Vast Resources plc Jorc Compliant Resource Published For Faneata Tailings Storage Facility, Romania

 
TIDMVAST 
 
 
   Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining 
 
   29 March 2017 
 
   Vast Resources plc 
 
   ("Vast" or the "Company") 
 
   JORC Compliant Resource Published for 
 
   Faneata Tailings Storage Facility, Romania 
 
   Vast Resources plc, the AIM-listed mining company with interests in 
Romania and Zimbabwe, is pleased to announce the maiden JORC Compliant 
Mineral Resource Estimate for the Company's 80% owned Faneata Tailings 
Storage Facility ("Faneata") in Romania.  Faneata consists of more than 
40 years' material from the proximal Baita Plai Polymetallic Mine 
("Baita Plai"). 
 
   Overview 
 
 
   -- Maiden internally generated JORC Compliant Mineral Resource Estimate 
      updating the previous resource estimated which was derived from public 
      domain information from work undertaken by El Dore in 2011: 
 
          -- Total Mineral Resource (Measured, Indicated & Inferred) of 3.0Mt 
             (Gross, being 2.4Mt net to Vast) at a grade of 0.05 g/t gold 
             ('Au'), 8.65 g/t silver ('Ag'), 0.092% copper ('Cu'), 0.101% lead 
             ('Pb'), 0.171% zinc ('Zn'), 0.013% bismuth ('Bi'), 0.006% 
             molybdenum ('Mo') and 0.017% tungsten ('W') at a 0.0 g/t and a 
             0.0% cut-off grade 
 
   -- Intention to utilise the Company's Baita Plai processing facility located 
      6.5km away 
 
   -- A Preliminary Economic Assessment ("PEA") undertaken by the Company at 
      Faneata on the operating costs indicates a break-even total processing 
      recovery of 25% 
 
   -- Metallurgical test work is commencing to determine the amenability of the 
      Faneata resource to pre-concentration and flotation 
 
   -- At an anticipated total processing recovery of 36% and based on a model 
      that assumes processing of the Faneata tailings at Baita Plai, Faneata 
      has the potential to deliver a 44% margin over a period of 16-20 months 
      before capital expenditure is considered 
 
   -- Feasibility Study underway and due for completion by end of Q2 2017 - the 
      Feasibility Study will define the parameters for development at Faneata 
 
 
   Roy Pitchford, Chief Executive of Vast, commented: "Our Faneata Tailings 
Storage Facility, which constitutes a separate licence to the proximal 
Baita Plai mine, is shaping up to have the potential to be a revenue 
generator in its own right.  Today's publication of a JORC Compliant 
Resource Estimate is another step up the rung towards achieving low-cost 
production at Faneata as we simultaneously advance negotiations to 
secure the right to mine at Baita Plai. 
 
   "With an anticipated total processing recovery of 36%, Faneata has the 
potential to deliver a 44% margin over a period of 16-20 months, before 
capital expenditure, highlighting the ability for this project to 
materially enhance financial performance in the near-term, supporting 
Vast's wider expansion plans across Romania.  Importantly, reprocessing 
the tailings at Faneata will also have a positive impact from an 
environmental standpoint; a central pillar of our Corporate Social 
Responsibility programme in Romania. 
 
   "I look forward to the receipt of our metallurgical test work as we 
identify the optimal pathway for development at Faneata." 
 
   Further Information 
 
   Vast holds an 80% interest in a prospecting licence over Faneata, which 
is located 7km from the Baita Plai Polymetallic Mine.  This licence 
constitutes a separate right from the anticipated right to mine at Baita 
Plai itself and Vast believes Faneata has the potential to be a 
stand-alone mining operation when enhanced processing technologies, that 
can enable the economic extraction of the metalliferous content of the 
tailings, are used.  Crucially, the mining and processing of Faneata 
will also be of environmental value, with the reprocessing of the 
tailings acting as a "greening" process of the dam.  This is in 
accordance with Vast's dedicated Corporate Social Responsibility 
programme in Romania. 
 
   JORC Mineral Resource Estimate 
 
   The mineral resource estimate has been completed following the 
principles of the 2012 edition of the Australasian Code for Reporting of 
Exploration Results, Mineral Resources and Ore Reserves, the ("JORC") 
code. 
 
   The subject of the mineral resource report is the declaration of a 
maiden JORC compliant mineral resource estimate for Faneata.  No 
previous mineral resource declarations have been undertaken on Faneata 
except for El Dore Mining Corporation ("EDMC") releasing an estimate of 
contained metal within Faneata in July 2011. 
 
   This Report has been prepared based on technical reviews and information 
gathered by Vast from August 2016 to February 2017.  The effective date 
of the mineral resource estimate is 28 March 2017. 
 
