Vast Resources plc Increased Exploration Target At Baita Plai
November 13 2020 - 1:00AM
UK Regulatory
TIDMVAST
Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
13 November 2020
Vast Resources plc
('Vast' or the 'Company')
Increased Exploration Target at Baita Plai
Vast Resources plc, the AIM-listed producer & development company, is
pleased announce an increase to the exploration target for its Baita
Plai Polymetallic Mine ('Baita Plai') in Romania. Further to the recent
Baita Plai JORC Resource and Reserve report (see RNS dated 29 October
2020) (the 'Report'), which confirmed a JORC compliant mineral total
gross resource of 608,000 tonnes at 2.58% copper ('Cu') equivalent and
an exploration target in the range of 1.8M-3M tonnes, Vast has now had
the opportunity to review further historical data which has only
recently been made available and is pleased to update the market that
the Antonio North skarn, which is one of a number of high priority
exploration targets, may be more extensive than previously interpreted.
The previous 1.8M-3M tonnes exploration target referred to in the Report
assigned 0.2M--0.5M tonnes to the Antonio North skarn and also included
the historical 1,800,000 tonnes under the NAEN Russian Code, as
announced on 10 December 2014. Following an analysis of historical data
records, the exploration target tonnes assigned to the Antonio North
skarn has been updated to between 1.4M--2.8M tonnes giving an increased
total gross exploration target of between 3.2M--5.8M tonnes.
Based on these findings, the Directors believe that the Antonio North
skarn represents a major near to medium term mining opportunity
illustrated below in Figure 1. An underground exploration drilling
programme is currently being compiled to better determine its potential.
Andrew Prelea, CEO of Vast Resources PLC commented:
"Antonio North represents a major opportunity for the Company not only
to expand our production profile but also to significantly extend the
life of mine plan at Baita Plai. In our initial exploration target of
between 1.8M--3M tonnes, Antonio North represented 0.2M-0.5M tonnes;
however, based on this new information Baita Plai and subject to further
confirmation we will have an increased exploration target of between
3.2M--5.8M tonnes. The significant value potential of Baita Plai
continues to reveal itself and we are committed to maximising this."
Further Information
Data comprising available historical assay results, logged lithologies
and general plan data was recently collated from data archives accessed
by the mine geologists and Mr. Harvey, which has enabled the
construction of a basic geological model for the Antonio North skarn.
This has led to a revised Company determined exploration target for
Baita Plai as detailed below:
Exploration Range Range Range Range Range Range
Target (M tonnes) (Cu %) (Pb %) (Zn %) (Ag g/t) (Au g/t)
------------ -------------- ---------- ---------- ---------- ------------ ------------
Min Max Min Max Min Max Min Max Min Max Min Max
------------ ---- -------- ---- ---- ---- ---- ---- ---- ----- ----- ----- -----
3.2 5.8 0.50 2.00 0.10 2.00 0.10 2.00 40.00 80.00 0.20 0.80
------------ ---- -------- ---- ---- ---- ---- ---- ---- ----- ----- ----- -----
The Antonio North skarn is located approximately 200m to the north of
the Antonio skarn. Historic drilling from 15 level and 16 level
identified a skarn below the Antonio skarn, which was subsequently mined
between 15 and 16 level. Underground development on 17 and 18 levels is
limited and intersected the Antonio North skarn on the western margin of
the skarn. Limited mining of the Antonio North skarn has taken place on
17 and 18 levels due to the underground development not continuing below
16 level as depicted in Figure 1 (to view the release with the
illustrative diagrams please see the link at the bottom of the
announcement).
Figure 1: 3-Dimensional Image showing the previous interpreted extent of
the Antonio North Skarn
There is a major near to medium term opportunity for the mine to extend
both the 17 and 18 level development along strike of the Antonio North
skarn and to commence mining as the infrastructure is developed.
Analysis of the historical drill hole records which are presumed to have
been drilled in the early 1990's, revealed numerous skarn intersections.
Unfortunately, not all the records had corresponding assay data or other
data such as date drilled, type of drill used or where laboratory assays
were undertaken. The Antonio North skarn has been interpreted from
underground intersections in 17 and 18 level development on the western
margin, from underground intersections in the 15 and 16 level
development above, and from four historic underground drill holes
drilled from 15 level.
The drill holes intersecting the Antonio North skarn are L-16, L-28,
1388BSK and 1389BSK. The assay values from these drill holes are
provided in mm. A weighted average copper % is calculated as 1.66%, lead
% at 0.02% and zinc % at 0.08%. The drillholes and extent of the newly
interpreted Antonio North skarn are depicted in Figure 2.
