Antonio North skarn in early 2022 with the objective of converting part of the Exploration Target assigned to the Antonio North skarn, which stands at between 1.4M–2.8M tonnes, to JORC classification. 

Wardell Armstrong confirmed that the Mineral Resource Estimate (“MRE”) can be considered ‘a reasonable reflection’ of the mineral resources of the previously published existing MRE (which was recorded at 608,000 tonnes @ 2.58% copper equivalent (Measured, Indicated & Inferred) as noted on 29 October 2020) and confirmed its content.  

Vast said this underpins the initial mine production life of around 3-4 years of in-situ 15,695 tonnes copper equivalent available for mining and Exploration targets mentioned above. 

Commenting on the appointment of Wardell Armstrong, Andrew Prelea, Chief Executive  of Vast Resources said: “Wardell Armstrong is an internationally acclaimed and trusted mining consultancy and we are delighted to appoint the firm to our advisory team for Baita Plai.” 

Building on the work that they have successfully concluded relating to our existing MRE, we look forward to working with them as we unlock the further potential of this significant mine in tandem with the production and sales that we continue to deliver during the ramp up phase. We look forward to reporting results of the exploration drilling campaign during H2 2021.”   

View from Vox 

Addressing shareholders, Vast said the appointment of Wardell Armstrong at Baita Plai builds on the work that they have successfully concluded relating to its existing MRE. 

Vast said it hopes this will ‘unlock the further potential of this significant mine in tandem with the production and sales that we continue to deliver during the ramp up phase.’ 

Reasons to VAST

Vast Resources 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, particularly its wholly owned producing Baita Plai Polymetallic Mine.  

Valuable Portfolio  

Romania  

The company previously reported the first commercial sale of concentrate produced at its Baita Plai Polymetallic Mine (‘Baita Plai’) in Romania last month. Vast confirmed at the time that this first delivery of concentrate has been completed ‘in accordance with expectations.’  

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.   

Last year, the company enlarged its exploration target at the Baita Plai Polymetallic Mine to between 3.2m–5.8m tonnes following the group’s analysis of further historical drilling data.   

Elsewhere, Vast has been granted the Manaila Carlibaba Extended Exploitation Licence that will allow it to re-examine the exploitation of the mineral resources within the larger Manaila Carlibaba licence area.   

Zimbabwe  

In Zimbabwe, Vast is focused on the commencement of the joint venture mining agreement on the Chiadzwa Community Concession Block of the Chiadzwa Diamond Fields.  

Multiple Re-Rating Catalysts 

Vast is on track to surpass its initial copper concentrate sales delivery targets and expects delivery of between 350-400 tonnes of copper concentrate to commodity group Mercuria.    

Production of Cu concentrate in October was estimated to be more than 50% of the total FY20 target with first deliveries to Mercuria expected imminently.    

In December 2020, Vast announced that it had completed a placing to raise £4.8m ($6.45m) placing at 0.132p to satisfy expected requirements from the international banking institution which it said will enable it to ramp up to full production at its Baita Plai Polymetallic Mine.  

Andrew Prelea, CEO of Vast said the facility is “a key corporate and commercial objective for Vast, and one which I believe will prove beneficial for shareholders as we move into 2021.”  

He said this development “will provide Vast with the financial optionality to successfully capitalise on the anticipated ramp up to full production at our Baita Plai Polymetallic Mine.”  

Vast said it remains well funded following this placing and it reported earlier this month that it was making solid progress with the ramp up to full production at the Baita Plai Mine.  

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