Tajikistan – Aprelevka Update
Vast Resources plc / Ticker: VAST / Index: AIM /
Sector: Mining
11 June 2024
Vast Resources plc
(‘Vast’ or the ‘Company’)
Tajikistan – Aprelevka
Update
Production Update
The Company wishes to update its report on gold
production at the four Aprelevka mines for May 2024 given in the
announcement of 4 June 2024 where the production had been estimated
based on a calculation of throughput and grade. Following
completion of the smelting, the actual production for May 2024
showed an increase from 933oz as had been estimated to 1,059oz –
significantly higher than the April production of 805oz and March
production of 643oz.
Formin Reports on mines at
Aprelevka
The Company is pleased to announce that further
to the announcement of 15 May 2024, which gave details of an update
resource report by Formin on the mine with the specific name
Aprelevka, Formin has now provided Gulf International Minerals Ltd
‘(Gulf’) with updated Resource Reports based on the SRK produced
wireframes, collated historic data and the 2019-2022 drilling
results on the other three active mines in the Aprelevka group,
namely Burgunda, Ikkizelon and Kyzylcheku (the ‘Reports’). The full
Reports can be found on the Company’s website using the links set
out in an Appendix to this announcement. The Reports include
updated NAEN code-compliant MREs. Russia is a member of CRIRSCO
(Committee for Mineral Reserves International Reporting Standards),
as are 14 other countries including Australasia, Canada, Europe,
South Africa and the USA. However, these national/regional codes
are not identical and the Russian code, NAEN, is neither directly
comparable with other codes that are frequently used to calculate
reserves and resources such as JORC nor is it commonly used by AIM
companies. Accordingly, caution should be taken in interpreting
these NAEN resources if used for investment purposes. The Company’s
mineral reporting standard remains JORC, and it remains committed
to reporting MREs under JORC.
As outlined in the announcement of 19 October
2023, the Company will manage the mining and development activities
of the mines in the Aprelevka group referenced above for a 5-year
period. In consideration, Vast will be entitled to a 10% share of
the earnings before interest, tax and depreciation that Gulf
receives from its 49% interest in Aprelevka. Vast will also have
the right at any time from 1 January 2025 until the end of the
5-year management period (i) to convert its earnings share
entitlement into a 10% equity interest in Gulf and (ii) to acquire
up to 20% of the share capital of Gulf at market value at the time
of acquisition, market value to be determined by the auditors in
default of an agreement between the parties.
The financing required to carry out the present
intended development at the mines will be arranged by Gulf
International Minerals ltd, under regular banking terms and
conditions repayable in priority to any dividends being paid by
Aprelevka. The Operator of Aprelevka is the local management team
in conjunction with Vast Resources PLC who is designated under its
management agreement to engage third party contractors to undertake
the day-to-day activities of the mining operation.
The following is the text of the Executive
Summary of the Report on Burgunda:
“Introduction
Formin SA. has been requested by Gulf
International Minerals Ltd, hereinafter also referred to as the
“Company” or the “Client”) to prepare a digitization of historical
data, provide a 3D geological model and an resource evaluation, for
Burgunda Mine located in the Northern part of Tajikistan.
Property Description
The Burgunda project consists of an open pit
operation and a nearby insitu leaching project. The deposit is
located near the border with Uzbekistan and appropriately 20km west
of Uzbek city of Almalyk. It lies almost 90km by paved, rutted, and
unpaved road northnorthwest of the Kansai Mill.
Ore description and Resource estimation
The ore is represented by two main quartz veins
with a high grade of gold and silver.