BHID LENGTH FROM TO LITH Descript SAMPNO Cu_% Pb_% Zn_% Mo_% Bi_% W_%
----- ------ ----- ----- ---- -------- ------ ----- ---- ---- ---- ---- ----
L-16 1.2 63.9 65.1 SK Skarn 16_22 11.88 NA 0.93 NA 1.93 NA
----- ------ ----- ----- ---- -------- ------ ----- ---- ---- ---- ---- ----
L-16 2 65.1 67.1 SK Skarn 16_23 0.17 0.04 0.01 0.03 0.01 NA
----- ------ ----- ----- ---- -------- ------ ----- ---- ---- ---- ---- ----
L-16 1 67.1 68.1 SK Skarn 16_24 0.12 0.04 0.01 0.01 0.28 NA
----- ------ ----- ----- ---- -------- ------ ----- ---- ---- ---- ---- ----
L-16 1.4 68.1 69.5 SK Skarn 16_25 0.20 0.04 0.01 NA 0.96 0.01
----- ------ ----- ----- ---- -------- ------ ----- ---- ---- ---- ---- ----
L-28 2 243 245 SK Hornfels 28_15 0.68 0.04 0.02 0.00 1.20 NA
----- ------ ----- ----- ---- -------- ------ ----- ---- ---- ---- ---- ----
L-28 2 245 247 SK Hornfels 28_16 0.47 0.05 0.02 0.02 1.04 0.19
----- ------ ----- ----- ---- -------- ------ ----- ---- ---- ---- ---- ----
L-28 2 247 249 SK Hornfels 28_17 3.40 NA 0.07 0.04 0.55 0.24
----- ------ ----- ----- ---- -------- ------ ----- ---- ---- ---- ---- ----
L-28 2 249 251 SK Hornfels 28_18 1.07 0.08 0.04 0.03 1.76 0.14
----- ------ ----- ----- ---- -------- ------ ----- ---- ---- ---- ---- ----
L-28 2 251 253 SK Hornfels 28_19 0.71 0.04 0.04 0.00 0.33 NA
----- ------ ----- ----- ---- -------- ------ ----- ---- ---- ---- ---- ----
L-28 2 253 255 SK Hornfels 28_20 1.76 NA 0.07 NA 0.21 NA
----- ------ ----- ----- ---- -------- ------ ----- ---- ---- ---- ---- ----
L-28 1.4 255 256.4 SK Hornfels 28_21 0.44 NA 0.03 NA 0.13 NA
----- ------ ----- ----- ---- -------- ------ ----- ---- ---- ---- ---- ----
L-28 3.6 256.4 260 SK Hornfels NA NA NA NA NA NA NA
----- ------ ----- ----- ---- -------- ------ ----- ---- ---- ---- ---- ----
L-28 1 260 261 SK Hornfels 28_22 1.34 0.10 0.07 0.00 0.08 NA
----- ------ ----- ----- ---- -------- ------ ----- ---- ---- ---- ---- ----
L-28 1 261 262 SK Hornfels 28_23 2.72 0.02 0.31 0.01 0.16 0.13
----- ------ ----- ----- ---- -------- ------ ----- ---- ---- ---- ---- ----
1388
BSK 2 13 15 SK Skarn 1388/1 2.89 NA 0.04 0.53 0.01 NA
----- ------ ----- ----- ---- -------- ------ ----- ---- ---- ---- ---- ----
1389
BSK 3 13 16 SK Skarn 1389/2 2.54 NA 0.05 0.40 NA NA
----- ------ ----- ----- ---- -------- ------ ----- ---- ---- ---- ---- ----
"NA" = No Assay
Figure 2: 3-Dimensional Image showing the extent of the newly
interpreted Antonio North Skarn and the historic underground drill holes
Based on the recent drilling in the adjacent Antonio skarn, the Company
expects that a similar grade range for copper, lead, zinc, gold, and
silver would be present in the Antonio North skarn. The historic
drillhole intersections show that the grades are present and within the
same broad range.
An underground drilling programme is being developed to test the
geological interpretation by drilling a series of underground diamond
drill holes from 15 level to intersect the Antonio North skarn.
Competent Person
The information in this announcement is based on information compiled by
Mr Craig Harvey, the Chief Operating Officer and Group Geologist for
Vast and a full-time employee of the company. Mr Harvey is a Competent
Person who is a Member of the Australian Institute of Geoscientists and
of the Geological Society of South Africa, a Recognised Professional
Organisation included in a list that is posted on the ASX website from
time to time.
Mr Harvey has sufficient experience that is relevant to the style of
mineralisation and type of deposit under consideration and to 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 Harvey consents to the
inclusion in the report of the matters based on his information in the
form and context in which it appears.
