Vast Resources (AIM:VAST) has returned 'highly encouraging' results in line with expectations at its Baita Plai Polymetallic Mine in Romania “Baita Plai”.
The news follows positive results of Metallurgical Copper & Zinc Test Work at Baita Plai, which were in-line with the company’s expectations.
The mining company conducted a drilling program targeting the area below 18 level on the Antonio skarn, which is 224 metres above mean sea level, and intercepted the mineralized zone at depths of up to 50 meters below 18 level, the group outlined. To date, 692 metres of core representing 20 drill holes have been completed.
Vast said assays from the initial 15 drill holes totalling 253.8 metres of submitted sample length have been received from the ALS laboratories located at Rosia Montana, Romania.
ALS laboratories identified coarse gold in sample number BP180282 which returned a gold assay value of 9.15 gram per tonne in drill hole BP18_019 at a depth of 8.4 metres to 9.0 metres down the hole.
The area will be the initial mining area of Baita Plai and is expected to provide sufficient resources for a period of around 3 to 4 years at a production rate of 180 Kilo-Tonnes Per Annum (Ktpa).
Shares in Vast Resources have risen from lows of 0.15p in the past three months, closing on Wednesday afternoon at 0.217p.
Vast said the results can also be correlated with historic underground mining assays and a zonation of high-grade copper, gold and silver mineralisation versus more polymetallic copper, lead, zinc mineralisation.
'Significantly', it said, '75% of this area being delineated does not form part of the historic official mineral resource of 1.88m tonnes at 2.19% copper, 128 g/t silver, 3.46% Zinc, 3.07% lead and 1.41 g/t gold.' The historic mineral resource was delineated to a depth of only 12.5 metres below 18 level on the Antonio skarn.
Drilling is continuing on 18 level with deeper drilling planned to provide intersections of the Antonio skarn at depths of between 100m to 150 metres below 18 level.
The drilling is designed to provide necessary data for a JORC mineral resource estimation of the area immediately below 18 level extending 50 metres below to the 19 level elevation.
Vast is now finalising preparations ahead of the first sale of Baita Plai concentrate to Mercuria, which is expected to occur at the end of August/beginning September.
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