   Locality, Infrastructure and Environment 
 
   Faneata is located in the Bihor County of Romania, approximately 80km to 
the south west of the city of Oradea. The tailings dump is adjacent to a 
secondary tarred road in the region which links the town of Stei in the 
west with the major city of Cluj-Napoca to the east. 
 
   The processing facilities of Baita Plai are located approximately 6.5km 
to the west.  The metallurgical processing facility comprises crushing, 
milling, and flotation and was last operated in approximately 2012.  The 
facility has been on care and maintenance since that time to present 
under the auspices of Vast. 
 
   The prospecting licence, number 19101/11.05.2016, is 0.169km(2) in 
extent.  The licence was awarded on 11 May 2016 and granted Vast 
prospecting activities and the right to evaluate the metal content of 
Faneata over a period of one year from the date of grant.  Once the 
Feasibility Study is completed, which is targeted for the end of Q2 
2017, the Company will apply for a permit to operate at Faneata. 
 
   History, Exploration and Mining 
 
   Faneata served as the tailings deposition site for Baita Plai since the 
1960s until the mine was put on care and maintenance in 2012.  There is 
a second smaller tailings storage facility located approximately 1.0km 
to the east which served as a depositional site for Baita Plai in the 
years prior to this.  This tailings storage facility is completely 
rehabilitated. 
 
   Vast drilled a total of 33 drill holes in the dump during November 2016. 
The samples were sent to the soil geochemical laboratories of SGS in 
Ankara, Turkey. 
 
   Mineral Resources 
 
   A mineral resource estimate has been compiled for Faneata.  A full 
geological model has been constructed, constraining the tailings 
material to the surveyed surface topography and the end of hole depths 
of the 33 drill holes.  Due to rising footwall topography, the estimated 
volume of Faneata was reduced from 3,600,000m(3) to 2,400,000m(3) . 
 
   A combination of Inverse Distance Squared ("ID2") and Nearest Neighbour 
("NN") estimation was carried out, interpolating values for gold, silver, 
copper, lead, zinc, tungsten, molybdenum and bismuth into a 
three-dimensional constrained geological block model.  The ID2 method 
was selected as the value to report the mineral resource estimate. 
Density values were obtained from five surface pits on Faneata. 
 
   Mineral resource categorisation was undertaken by assigning confidence 
categories to the interpolation search volumes.  The search volumes were 
orientated horizontally with a 1.5 metre vertical search radius in order 
to constrain the sample search to reflect the horizontal depositional 
environment of Faneata. 
 
   The mineral resource estimate is tabulated in Table 1 for the metal 
content and the in Table 2 for the metal grades. 
 
   Table 1: Mineral Resource Estimate (Metal Content) for the Faneata 
Tailings Storage Facility (Gross) 
 
 
 
 
Resource 
Category      Tons                          METAL CONTENT 
                        Au     Ag     Bi    Cu     Mo     Pb            Zn 
                       (kg)   (kg)   (t)    (t)    (t)    (t)   W (t)   (t) 
 Measured   2,396,889   127  21,122   285  2,212    138  2,604    397  3,904 
Indicated     532,460    21   4,303    83    489     24    384     97  1,060 
Total M & 
     I      2,929,349   148  25,425   368  2,701    163  2,988    493  4,964 
 Inferred      85,477     4     652    18     80      3     46     17    192 
  Total     3,014,826   152  26,077   386  2,782    166  3,034    510  5,157 
 
 
   * as at 31 March 2017 (topographic surface) 
 
   * No cut-off grade applied 
 
   Table 2: Mineral Resource Estimate (Metal Grades) for the Faneata 
Tailings Storage Facility 
 
 
 
 
Resource 
Category      Tons                            METAL GRADES 
                         Au      Ag 
                         g/t    g/t   Bi %   Cu %   Mo %   Pb %    W %   Zn % 
 Measured   2,396,889   0.053   8.81  0.012  0.092  0.006  0.109  0.017  0.163 
Indicated     532,460   0.039   8.08  0.016  0.092  0.005  0.072  0.018  0.199 
Total M & 
     I      2,929,349   0.051   8.68  0.013  0.092  0.006  0.102  0.017  0.169 
 Inferred      85,477   0.048   7.63  0.021  0.094  0.004  0.054  0.020  0.225 
  Total     3,014,826   0.050   8.65  0.013  0.092  0.006  0.101  0.017  0.171 
 
 
   * as at 31 March 2017 (topographic surface) 
 
   * No cut-off grade applied 
 
   Conclusion 
 
   The Board believe that Faneata represents an opportunity to utilise the 
current metallurgical facilities at Baita Plai, which are currently 
under care and maintenance by Vast.  Notably, the Baita Plai 
metallurgical facility is not attached to the Baita Plai underground 
mining licence and the infrastructure can be utilised to process 
material from an alternative source, which is fully permitted. 
 