**S**
For further information, visit
https://www.globenewswire.com/Tracker?data=9XkRsaEkbV0zq-hus0YU8V51s7YDvYWA5JOaMvKhAPYGOlZ_pGNKBPYl_AoHrxhnM1utYnDTWoqhsQjrQoakVQ==
www.vastplc.com, follow the Company on Twitter @vast_resources and
LinkedIn, or please contact:
Vast Resources plc www.vastplc.com
Andrew Prelea - CEO +44 (0) 20 7846 0974
Andrew Hall
Beaumont Cornish - Financial & Nominated Adviser www.beaumontcornish.com
Roland Cornish +44 (0) 020 7628 3396
James Biddle
SP Angel Corporate Finance LLP -- Joint Broker www.spangel.co.uk
Richard Morrison +44 (0) 20 3470 0470
Caroline Rowe
Axis Capital Markets Limited -- Joint Broker www.axcap247.com
Richard Hutchison +44 (0) 20 3206 0320
St Brides Partners Limited 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").
ABOUT VAST RESOURCES PLC
Vast Resources plc 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 by recommencing production at previously producing
mines.
The Company's Romanian portfolio includes an 80% interest in the
producing Baita Plai Polymetallic Mine, located in the Apuseni Mountains,
Transylvania, an area which hosts Romania's largest polymetallic mines.
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. The Company is now working
on confirming an enlarged exploration target of up to 5.8M tonnes.
The Company also owns the Manaila Polymetallic Mine in Romania, which
was commissioned in 2015, currently on care and maintenance. The Company
has been granted the Manaila Carlibaba Extended Exploitation License
that will allow the Company to re-examine the exploitation of the
mineral resources within the larger Manaila Carlibaba licence area.
In Zimbabwe, the Company is focused on the commencement of the joint
venture mining agreement on the Chiadzwa Community Concession Block of
the Chiadzwa Diamond Fields in Zimbabwe.
TECHNICAL GLOSSARY
The following is a summary of technical terms:
Ag Silver
-------------- --------------------------------------------------------------
Au Gold
-------------- --------------------------------------------------------------
Bi Bismuth
-------------- --------------------------------------------------------------
Cu Copper
-------------- --------------------------------------------------------------
Cut-off The cut-off grade the lowest grade, or quality, of
mineralised material that qualifies as economically
mineable and available in a given deposit. May be
defined on the basis of economic evaluation, or on
physical or chemical attributes that define an acceptable
product specification;
-------------- --------------------------------------------------------------
Grade Grade(s) means the quantity of ore or metal in a specified
quantity of rock
-------------- --------------------------------------------------------------
Hornfels A dark, fine-grained metamorphic rock consisting largely
of quartz, mica, and particular feldspars.
-------------- --------------------------------------------------------------
M a written abbreviation for the number million.
-------------- --------------------------------------------------------------
Mo Molybdenum
-------------- --------------------------------------------------------------
Mineral A 'Mineral Resource' is a concentration or occurrence
Resource of solid material of economic interest in or on the
Earth's crust in such form, grade (or quality), and
quantity that there are reasonable prospects for eventual
economic extraction. The location, quantity, grade
(or quality), continuity and other geological characteristics
of a Mineral Resource are known, estimated or interpreted
from specific geological evidence and knowledge, including
sampling. Mineral Resources are sub-divided, in order
of increasing geological confidence, into Inferred,
Indicated and Measured categories.
-------------- --------------------------------------------------------------
Inferred An 'Inferred Mineral Resource' is that part of a Mineral
Mineral Resource for which quantity and grade (or quality)
Resource are estimated on the basis of limited geological evidence
and sampling. Geological evidence is sufficient to
imply but not verify geological and grade (or quality)
continuity. It is based on exploration, sampling and
testing information gathered through appropriate techniques
from locations such as outcrops, trenches, pits, workings
and drill holes.
-------------- --------------------------------------------------------------
Indicated An 'Indicated Mineral Resource' is that part of a
Mineral Mineral Resource for which quantity, grade (or quality),
Resource densities, shape and physical characteristics are
estimated with sufficient confidence to allow the
application of Modifying Factors in sufficient detail
to support mine planning and evaluation of the economic
viability of the deposit.
-------------- --------------------------------------------------------------
JORC Code Australasian Institute of Mining and Metallurgy Joint
Ore Reserves Committee code on mineral resources and
ore reserves
-------------- --------------------------------------------------------------
Lithologies The study of the general physical characteristics
of rocks.
-------------- --------------------------------------------------------------
Mineralisation Process of formation and concentration of elements
and their chemical compounds within a mass or body
of rock
-------------- --------------------------------------------------------------
Pb Lead
-------------- --------------------------------------------------------------
Skarn Lime-bearing siliceous rock produced by the metamorphic
alteration of limestone or dolomite.
-------------- --------------------------------------------------------------
W Tungsten
-------------- --------------------------------------------------------------
Zn Zinc
-------------- --------------------------------------------------------------
Attachment
-- Antonio North RNS 13.11.20
https://ml-eu.globenewswire.com/Resource/Download/536324ff-e5af-4531-bbda-d1128e3a47cc
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November 13, 2020 02:00 ET (07:00 GMT)
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