Vast Resources plc Manaila Extension (Carlibaba) Drilling Results Update

 
TIDMVAST 
 
 
   Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining 
 
   30 November 2017 
 
   Vast Resources plc 
 
   ("Vast" or "the Company") 
 
   Manaila Extension (Carlibaba) Drilling Results Update 
 
   Vast Resources plc, the AIM-listed mining company with operations in 
Romania and Zimbabwe, is pleased to announce the results of its final 
phase of drilling at its 100% owned Carlibaba prospect ('Carlibaba'), 
the proposed location of a second open pit mining operation at the 
Manaila Polymetallic Mine in Romania ('Manaila'). 
 
   Highlights 
 
 
   -- Final results from 2,150m (previously estimated at 2,200m) drilling 
      programme designed to confirm Carlibaba's suitability as a second open 
      pit mine within the Manaila licence area 
 
   -- Subject to an economic assessment, the drilling results appear to support 
      the development of a second open pit operation at Manaila, in addition to 
      a new metallurgical processing facility on site, which would reduce 
      Manaila opex costs by up to 25%.  The cost of this is included in the 
      US$10 million strategic funding requirement as previously announced and 
      as referred to in the Company's recent Circular to Shareholders. 
 
   -- Highlights from the completed drilling programme include: 
 
          -- F004: 4.50m @ 1.17% copper ('Cu'); 0.08% lead ('Pb'); 0.21% zinc 
             ('Zn'); 0.18g/t gold ('Au') and 9.98g/t silver ('Ag') 
 
          -- F005: 12.4m @ 1.11% Cu; 0.18% Pb; 0.43% Zn; including 5.9m @ 1.97% 
             Cu; 0.30% Pb; 0.71% Zn; 0.62g/t Au and 26.29g/t Ag 
 
          -- F009: 3.00m @ 2.93% Cu; 0.88% Pb; 1.95% Zn; 0.47g/t Au and 
             93.33g/t Ag 
 
          -- F012: 2.20m @ 1.17% Cu; 0.84% Pb; 1.32% Zn; 0.98g/t Au; 74.9g/t Ag 
 
          -- F012: 1.00m @ 2.43% Cu; 2.18% Pb; 2.10% Zn; 1.47g/t Au and 
             132.00g/t Ag 
 
          -- F013: 1.50m @ 0.93% Cu; 0.93% Pb; 0.66% Zn; 0.43g/t Au and 
             74.00g/t Ag 
 
          -- F018: 1.60m @ 1.51% Cu; 0.21% Pb; 0.44% Zn; 0.28g/t Au and 13.9g/t 
             Ag 
 
   -- JORC compliant Mineral Resource update targeted for release in H1 2018 
 
 
   Roy Pitchford, Chief Executive of Vast, commented: 
 
   "The results from the now completed drilling programme at Carlibaba have 
validated the historic assay data set and provided significant support 
to our assertion that this prospect will become the second open pit mine 
operation at our Manaila licence, in addition to the site of our new 
metallurgical complex.  The development of these twin objectives, which 
we are looking to fund through off-take debt finance, is expected to 
increase throughput volumes at Manaila considerably and also materially 
reduce operating costs - which should significantly enhance 
profitability in Romania moving forwards." 
 
   Further Information 
 
   Further to the announcement on 4 October 2017, a total of nine 
additional diamond drill holes were cored during the second phase of the 
drilling programme for a total of 1,150.2 metres (previously estimated 
at 1,200m).  The complete surface drilling programme comprised 18 
surface core drill holes totalling 2,150.6 metres in length. 
 
   All samples were logged on site by Vast employees in conjunction with 
Formin SA, a local drilling and geological consultancy firm.  All core 
from mineralised intervals were split in half using a diamond saw on 
site and photographed.  One half of the core was used for sampling with 
the samples sent to the independent laboratories of ALS at Rosia 
Montana.  The remaining split core is stored on site for future 
reference. 
 
