Vast Resources plc Jorc Resource Declared For Nkombwa Hill Phosphate And Rare Earth Element Project
October 12 2016 - 5:15AM
UK Regulatory
TIDMVAST
Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
12 October 2016
Vast Resources plc
("Vast" or the "Company")
JORC Resource Declared For Nkombwa Hill Phosphate and Rare Earth Element
Project
Vast Resources plc, the AIM listed mining company focussed on Romania
and Zimbabwe, announces that a maiden JORC Compliant Resource estimate
has been completed for the Nkombwa Hill Phosphate and Rare Earth Element
Project ("Nkombwa Hill" or the "Project") located in northern Zambia.
In February 2015, as part of an asset rationalisation process, Vast
entered into an Earn-In arrangement ("Earn-In") with Kilimire
International Limited ("KLL") whereby KLL would fund and manage a 36
month exploration and assessment programme. KLL can earn up to 65 per
cent. equity in the Project through the achievement of certain
milestones. The funding and compilation of the JORC compliant Mineral
Resource Statement increases KLL's interest in the Nkombwe Hill to 50.4
per cent. For more information regarding the Earn-In, see the Company's
announcement of 20 February 2015.
Overview
-- Total Mineral Resource (Indicated & Inferred) of 21.8Mt at a grade of
7.06% P2O5 and 1.17% Total Rare Earth Oxides ("TREOs") at a 3.0% P2O5
cut-off
-- Alternatively, and as a subset of the Total Mineral Resource above, a
Total Mineral Resource of 2.78Mt at a grade of 2.76% TREO and 6.43% P2O5
at a 1.0% TREO cut-off grade
-- The mineral Resource represents approximately 5% of the hill volume above
the valley floor highlighting the significant resource upside potential.
Phase 2 of the Earn-In will include KLL funding an additional
US$1,000,000 to de-risk the project
-- Following the publication of this maiden JORC Resource, Vast now has an
interest of 49.6% in Nkombwa Hill
Roy Pitchford, Chief Executive Officer of Vast, commented:
"The rationalisation process we undertook in February 2015 to focus on
the Company's brownfields assets while retaining upside exposure to the
exploration assets is bearing fruit and the declaration of this maiden
JORC Resource funded by KLL is encouraging. The Earn-In will now
progress to Phase 2 with KLL committing to spending a further $1,000,000
over the next 18 months in order to advance the Project towards the
feasibility stage. We hope that this next phase of work will deliver
further attributable value to Nkombwa Hill as the Vast team remains
focussed on its revenue generative operations in Romania and Zimbabwe."
Mineral Resource
The mineral resource was solely based on the drilling undertaken by KLL
which comprises 11 diamond drill-holes. The area drilled represents
approximately 5% of the carbonatite pipe by volume. The historical
drill holes drilled by Rhodesian Selection Trust (RST) have only been
sampled selectively and have not been used in the resource calculation.
The P(2) O(5) mineralisation was considered to have a near horizontal
stratified configuration. The material with less than 3% P(2) O(5) was
considered to form the waste partings and these were modelled as such.
The concentration of the TREOs is considered to be hosted by steeply
dipping (70(o) to 80(o) plunge) to the south-east and NE-trending zones.
As a result of the limited number of drill holes and the spacing between
sampling, estimation was by means of the Inverse Distance Squared (ID2)
interpolation method. The search ellipse has a diameter of 100m and its
orientation follows that of the mineralised zones for TREOs; north-east
trending and south-west dipping and for the waste parting it was
considered horizontal. The specific gravity was averaged for each
domain and used for the resource estimation.
The mineral resources for the Project are provided in Table 1 at various
cut-off grades of P(2) O(5) with the P(2) O(5) grade and associated TREO
grades reported.
Table 1 : Mineral Resource Estimate for the Nkombwa Hill Phosphate
Project at varying P(2) O(5) cut-off grade percentages.
INDICATED INFERRED TOTAL
% P(2) P(2) P(2) P(2)
O(5) Tons O5 Tons O5 Tons O5 TREO
Cut-off (Mt) (%) TREO (%) (Mt) (%) TREO (%) (Mt) (%) (%)
3.0 3.25 7.04% 1.59% 18.58 7.06% 1.10% 21.83 7.06% 1.17%
4.0 3.04 7.28% 1.56% 16.83 7.45% 2.39% 19.87 7.42% 2.26%
5.0 2.68 7.65% 1.55% 13.74 8.07% 2.70% 16.42 8.00% 2.51%
6.0 2.02 8.37% 1.50% 10.04 9.02% 3.31% 12.07 8.91% 3.01%
The mineral resources for the Project are provided in Table 2 at various
cut-off grades of TREOs with the P(2) O(5) grade and associated TREO
grades reported.
Table 2 : Mineral Resource Estimate for the Nkombwa Hill Phosphate
Project at varying TREO cut-off grade percentages.
INDICATED INFERRED TOTAL
% TREO P(2) P(2) P(2)
Cut Tons O5 Tons O5 Tons O5 TREO
Off (Mt) (%) TREO (%) (Mt) (%) TREO (%) (Mt) (%) (%)
1.0 0.98 6.37% 2.73% 1.81 6.45% 2.78% 2.78 6.42% 2.76%
2.0 0.80 6.21% 2.97% 1.39 6.10% 3.15% 2.19 6.14% 3.08%
3.0 0.30 5.90% 3.67% 0.68 6.72% 3.80% 0.98 6.47% 3.76%
Phase 2 of Earn-In Agreement
Phase 2 of the Earn-In agreement will include KLL funding an additional
US$1,000,000 to de-risk the project including metallurgical work to
assist in providing indications of economic viability and to contribute
towards possible future feasibility studies. In this regard,
representative ore samples have been delivered and a Scope of Work
document is currently being agreed with appropriate laboratories.
Competent Person Statement
The information in this statement that relates to the Mineral Resource
and Exploration Target is based on information compiled by Ms Gayle
Hanssen who is a geologist and is registered as Competent Person with
the South African Council for Professional Natural Scientific
Professions. (SACNASP). Ms Hanssen has sufficient experience relevant
to this mineralisation style and to the activities which are 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". Ms Hanssen accepts responsibility
for the accuracy of the statements disclosed in this report.
**ENDS**
For further information, visit www.vastresourcesplc.com or please
contact:
Vast Resources plc
Roy Pitchford (Chief Executive Officer) +40 (0) 372 988 988 - Office Romania
+40 (0) 741 111 900 - Mobile Romania
+44 (0) 7793 909985 - Mobile UK
Strand Hanson Limited - Financial & Nominated Adviser www.strandhanson.co.uk
James Spinney +44 (0) 20 7409 3494
James Bellman
Brandon Hill Capital Ltd - Joint Broker www.brandonhillcapital.com
Jonathan Evans +44 (0)20 3463 5016
Peterhouse Corporate Finance Ltd - Joint Broker www.pcorpfin.com
Duncan Vasey +44 (0) 20 7469 0936
St Brides Partners Ltd www.stbridespartners.co.uk
Susie Geliher +44 (0) 20 7236 1177
Charlotte Page
The 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 ("MAR").
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Vast Resources plc via Globenewswire
http://www.acrplc.com/
(END) Dow Jones Newswires
October 12, 2016 06:15 ET (10:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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