Appointment of Wardell Armstrong to audit
Vast Resources plc / Mnemonic: VAST / Index: AIM / Sector: Mining
June 18, 2021
Vast Resources plc
(“Vast” or the “Company”)
Appointment of Wardell Armstrong For Checking the increase in JORC resources and high level Confirmation of the existing JORC report published in October 2020
Vast Resources plc, the AIM listed mining company with mines and projects in Romania and Zimbabwe, is pleased to announce the appointment of Wardell Armstrong, a multidisciplinary environmental, engineering and mining consulting firm , to work on verifying the increase in JORC resources which is targeted by the upcoming exploration drilling campaign at the Baita Plai polymetallic mine in Romania (“Baita Plai”). The objective of the next exploration drilling campaign is to target the down-dip extension of the Antonio skarn from level 19 to level 22 and to convert part of the exploration target between 3.2 M and 5 , 8 M tonnes with a copper (“Cu”) range of 0.50 –2.00%, gold (‘Au’) range of 0.20-0.80 g / t and silver ( ‘Ag’) of 40-80g / t according to a JORC classification.
Mining of the Antonio skarn at planned production capacity up to a level 21 rise would provide sufficient mineralization for a period of approximately 7 to 8 years and is subject to continued slope access. beyond level 19.
The Company intends to expand exploration drilling at the Antonio North skarn in early 2022 with the goal of converting part of the exploration target assigned to the Antonio North skarn, which is between 1.4 M and 2.8 M tonnes, with the JORC classification.
In conjunction with this appointment, Wardell Armstrong, following a high level review, confirmed that the Mineral Resource Estimate (“MRE”) can be considered a reasonable reflection of the Mineral Resource (see note 2. ) previously published data (see note 1.) Existing EMR, prepared in accordance with the JORC Code (2012), of 608,000 tonnes @ 2.58% copper equivalent (‘Cu’) (measured, indicated and inferred) as reported on October 29, 2020 and confirmed its content. This underpins the initial mine production life of approximately 3 to 4 years of 15,695 tonnes of in situ copper equivalent available for the mining and exploration targets mentioned above.
Andrew Prelea, CEO of Vast Resources plc, commented:
“Wardell Armstrong is an internationally recognized and trusted mining consulting firm and we are delighted to appoint the firm to our advisory team for Baita Plai. Based on the work they have completed on our existing MRE, we look forward to working with them as we unlock the additional potential of this important mine in tandem with the production and sales that we continue to provide during the ramp-up phase. We look forward to releasing the results of the exploration drilling campaign in H2 2021. ”
- Mineral Resource Estimate for Baita Plai Mine, Bihor County, Romania, dated October 31, 2020 and prepared by Craig Harvey, MGSSA, MAIG, Group Geologist Vast Resources.
- In conclusion, the WAI review did not identify any major concerns regarding the ERM Vast Resources (dated October 31, 2020) which can be considered a reasonable reflection of the mineral resources in the area immediately below level 18, and at a depth of approximately 60m below level 18. on the Antonio Skarn only, based on available data and is considered fit for use. For future drilling and channel sampling, the QA / QC protocol and laboratory analysis method should be reviewed to ensure compliance with best practices.
For more information, visit www.vastplc.com or contact:
|Vast Resources plc
Andrew Prelea (CEO)
Andrew Hall (CCO)
+44 (0) 20 7846 0974
|Beaumont Cornish – Financial Advisor & Nominee
+44 (0) 020 7628 3396
|Axis Capital Markets Limited – Broker
+44 (0) 20 3206 0320
|St Brides Limited Partners
+44 (0) 20 7236 1177
ABOUT VAST RESOURCES PLC
Vast Resources plc is an AIM listed UK mining company with mines and projects in Romania and Zimbabwe.
In Romania, the Company is focused on rapidly advancing high quality projects by resuming production in mines previously in production.
The Company’s Romanian portfolio includes a 100% stake in the producing Baita Plai polymetallic mine, located in the Apuseni Mountains, Transylvania, a region which is home to the largest polymetallic mines in Romania. The mine has a JORC compliant reserves and resources report which underpins the initial mine life of approximately 3 to 4 years with a total in situ mineral resource of 15,695 tonnes of copper equivalent. with an additional exploration target of 1.8 to 3 million tonnes. The Company is currently working to confirm an expanded exploration target of up to 5.8 million tonnes.
The Company also owns the Manaila polymetallic mine in Romania, which was commissioned in 2015, currently undergoing upkeep and maintenance. The Company has obtained the extended exploitation permit from Manaila Carlibaba which will allow it to re-examine the exploitation of mineral resources in the larger area of the Manaila Carlibaba permit.
In Zimbabwe, the Company is focused on starting the joint venture mining agreement on the community diamond concession, Chiadzwa, in the Marange diamond fields.