   The results of the complete drilling programme are as follows: 
 
 
 
 
Drill 
 hole   From    To    Length 
  ID     (m)    (m)    (m)     Au (g/t)     Ag (g/t)      Cu %      Pb %        Zn % 
F001 *     28     55    27.0         0.28        11.19      0.49      0.21           0.45 
F002 *   21.5     24     2.5         0.26         4.72      0.21      0.01           0.06 
           41   48.5     7.5         0.06         1.23      0.13      0.04           0.05 
F003 *     85     97    12.0         0.16         3.00      0.49      0.01           0.07 
        101.3    105     3.7         0.22         3.03      0.33      0.03           0.08 
F004 *  109.2  113.7     4.5         0.18         9.98      1.17      0.08           0.21 
          122  127.7     5.7         0.77        10.63      0.80      0.04           0.15 
F005 *  114.6    127    12.4         0.44        14.60      1.11      0.18           0.43 
                                  Intersected underground drive. Massive sulphides in 
F006 *    122    124     2.0            the final 0.10 metres of core obtained. 
F007 *     63   67.3     4.3         0.20         3.53      0.29      0.03           0.07 
           87   89.5     2.5         0.06            -      0.16      0.01           0.14 
F008 *     26   27.5     1.5         0.15         5.00      0.15      0.07           0.14 
F009 *     79     81     2.0         0.10        11.40      0.38      0.11           0.36 
          136  145.5     9.5         0.36        39.42      1.48      0.40           0.83 
 F010     0.0   80.0    80.0                        No Intersection 
 F011     0.0  139.0   139.0                            Faulted 
 F012    38.5   38.8     0.3         0.23          9.0      1.25      0.04          32.10 
         80.4   91.0     7.2         0.65         57.5      1.13      0.63          13.82 
 F013    61.3   62.8     1.5         0.13         18.3      0.43      0.45          14.34 
         92.0   94.7     2.7         0.33         62.4      0.94      1.18          11.99 
        100.5  105.0     4.5         0.26         16.2      0.39      0.27           4.37 
 F014   227.8  228.5     0.7         0.27          7.0      0.63      0.05           9.76 
 F015     0.0  227.0   227.0                  Faulted, Intrusive, Breccia 
 F016   112.0  128.0     4.7         0.08          3.6      0.10      0.03          13.03 
 F017     0.0  107.0   107.0                            Faulted 
 F018    70.9   77.4     6.5         0.12          9.1      0.65      0.09           6.34 
 
 
 
   Intercepts are fully diluted with internal waste of up to 3.0m between 
sulphide units 
 
   * Phase 1 drill results previously reported 
 
   The drilling programme has achieved its primary purpose of validating a 
portion of the historic assay data set compiled by Vast from historic 
drilling and assay reports.  In addition, the drilling programme was 
focussed primarily on the portion of the mineral resource which was 
previously identified as having possible open pit mining potential. 
 
   The drilling programme appears to support the development of a second 
open pit operation at Manaila with the construction of a metallurgical 
processing facility on site, thereby significantly reducing the cost of 
ore transport incurred at the current operation. 
 
   The data from this drilling programme undertaken at Manaila by Vast will 
be combined with the existing database of information compiled for the 
mine and surrounding area.  The geological model and Mineral Resource 
models will be updated and a JORC compliant Mineral Resource update is 
targeted for release in H1 2018. 
 
   Baita Plai Update 
 
   The Company will update the market as and when it is in receipt of the 
official documentation by the relevant authorities regarding the award 
of the Baita Plai association licence. 
 
   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] 
SVS Securities Plc - Joint Broker                 www.svssecurities.com 
 Tom Curran                                        [phone] 
 Ben Tadd 
St Brides Partners Ltd 
 Susie Geliher                                      www.stbridespartners.co.uk 
 Charlotte Page                                     [phone] 
 
 
   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"). 
 
   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/ 
 

(END) Dow Jones Newswires

November 30, 2017 02:00 ET (07:00 GMT)

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