Manaila Polymetallic Mine Update
Vast Resources plc / Ticker: VAST / Index: AIM /
Sector: Mining
1 October 2021
Vast Resources plc(“Vast” or the
“Company”)
Manaila Polymetallic Mine
Update
Vast Resources plc “Vast”, the AIM-listed mining
company, is pleased to update the market on developments at its
Manaila Polymetallic Mine (‘Manaila’) located in northern
Romania.
The Company continues to evaluate the
recommencement of production at Manaila and as part of this
process, the Company has been working with TOMRA to assess the
suitability of X-Ray Sorting Technology (‘XRT’) to optimise the
mine’s production profile. The assessment demonstrated that by
installing an XRT machine at the plant to pre concentrate ore at
the pit, the technology would be highly effective for three main
reasons:
- a reduction in transportation costs
as improved mass reduction would significantly reduce the material
being transported from the mine to the processing plant
- a reduction in processing costs due
to reducing the throughput at the plant
- higher-grade product being
delivered to the plant.
It is anticipated that processing and
transportation costs could be reduced by up to 55%. This cost
reduction could have a dramatic impact on the mine’s financial
performance.
Samples from both types of mineralisation at
Manaila, massive sulphide and disseminated sulphide, were sent to
the TOMRA Test Centre in Wedel, Germany, to ascertain improved mass
reduction and grade upgrade potential. Both mineralisation types
showed amenability to the XRT process with metal content recovery
on the massive sulphides at 95.4% for copper, 93.6% for lead and
95.2% for zinc in 71% of the mass. The disseminated sulphides
returned a metal content recovery of 84.2% for copper, 67.2% for
lead and 84.4% for zinc in 35% of the mass.
The combined results show that 93.1% of copper,
82.2% of lead and 92.4% of zinc metal could be recovered in 45% of
the mass when mining the polymetallic ore on a ratio of 3 tonnes
disseminated sulphide to 1 tonne of massive sulphide, being the
typical historical ratio of mining at Manaila.
|
|
MASS |
FEED GRADE |
D : M Ratio |
2.6 |
Feed Mass kg |
Product kg |
Reject kg |
Mass Prod % |
Mass Rej % |
Feed Cu% |
Feed Pb% |
Feed Zn% |
Massive |
+12 -60mm |
2,456 |
1,744 |
712 |
71% |
29% |
1.26% |
0.30% |
1.09% |
Disseminated |
+6mm -40mm |
6,445 |
2,260 |
4,185 |
35% |
65% |
0.13% |
0.09% |
0.15% |
TOTAL |
|
8,901 |
4,004 |
4,897 |
45% |
55% |
0.44% |
0.15% |
0.43% |
|
|
Product Grade |
Reject Grade |
Metal Recovery |
D : M Ratio |
2.6 |
Prod Cu% |
Prod Pb% |
Prod Zn% |
Prod Cu% |
Prod Pb% |
Prod Zn% |
Cu Rec% |
Pb Rec% |
Zn Rec% |
Massive |
+12 -60mm |
1.69% |
0.40% |
1.53% |
0.20% |
0.07% |
0.19% |
95.39% |
93.60% |
95.17% |
Disseminated |
+6mm -40mm |
0.30% |
0.17% |
0.37% |
0.03% |
0.04% |
0.04% |
84.22% |
67.15% |
84.40% |
TOTAL |
|
0.91% |
0.27% |
0.87% |
0.06% |
0.05% |
0.06% |
93.07% |
82.15% |
92.36% |
Please note that the samples were derived from
accessible areas of the open pit which is currently on care and
maintenance and as such is not a direct correlation to the mineral
resource previously disclosed.
Andrew Prelea, Chief Executive Officer of the
Vast Resources plc,
commented:
“These results, coupled with the strong recovery
in commodities prices this year, highlight Manaila’s position as a
commercially attractive project alongside our Baita Plai
Polymetallic Mine. These results clearly underpin our view that
Manaila is economically viable, and the management team are
considering various mine plan scenarios of bringing Manaila back
into production. It is our preference to secure the required
funding via non-equity linked sources and we will provide further
updates to the market in due course.”
Competent PersonThe
forward-looking technical views made in this announcement is based
on information interpreted by Mr Craig Harvey, the 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’.
Important Notices
This announcement contains 'forward-looking
statements' concerning the Company that are subject to risks and
uncertainties. Generally, the words 'will', 'may', 'should',
'continue', 'believes', 'targets', 'plans', 'expects', 'aims',
'intends', 'anticipates' or similar expressions or negatives
thereof identify forward-looking statements. These forward-looking
statements involve risks and uncertainties that could cause actual
results to differ materially from those expressed in the
forward-looking statements. Many of these risks and uncertainties
relate to factors that are beyond the Company's ability to control
or estimate precisely. The Company cannot give any assurance that
such forward-looking statements will prove to have been correct.
The reader is cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
announcement. The Company does not undertake any obligation to
update or revise publicly any of the forward-looking statements set
out herein, whether as a result of new information, future events
or otherwise, except to the extent legally required.
Nothing contained herein shall be deemed to be a
forecast, projection or estimate of the future financial
performance of the Company.
**ENDS**
For further information, visit
www.vastplc.com or please contact:
Vast
Resources plcAndrew Prelea (CEO)Andrew Hall (CCO) |
www.vastplc.com+44 (0) 20 7846 0974 |
Beaumont
Cornish – Financial & Nominated AdvisorRoland
CornishJames Biddle |
www.beaumontcornish.com+44 (0) 20 7628 3396 |
Shore
Capital Stockbrokers Limited
– Joint Broker Jerry Keen
(Corporate Broking)Toby Gibbs / James Thomas (Corporate
Advisory) |
www.shorecapmarkets.co.uk +44 (0) 20 7408 4050 |
Axis
Capital Markets Limited – Joint
Broker Richard Hutchison |
www.axcap247.com +44 (0) 20 3206 0320 |
St Brides
Partners LimitedSusie 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 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 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 Licence 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 Community
Diamond Concession, Chiadzwa, in the Marange Diamond Fields.
In Botswana, the Company is focused on
finalising the acquisition of the Ghaghoo Diamond Mine, which will
be conducted through a joint venture between the Company and
Botswana Diamonds plc and will provide the Company with a 90%
interest in a high quality and previously producing diamond asset
benefiting from world-class infrastructure and capable of
generating material revenues in the near term.
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