Vast Resources plc, the AIM-listed mining company, is pleased to announce a 20% overall increase in Q3 production from its Baita Plai Polymetallic Mine (‘Baita Plai’) in Romania.
As outlined in the announcement made on 26 September 2022, the last month of the quarter saw an increase in production via the utilisation of the Mantis rigs resulting in a significant increase in tonnes mined and the quality of the concentrate produced from an average of 16% in July and August to over 22% with peaks of 28.5%. September 2022 was the most successful month of underground production at Baita Plai with the mine producing 7,900 tons of ore, accounting for 50% of underground production in Q3 2022.
Production in July and August 2022 was affected by a requirement to change the working faces to enable the implementation of Long Hole Stoping. The initial downward perforation strategy for Long Hole Stoping was subsequently adjusted to vertical drilling in Level 17, to mitigate against the deflection of the drilling rods and this effective drilling strategy will now be maintained.
Figure 1 below shows the Q3 2022 production figures as well as a comparison to those published in Q1 & Q2 2022.
Q 4 2022 Production Outlook
Q4 2022 commenced with a further increase in the rate of underground ore production compared to the average rate achieved in September. The current prepared accessible underground ore stands at approximately 290,000 tons because of the change in the transition to mechanised mining. The mine is currently working in four separate high productivity mining areas utilising Long Hole Stope methodology in addition to continuing production on two working faces with room and pillar mining method of extraction. Accordingly, underground production is expected to continue its growth into Q1 2023.
The completion of Spiral number 3 will further increase the volume of underground ore production which is intended to ensure the longevity of the mine from Q2 2023.
Finally, the Company confirms that the sale of concentrate expected in mid-October will now occur in the first week of November.
Andrew Prelea, Chief Executive Officer at Vast Resources PLC, commented:
“This has been a successful period which has seen us achieve the uptick in production from September that we have been working towards. I am wholly encouraged by the work that is continuing on the ground as we now plan for further increases in the remaining weeks of Q4, and again in Q1 2023 and onwards. ”
Important Notices
This announcement contains ‘forward-looking statements’ concerning the Company that are subject to risks and uncertainties. Generally, the words ‘will’, ‘may’, ‘should’, ‘continue’, ‘believes’, ‘targets’, ‘plans’, ‘expects’, ‘aims’, ‘intends’, ‘anticipates’ or similar expressions or negatives thereof identify forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond the Company’s ability to control or estimate precisely. The Company cannot give any assurance that such forward-looking statements will prove to have been correct. The reader is cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this announcement. The Company does not undertake any obligation to update or revise publicly any of the forward-looking statements set out herein, whether as a result of new information, future events or otherwise, except to the extent legally required.
**ENDS**
For further information, visit www.vastplc.com or please contact:
Vast Resources plc
Andrew Prelea (CEO)
Andrew Hall (CCO)
+44 (0) 20 7846 0974
