Vast Resources plc Update On Piciorul Zimbrului & Magura Neagra Licences

 
TIDMVAST 
 
   Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining 
 
   17 October 2017 
 
   Vast Resources plc 
 
   ("Vast" or the "Company") 
 
   Update on Piciorul Zimbrului & Magura Neagra Licences 
 
   Vast Resources plc, the AIM listed mining company with operations in 
Romania and Zimbabwe, announces that further to the announcement on 22 
December 2016, the Company is pleased to provide an update on activities 
on the Piciorul Zimbrului and Magura Neagra prospecting licences, 
located in the vicinity of the Company's 100% owned Manaila Polymetallic 
Mine ('Manaila') in Romania. 
 
   Overview 
 
 
   -- Prospecting activites have commenced at Piciorul Zimbrului and Magura 
      Neagra in line with Vast's strategy to increase the resources near 
      Manaila and expand its Romanian mineralised footprint through the 
      acquisition of brownfield mining operations and known discoveries 
 
   -- Piciorul Zimbrului and Magura Neagra are located 74km from  Vast's 100% 
      owned producing mine at Manaila 
 
   -- Historical exploration activities have demonstrated both licences' 
      prospectivity for polymetallic mineralisation 
 
   -- The first stage of prospecting has been paid for out of existing cash 
      resources 
 
   -- Further investment in prospecting and development activities will be made 
      in Q2 and Q3 2018 by which time Vast expects to have finance agreements 
      secured for the advancement of the prospecting licences 
 
 
   Activities 
 
 
   -- Initial access surveys to the areas of interest 
 
   -- Initial rock sampling has commenced with the collection of 16 in-situ 
      rock samples 
 
   -- Geological mapping of 7.6km of outcrop 
 
   -- Demarcation and confirmation of existing underground adits and 
      infrastructure 
 
   -- Accessible areas demarcated for further work entailing the following; 
 
          -- 225 soil samples from Magura Neagra 
 
          -- 240 soil samples from Piciorul Zimbrului 
 
   -- This represents the commencement of the exploration activities as defined 
      in the prospecting works programme submitted for the prospecting licences 
      approved 21 December 2016 
 
 
 
 
   Further Information 
 
   Piciorul Zimbrului Licence 
 
   Located in the Zagra Talisua area in Bistrita-Nasaud County of Romania, 
the 10km(2) Piciorul Zimbrului prospecting licence ("Piciorul") is 
approximately 74km from the Company's producing Manaila mine. 
 
   Previous exploration activities, conducted by the former state 
exploration company between 1981 and 1989, included underground 
development and underground diamond drilling consisting of 1,200m 
underground development, 862m surface diamond drilling and geological 
mapping over an area of 4.0km(2) .  Several trenches and pits totalling 
3,484m(3) and 238m were excavated on surface. 
 
   This work identified a total of six veins, with associated copper and 
gold mineralisation of approximately 820m in length along the 
underground drives at an elevation of 835m above mean sea level 
("amsl"). 
 
   A further two veins with associated polymetallic mineralisation were 
investigated with an additional two veins exhibiting gold, silver, and 
antimony mineralisation, encountered in the underground development at 
an elevation of +950m amsl. 
 
   The veins are hosted within Paleocene sandstones and the full extent of 
the veins has not been defined.  Mention is made in literature of 
exploration activities undertaken in 1981 for disseminated porphyry 
copper in the silicified sandstones. 
 
   Magura Neagra Polymetallic Licence 
 
   Located in the Zagra-Teliciu area in Bistrita-Nasaud County of Romania 
the 21km(2) Magura Neagra licence ("Magura Neagra") is believed to be 
contiguous to the Piciorul licence and is approximately 74km from 
Manaila. 
 
   A spatial analysis of the vein system by the State mining company 
between 1981 and 1989, identified areas of intense silicification and 
occurrences of disseminated mineralisation which indicate the possible 
presence of a porphyry copper type mineralising system together with 
mineralised veins containing gold, silver, molybdenum, lead and zinc. 
 
   In the valley tributaries of the Tibles mountains, five veins were 
outlined historically by means of underground development and surface 
diamond drilling reportedly totalling 3.0Mt of gold, silver, and 
polymetallic mineralisation. 
 
   Porphyry style copper mineralisation appears to be associated with the 
vein systems, with areas of intensely silicified sandstones with 
disseminated sulphide impregnations.  Initial estimates by the Romanian 
exploration teams, both historically and those led by Vast, related to 
the porphyry style mineralisation have indicated an exploration target 
(non JORC compliant) of up to 3,000Mt of ore to a depth of 600m, at 
grades ranging from 0.4% copper ("Cu") and 0.3g/t gold ("Au") up to 0.8% 
Cu and 0.5g/t Au. 
 
   An assessment of the area will require further exploration work 
comprising underground development and sampling, surface diamond 
drilling and metallurgical test work. 
 
   A secondary area within this prospecting perimeter, Magura Neagra, was 
investigated during 1989 by the state prospecting company IPEG Cluj by 
means of surface trenching. Disseminated copper and molybdenum 
mineralisation was found to be hosted within the country rock and a 
stock work fracture system related to quartz diorite stock.  Grades are 
estimated to be in the range of 0.44%-0.9% Cu, 60-65 g/t Ag, 0.5%-0.6% 
lead ("Pb"), 1.1%-1.3% zinc ("Zn") and 1.0-1.3 g/t Au. 
 
   Geological experts within Romania have surmised the presence of a major 
porphyry type copper mineralisation system located in and around the 
area of Tarlisua-Zagra, which bears similarities to the major porphyry 
deposits at Trinity Bolcana and Rosa Poieni. 
 
   In accordance with an existing contractual agreement with the Group, 
management interests (being Andrew Prelea's) in the two licences are 15% 
on terms to be announced in the future; Vast having the other 85%. 
 
   Competent Person's Review: 
 
   This announcement has been reviewed by Mr Craig Harvey, Chief Operating 
Officer at Vast, and a member of the Geological Society of South Africa 
and the Australian Institute of Geoscientists. Mr Harvey meets the 
definition of a "qualified person" as defined in the AIM Note for Mining, 
Oil and Gas Companies. 
 
   -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                            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"). 
 
   **ENDS** 
 
   Technical Glossary 
 
   Spatial analysis 
 
   A means of analysis applied to data or data sets which analyses the 
relationships  between data points or lineaments in terms of their 
location to one another. 
 
   Sulphide impregnations 
 
   The occurrence of sulphide minerals as an impregnation within the host 
rock or as incusions within host material. 
 
   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. 
 
   With this strategy, Vast Resources commissioned two mining operations in 
2015; the Manaila Polymetallic Mine in Romania and the 
Pickstone-Peerless Gold Mine in Zimbabwe. 
 
   The Company has a broad portfolio of additional exploration and 
development projects in Romania and Southern Africa with significant 
potential for exploitation in the mid- to long- term.  This 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. 
 
   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

October 17, 2017 09:30 ET (13:30 GMT)

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