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Vast Resources Plc
Summary
| Project: | Baita Plai | |
|---|---|---|
| Deposit: | Faneata | |
| Location: | Romania | |
| Commodities: | Silver-Copper-Lead-Zinc | |
| Date: | 3/6/2017 | |
| Report Code: | (no Code) | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 6-3-2017: Vast Resources Plc announces an Exploration/Drilling Update report for its Faneata deposit at the Baita Plai project. JV - drilling results incl. 1.5m @ 25g/t Ag, 0.56% Cu, 2.67% Pb, 1.56% Zn from 0m. Vast Resources plc, the AIM-listed mining co | |
| Resources: | (historic estimates only) | |
| CP/QP: | [Overall Report]: Craig Harvey (Internal) | |
| ABSTRACT: | Vast Resources plc, the AIM-listed mining company with interests in Romania and Zimbabwe, is pleased to announce that significantly higher grades of silver, copper, lead and zinc have been confirmed at the 4.6Mt Faneata Tailings Dam ('Faneata'), located near the Baita Plai Polymetallic Mine ('Baita Plai') in Romania, following analysis of the initial drill work announced on 2 November 2016. Roy Pitchford, Chief Executive of Vast, commented: "With 40 years' worth of prospective material collected from the high grade Baita Plai Polymetallic Mine, Faneata represents a near-term, low-cost, revenue generative development opportunity. Our intention is to utilise our existing plant and equipment at Baita Plai to recover metals from the tailings dam and with this in mind we are delighted with the initial results received from our recent drill campaign, which confirm higher grades of silver, copper, lead and zinc than previously reported. These results not only strengthen our confidence in Faneata's commercial potential but also give validation to our development strategy, whereby enhanced processing technologies are used to realise the value potential of an asset, and in this case, establish Faneata as a stand-alone mining operation. "We look forward to keeping shareholders updated with further progress at Faneata, which includes the upcoming delineation of a JORC compliant mineral resource, targeted for completion by the end of March 2017. A feasibility study, based on the JORC resource and associated metallurgical test work, will set the parameters for developing Faneata into a new revenue stream for the Company, bolstering on-going production at the Company's Manaila Polymetallic Mine in Romania and Pickstone-Peerless Gold Mine in Zimbabwe." | |
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