Exploration Target for Mineral Resource upgrade and establishment of an Ore Reserve
Vast Resources plc, the AIM-listed mining company, is pleased to announce the receipt of a Technical Programme Report (the ‘Report’) for its Baita Plai Polymetallic Mine (‘Baita Plai’) which sets out a plan for a drilling programme for the purpose of establishing an enlarged JORC compliant Mineral Resource and in due course an Ore Reserve for its licence renewal in August 2024. The Report concludes that the fulfilment of the programme will give the Company potential to:
- Extend the current mine ore zone (Antonio).
- Justify the opening of a new mining area (Baia Rosie) directly from Antonio Level 15 into the Baia Rosie Skarn.
- A potential upgrade to the existing Mineral Resource at Baita Plai (Antonio plus Baia Rosie) with the inclusion of a JORC compliant Exploration Target of 11.65-12.65Mtn at 0.98% to 1.69%% Cu, 0.23% to 0.57% Pb, 0.17% to 0.62%Zn.
- 12 Month Drilling Programme to confirm historic data and continuation of the previously mined areas.
- Total of 15,870 drilling metres (59 locations) are planned
- 10,890 diamond drilling metres are planned in Baia Rosie
- from surface 18 holes – 9,900 metres
- from underground 14 holes -990 metres
- 4,980 diamond drilling metres are planned for Antonio
- from underground 27 holes – 4,980 metres
The ore bodies proposed for investigation are constructed based on data from historical drillholes and level plans and have a total tonnage of 11.65-12.65Mtn considered as an Exploration Target (see below).
To evaluate the degree of correlation between Cu%, Zn% and Pb% a Pearson’s correlation was conducted. The prognoses for Cu%, Pb%, Zn%, Au_g/t and Ag_g/t as a result of this are presented below and are considered to be target grades:
|Cu%||0.98 to 1.69|
|Pb%||0.23 to 0.57|
|Zn%||0.17 to 0.62|
|Au_g/t (based on drillholes samples)||0.05-2|
|Ag_g/t (based on drillholes samples)||30-90|
Drilling costs and associated reporting are to be funded from current cash balances, future funding and revenues over the coming 12 months.
|Exploration Target Drill Spacing||Mass||Zone|
|Total Baia Rose Ore||8,850,000-9,250,000|
|Total Antonio Ore||2,800,000-3,400,000|
|Total 50x50m+ 100x100m||8,400,000-9,150,000||Baia Rosie + Antonio|
|Total 50x50m+100x100m+Extension 100m||11,650,000-12,650,000||Baia Rosie|
|Measured Drill Spacing||50x50m|
|Indicated Drill Spacing||100x100m|
|Inferred Drill Spacing||Extension 100m|
The proposed drilling will be spaced at 50x50m; some at 100x100m; and some at wider spacing. The 50x50m spacing and the 100x100m spacing is expected to be sufficient to achieve a Measured and Indicated Mineral Resource.
A copy of the Report in full can be found on the Company’s website using the following link: https://www.vastplc.com/investor-information/document-downloads
The Report was prepared by Negru Vlad Andrei, Chief Geologist for geological and geotechnical consultants, Formin SA, and countersigned by Daniel Maguran of Maguran Top Consulting, Canada.
The information for the Report was sourced from the Company’s database files which included its drilling and sampling database, quality control sample results and quality/data collection procedures and protocols, together with maps, drill holes and assays from historical sources. This enabled the construction of a ‘Wireframe’ – which was also confirmed by the 2020 drill holes at Antonio which formed the basis of the JORC Mineral Resource announced on 29 October 2020. The Report concludes the Wireframe constitutes a solid foundation for the planning of a new set of drill holes with the potential to highlight the extension of the current mine ore zone (Antonio) and to justify the opening of the new mining area in Baia Rosie ore that was historically mined down to level 15 only.
Establishment of an Ore Reserve
Following the result of the drilling programme the Company intends to carry out a further study in order to produce a Preliminary Economic Assessment (PEA) of the further potential at Baita Plai revealed by the drilling programme. Subject to the results of the PEA this would then potentially enable the recategorisation of a portion of the Measured and Indicated Mineral Resources into Proved and Probable Ore Reserves.
Furthermore, as part of this process, the Company has located an historic National Agency for Mineral Resources (ANRM) Polymetallic Registered Reserve of 1.489 million tonnes calculated until 220m Depth (Level 19) as follows:
|Avg.Grade||Ore Tonnes||Contained Metal Tonnes|
* Shareholders should note that this historic Mineral Resource is not JORC compliant and was prepared under the NAEN Code in 1999 and recategorised in 2009 by ANRM and, whilst indicative, should not be relied upon until the revised JORC Resource/Reserve statements are published by the Company following the intended drilling campaign.
Andrew Prelea, CEO of Vast Resources plc, commented:
“The receipt of the recommendations and conclusions of the Report is an important step in potentially extending the mining area at Baita Plai from its existing base and creating a much enlarged Mineral Resource. In the Company’s announcement of 29 October 2020 we were able to report an Exploration Target of between 1.8 million and 3.0 million tonnes in a range of 0.50-2.00% Cu, 0.20-0.80g/t Au and 40-80g/t Ag. I am pleased to see that this Exploration Target is now well exceeded as a result of the new Exploration Target contained in the Report – a significant further step in securing the long term future of the Baita Plai mine.”
Report S ignatories
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.
Daniel Maguran is a Competent Person and is a registered member of the ‘Ordre des ingénieurs du Québec’, a recognised professional organisation included in the list that is posted on the ASX website from time to time. Having worked continuously since 2000 in various positions as a mechanical engineer, area manager and senior project manager Mr Maguran has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Maguran consents to the inclusion of his name in this announcement in the form and context to which it appears.
The forward-looking technical views made in this announcement is 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.
For further information, visit www.vastplc.com or please contact:
|Vast Resources plc
Andrew Prelea (CEO)
Andrew Hall (CCO)
+44 (0) 20 7846 0974
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