   Preliminary economic assessments of the viability of Faneata utilising 
transport and processing costs from current operations in Romania have 
indicated that an overall process recovery of 25% on the silver, copper 
and zinc only is required for the project to be cost neutral.  Vast is 
targeting a 36% total processing recovery which would deliver a 44% 
operating cost margin.  Operating costs including transport and 

processing costs, have been based on the Manaila Polymetallic Mine, 
which Vast has operated since August 2015.. 
 
   Metallurgical test work will be conducted to establish the optimum 
method of pre-concentration for Faneata and to ascertain or affirm the 
anticipated overall process recovery. 
 
   Competent Person 
 
   The information in this report that relates to Exploration Targets, 
Exploration Results, Mineral Resources or Ore Reserves is based on 
information compiled by Mr Craig Harvey, the Chief Operating Officer 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. 
 
   **ENDS** 
 
   For further information, visit www.vastresourcesplc.com or please 
contact: 
 
 
 
 
Vast Resources plc                                www.vastresourcesplc.com 
 Roy Pitchford (Chief Executive Officer)           [phone] 
Beaumont Cornish - Financial & Nominated Adviser  www.beaumontcornish.com 
 Roland Cornish                                    [phone] 
 James Biddle 
Brandon Hill Capital Ltd - Joint Broker           www.brandonhillcapital.com 
 Jonathan Evans                                    [phone] 
Peterhouse Corporate Finance Ltd - Joint Broker   www.pcorpfin.com 
 Duncan Vasey                                      [phone] 
St Brides Partners Ltd - Financial PR             www.stbridespartners.co.uk 
 Susie Geliher                                     [phone] 
 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"). 
 
   Technical Glossary 
 
 
 
 
Au                 Chemical symbol for gold 
Ag                 Chemical symbol for silver 
Bi                 Chemical symbol for bismuth 
Cu                 Chemical symbol for copper 
Feasibility Study  Evaluation of a mineral Reserve/Resource to determine 
                    whether it can be mined effectively and profitably 
g/t                Grams per tonne 
Indicated          Part of a Mineral Resource for which quantity, grade 
                    or quality, densities, shape and physical characteristics, 
                    can be estimated with a level of confidence sufficient 
                    to allow the appropriate application of technical 
                    and economic parameters, to support mine planning 
                    and evaluation of the economic viability of the deposit 
Inferred           Part of a Mineral Resource for which quantity and 
                    grade or quality can be estimated on the basis of 
                    geological evidence and limited sampling, and reasonably 
                    assumed, but not verified, geological and grade continuity 
JORC               The Australasian Code for Reporting of Exploration 
                    Results, Mineral Resources and Ore Reserves 
kg                 Kilogram 
km                 Kilometre 
km(2)              Square kilometre 
m(3)               Cubic metre 
Measured           Part of a resource for which tonnage, densities, shape, 
                    physical characteristics, grade and mineral content 
                    can be estimated with a high level of confidence 
Mo                 Chemical symbol for molybdenum 
Mt                 Million tonnes 
Pt                 Chemical symbol for lead 
Resource           A Mineral Resource as defined by The Australasian 
                    Code for Reporting of Exploration Results, Mineral 
                    Resources and Ore Reserves 
t                  Tonnes 
Tailings Storage   The facility which stores waste product from mineral 
Facility            processing operations 
W                  Chemical symbol for tungsten 
Zn                 Chemical symbol for zinc 
 
 
   Notes 
 
   Vast Resources plc is an AIM listed mining and resource development 
company focussed on the rapid advancement of high quality brownfield 
projects and recommencing production at previously producing mines in 
Romania. 
 
   Vast Resources currently own and operates the Manaila Polymetallic Mine 
in Romania, which was commissioned in 2015.  The Company's portfolio 
also includes the Baita Plai Polymetallic Mine in Romania, where work is 
currently underway towards obtaining the relevant permissions to start 
developing and ultimately commissioning the mine. 
 
   The Company also has interests in a number of projects in Southern 
Africa including a 25 per cent. interest(*) in the producing 
Pickstone-Peerless Gold Mine in Zimbabwe. 
 
   (*) Vast ownership is currently 50% (25.01% when SSCG Africa Holdings 
Ltd financing conditions precedent are fulfilled as per announcement on 
30 January 2017). 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Vast Resources plc via Globenewswire 
 
 
  http://www.acrplc.com/ 
 

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March 29, 2017 03:00 ET (07:00 GMT)

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