The resource estimate results are presented
below:
|
|
|
|
|
Average Value |
Material Content |
|
|
Resource classification |
Ore |
Density |
Mass |
Au |
Ag |
Au |
Ag |
|
|
|
|
g/cm³ |
t |
g/t |
g/t |
t |
t |
|
Measured
|
Vein 1 |
2.80 |
2,201.92 |
1.36 |
8.36 |
0.00 |
0.02 |
|
|
Vein 3 |
2.80 |
10.953.60 |
10.14 |
19.32 |
0.11 |
0.21 |
|
|
Total |
2.80 |
13,155.52 |
8.67 |
17.49 |
0.11 |
0.23 |
|
Indicated
|
Vein 1 |
2.80 |
31,913.28 |
2.12 |
19.31 |
0.07 |
0.62 |
|
|
Vein 3 |
2.80 |
19,120.64 |
11.36 |
18.81 |
0.22 |
0.36 |
|
|
Total |
2.80 |
51,033.92 |
5.58 |
19.12 |
0.29 |
0.98 |
|
Inferred
|
Vein 1 |
2.80 |
100,027.20 |
2.45 |
15.15 |
0.25 |
1.52 |
|
|
Vein 3 |
2.80 |
46,220.16 |
11.47 |
19.64 |
0.53 |
0.91 |
|
|
Total |
2.80 |
146,247.36 |
5.30 |
16.57 |
0.78 |
2.42 |
|
Total
|
Vein 1 |
2.80 |
134,142.40 |
2.35 |
16.03 |
0.32 |
2.15 |
|
|
Vein 3 |
2.80 |
76,294.40 |
11.25 |
19.38 |
0.86 |
1.48 |
|
|
Total |
2.80 |
210,436.80 |
5.58 |
17.25 |
1.17 |
3.63 |
“ |
The following is the text of the Executive
Summary of the Report on Ikkizelon:
“Introduction
Formin SA. has been requested by Gulf
International Minerals Ltd, hereinafter also referred to as the
“Company” or the “Client”) to prepare a digitization of historical
data, provide a 3D geological model and an resource evaluation, for
Ikkizelon Mine located in the Northern part of Tajikistan.
Property Description
The Ikkizelon gold vein deposit occupies an area
of 0.7km2 extending in a south-eastern direction between
the headwaters of Shakarbulak, Shorbulak and Kuruk in the central
part of the Kalkanat Mountains. The area belongs to the Matchinsk
region of Khujand province.
Ore description and Resource estimation
The ore is represented by 14 main quartz veins
with a high grade of gold and silver.
The resource estimate results are presented
below
|
|
|
|
Average Value |
Material Content |
|
|
Resource class |
Density |
Mass |
Au |
Ag |
Au |
Ag |
|
|
|
g/cm³ |
t |
g/t |
g/t |
t |
t |
|
|
Measured |
2.80 |
127,939.32 |
10.12 |
23.82 |
1.29 |
3.05 |
|
|
Indicated |
2.80 |
130,005.13 |
9.45 |
25.60 |
1.23 |
3.33 |
|
|
Inferred |
2.80 |
146,026.42 |
7.14 |
20.46 |
1.04 |
2.99 |
|
|
Total |
2.80 |
403,970.86 |
8.83 |
23.18 |
3.57 |
9.36 |
“ |
The following is the text of the Executive
Summary of the Report on Kyzylcheku.
“Introduction
FORMIN S.A. has been requested by GULF
INTERNATIONAL MINERALS LTD, hereinafter also referred to as the
“Company” or the “Client”) to prepare a the digitization of
historical data, provide a 3D geological model and an resource
evaluation, for Kyzylcheku Mine located in the Northern part of
Tajikistan.
Property Description
The Kizil Cheku deposit is situated in the
headwaters of the Aktash-sai (Aktash stream) on the southern slopes
of the Kuramin Ridge, 13 km east of the Kansai concentrator at an
elevation of 1,450 m. It is accessible by a good all-season dirt
road from Kansai.
Ore description and Resource estimation
The ore is represented by six main quartz veins
with a high grade of gold and silver.
The resource estimate results are presented
below:
|
|
|
|
Average Value |
Material Content |
|
|
Resource class |
Density |
Mass |
Au |
Ag |
Au |
Ag |
|
|
|
g/cm³ |
t |
g/t |
g/t |
t |
t |
|
|
Measured |
2.80 |
201,734.87 |
1.34 |
103.47 |
0.27 |
20.89 |
|
|
Indicated |
2.80 |
300,191.65 |
1.34 |
105.49 |
0.40 |
31.67 |
|
|
Inferred |
2.80 |
245,906.86 |
1.44 |
120.80 |
0.35 |
29.71 |
|
|
Total |
2.80 |
747,833.38 |
1.38 |
110.01 |
1.03 |
82.27 |
“ |
Total Vast attributable value including Aprelevka as
announced on 15 May 2024
| Vast
Attributable Value |
Ore |
Au oz |
Ag oz |
|
Measured |
77,496 |
9,263 |
98,773 |
|
Indicated |
60,108 |
6,896 |
91,972 |
|
Inferred |
81,970 |
9,879 |
116,117 |
|
Total |
219,573 |
26,070 |
306,846 |
Qualified Person
Vlad Andrei Negru, who has signed the report on
behalf of Formin, 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
Romanian and also as an SRK consultant. Mr Negru consents to
the inclusion of his name in this announcement in the form and
context to which it appears.
**ENDS**
For further information, visit
www.vastplc.com or please contact:
Vast
Resources plc
Andrew Prelea (CEO)
|
www.vastplc.com
+44 (0) 20 7846 0974 |
Beaumont
Cornish – Financial & Nominated Advisor
Roland Cornish
James Biddle
|
www.beaumontcornish.com
+44 (0) 20 7628 3396 |
Shore
Capital Stockbrokers Limited – Joint Broker
Toby Gibbs / James Thomas (Corporate Advisory)
|
www.shorecapmarkets.co.uk
+44 (0) 20 7408 4050 |
Axis
Capital Markets Limited – Joint Broker
Richard Hutchinson
|
www.axcap247.com
+44 (0) 20 3206 0320 |
St Brides
Partners Limited
Susie Geliher |
www.stbridespartners.co.uk
+44 (0) 20 7236 1177 |
ABOUT VAST RESOURCES PLC
Vast Resources plc is a United Kingdom AIM
listed mining company with mines and projects in Romania,
Tajikistan, 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 100%
interest in Vast Baita Plai SA which owns 100% of 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 the Company is looking to bring back into
production following a period of care and maintenance. The Company
has also been granted the Manaila Carlibaba Extended Exploitation
Licence that will allow the Company to re-examine the exploitation
of the mineral resources within the larger Manaila Carlibaba
licence area.
The Company retains a continued presence in
Zimbabwe.
Vast has an interest in a joint venture company
which provides exposure to a near term revenue opportunity from the
Takob Mine processing facility in Tajikistan. The Takob Mine
opportunity, which is 100% financed, will provide Vast with a 12.25
percent royalty over all sales of non-ferrous concentrate and any
other metals produced.
Also in Tajikistan, Vast has been contracted to
develop and manage the Aprelevka gold mines on behalf of its owner
Gulf International Minerals Ltd (“Gulf”) under which Vast is
entitled, inter alia, to 10% of the earnings that Gulf receives
from its 49% interest in Aprelevka in joint venture with the
government of Tajikistan. Aprelevka holds four active operational
mining licences located along the Tien Shan Belt that extends
through Central Asia, currently producing approximately 11,600oz of
gold and 116,000 oz of silver per annum. It is the intention of the
Company to assist in increasing Aprelevka’s production from these
four mines closer to the historical peak production rates of
approximately 27,000oz of gold and 250,000oz of silver per year
from the operational mines.
Beaumont Cornish Ltd
Beaumont Cornish Limited (“Beaumont Cornish”) is
the Company’s Nominated Adviser and is authorised and regulated by
the FCA. Beaumont Cornish’s responsibilities as the Company’s
Nominated Adviser, including a responsibility to advise and guide
the Company on its responsibilities under the AIM Rules for
Companies and AIM Rules for Nominated Advisers, are owed solely to
the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing
protections afforded to customers of Beaumont Cornish nor for
advising them in relation to the proposed arrangements described in
this announcement or any matter referred to in it.
Glossary
CRIRSCO
(JORC/CIM/PERC/NAEN)
|
Resource |
Measured |
Indicated |
Inferred |
Exploration Potential or Exploration Target |
|
Reserve |
Proven |
Probable |
|
|
|
Russian State Classification |
Reserve |
A, B and C1 |
B, C1 and C2 |
C2 and P1 |
P2 and P3 |
The following is a summary of technical
terms:
|
Ag |
Silver |
|
Au |
Gold |
|
Cu |
Copper |
|
Pb |
Lead |
|
Zn |
Zinc |
|
Mo |
Molybdenum |
|
Bi |
Bismuth |
|
W |
Wolfram (Tungsten) |
|
Cut-off |
The cut-off grade is 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; |
|
Economic composite |
This classifies drill data into ore and waste categories and takes
into account grade thresholds, mining dimensions and allowable
dilution. It is primarily an input into modelling the geometry of
mineralisation rather than grade. |
|
Grade |
Grade(s) means the quantity of ore or metal in a specified quantity
of rock |
|
Mineral Resource |
A 'Mineral Resource' is a concentration or occurrence 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 Mineral Resource |
An 'Inferred Mineral Resource' is that part of a Mineral Resource
for which quantity and grade (or quality) 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 Mineral Resource |
An 'Indicated Mineral Resource' is that part of a Mineral Resource
for which quantity, grade (or quality), 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. |
|
Exploration Target |
An Exploration Target is a statement or estimate of the exploration
potential of a mineral deposit in a defined geological setting
where the statement or estimate, quoted as a range of tonnes and a
range of grade (or quality), relates to mineralisation for which
there has been insufficient exploration to estimate a Mineral
Resource. |
|
Mineral Reserve |
An ‘Ore Reserve’ is economically minable part of a Measured and/or
Indicated Mineral Resource. It includes diluting materials and
allowances for losses, which may occur when the material is mined
or extracted and is defined by studies at Pre-Feasibility level as
appropriate that include application of Modifying Factors. Such
studies demonstrate that, at the time of reporting, extraction
could be reasonably justified. |
|
JORC Code |
Australasian Institute of Mining and Metallurgy Joint Ore Reserves
Committee code on mineral resources and ore reserves |
|
NAEN Code |
Russian Code for the Public Reporting of Exploration Results,
Mineral Resources and Mineral Reserves |
|
Mineralisation |
Process of formation and concentration of elements and their
chemical compounds within a mass or body of rock |
APPENDIX
TECHNICAL PROGRAM FOR BURGUNDA
MINE
PROJECT EXPLOITATION LICENCE
Prepared by Formin SA
Project Location:
Latitude N40°45’39.3” and Longitude E69°29’21.5”
Northern Tajikistan
Prepared for:
GULF INTERNATIONAL MINERALS LTD
For the full report, follow this link:
https://www.vastplc.com/wp-content/uploads/2024/06/burgunda-report.pdf
TECHNICAL PROGRAM FOR IKKIZELON
MINE
PROJECT EXPLOITATION LICENCE
Prepared by Formin SA
Project Location:
Latitude N40°41’55” and Longitude E69°26’55”
Northern Tajikistan
Prepared for:
GULF INTERNATIONAL MINERALS LTD
For the full report, follow this link:
https://www.vastplc.com/wp-content/uploads/2024/06/ikkizelon-report.pdf
TECHNICAL PROGRAM FOR KYZYLCHEKU
MINE
PROJECT EXPLOITATION LICENCE
Prepared by Formin SA
Project Location:
Latitude N40°31.05’9” and Longitude E69°48’39.5”
Northern Tajikistan
Prepared for:
GULF INTERNATIONAL MINERALS LTD
For the full report, follow this link:
https://www.vastplc.com/wp-content/uploads/2024/06/kyzylcheku.pdf
Vast Resources (LSE:VAST)
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