Vast Resources plc Increased Exploration Target At Baita Plai

 
TIDMVAST 
 
 
   Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining 
 
   13 November 2020 
 
   Vast Resources plc 
 
   ('Vast' or the 'Company') 
 
   Increased Exploration Target at Baita Plai 
 
   Vast Resources plc, the AIM-listed producer & development company, is 
pleased announce an increase to the exploration target for its Baita 
Plai Polymetallic Mine ('Baita Plai') in Romania. Further to the recent 
Baita Plai JORC Resource and Reserve report (see RNS dated 29 October 
2020) (the 'Report'), which confirmed a JORC compliant mineral total 
gross resource of 608,000 tonnes at 2.58% copper ('Cu') equivalent and 
an exploration target in the range of 1.8M-3M tonnes, Vast has now had 
the opportunity to review further historical data which has only 
recently been made available and is pleased to update the market that 
the Antonio North skarn, which is one of a number of high priority 
exploration targets, may be more extensive than previously interpreted. 
 
 
   The previous 1.8M-3M tonnes exploration target referred to in the Report 
assigned 0.2M--0.5M tonnes to the Antonio North skarn and also included 
the historical 1,800,000 tonnes under the NAEN Russian Code, as 
announced on 10 December 2014.  Following an analysis of historical data 
records, the exploration target tonnes assigned to the Antonio North 
skarn has been updated to between 1.4M--2.8M tonnes giving an increased 
total gross exploration target of between 3.2M--5.8M tonnes. 
 
   Based on these findings, the Directors believe that the Antonio North 
skarn represents a major near to medium term mining opportunity 
illustrated below in Figure 1. An underground exploration drilling 
programme is currently being compiled to better determine its potential. 
 
   Andrew Prelea, CEO of Vast Resources PLC commented: 
 
   "Antonio North represents a major opportunity for the Company not only 
to expand our production profile but also to significantly extend the 
life of mine plan at Baita Plai. In our initial exploration target of 
between 1.8M--3M tonnes, Antonio North represented 0.2M-0.5M tonnes; 
however, based on this new information Baita Plai and subject to further 
confirmation we will have an increased exploration target of between 
3.2M--5.8M tonnes. The significant value potential of Baita Plai 
continues to reveal itself and we are committed to maximising this." 
 
   Further Information 
 
   Data comprising available historical assay results, logged lithologies 
and general plan data was recently collated from data archives accessed 
by the mine geologists and Mr. Harvey, which has enabled the 
construction of a basic geological model for the Antonio North skarn. 
This has led to a revised Company determined exploration target for 
Baita Plai as detailed below: 
 
 
 
 
Exploration        Range         Range       Range       Range        Range         Range 
   Target        (M tonnes)      (Cu %)      (Pb %)      (Zn %)      (Ag g/t)      (Au g/t) 
------------  --------------  ----------  ----------  ----------  ------------  ------------ 
              Min     Max     Min   Max   Min   Max   Min   Max    Min    Max    Min    Max 
------------  ----  --------  ----  ----  ----  ----  ----  ----  -----  -----  -----  ----- 
               3.2       5.8  0.50  2.00  0.10  2.00  0.10  2.00  40.00  80.00   0.20   0.80 
------------  ----  --------  ----  ----  ----  ----  ----  ----  -----  -----  -----  ----- 
 
 
   The Antonio North skarn is located approximately 200m to the north of 
the Antonio skarn.  Historic drilling from 15 level and 16 level 
identified a skarn below the Antonio skarn, which was subsequently mined 
between 15 and 16 level. Underground development on 17 and 18 levels is 
limited and intersected the Antonio North skarn on the western margin of 
the skarn. Limited mining of the Antonio North skarn has taken place on 
17 and 18 levels due to the underground development not continuing below 
16 level as depicted in Figure 1 (to view the release with the 
illustrative diagrams please see the link at the bottom of the 
announcement). 
 
   Figure 1: 3-Dimensional Image showing the previous interpreted extent of 
the Antonio North Skarn 
 
   There is a major near to medium term opportunity for the mine to extend 
both the 17 and 18 level development along strike of the Antonio North 
skarn and to commence mining as the infrastructure is developed. 
 
   Analysis of the historical drill hole records which are presumed to have 
been drilled in the early 1990's, revealed numerous skarn intersections. 
Unfortunately, not all the records had corresponding assay data or other 
data such as date drilled, type of drill used or where laboratory assays 
were undertaken. The Antonio North skarn has been interpreted from 
underground intersections in 17 and 18 level development on the western 
margin, from underground intersections in the 15 and 16 level 
development above, and from four historic underground drill holes 
drilled from 15 level. 
 
   The drill holes intersecting the Antonio North skarn are L-16, L-28, 
1388BSK and 1389BSK. The assay values from these drill holes are 
provided in mm. A weighted average copper % is calculated as 1.66%, lead 
% at 0.02% and zinc % at 0.08%. The drillholes and extent of the newly 
interpreted Antonio North skarn are depicted in Figure 2. 
 
 
 
 
BHID   LENGTH  FROM    TO    LITH  Descript  SAMPNO  Cu_%   Pb_%  Zn_%  Mo_%  Bi_%  W_% 
-----  ------  -----  -----  ----  --------  ------  -----  ----  ----  ----  ----  ---- 
L-16      1.2   63.9   65.1    SK     Skarn   16_22  11.88    NA  0.93    NA  1.93    NA 
-----  ------  -----  -----  ----  --------  ------  -----  ----  ----  ----  ----  ---- 
L-16        2   65.1   67.1    SK     Skarn   16_23   0.17  0.04  0.01  0.03  0.01    NA 
-----  ------  -----  -----  ----  --------  ------  -----  ----  ----  ----  ----  ---- 
L-16        1   67.1   68.1    SK     Skarn   16_24   0.12  0.04  0.01  0.01  0.28    NA 
-----  ------  -----  -----  ----  --------  ------  -----  ----  ----  ----  ----  ---- 
L-16      1.4   68.1   69.5    SK     Skarn   16_25   0.20  0.04  0.01    NA  0.96  0.01 
-----  ------  -----  -----  ----  --------  ------  -----  ----  ----  ----  ----  ---- 
L-28        2    243    245    SK  Hornfels   28_15   0.68  0.04  0.02  0.00  1.20    NA 
-----  ------  -----  -----  ----  --------  ------  -----  ----  ----  ----  ----  ---- 
L-28        2    245    247    SK  Hornfels   28_16   0.47  0.05  0.02  0.02  1.04  0.19 
-----  ------  -----  -----  ----  --------  ------  -----  ----  ----  ----  ----  ---- 
L-28        2    247    249    SK  Hornfels   28_17   3.40    NA  0.07  0.04  0.55  0.24 
-----  ------  -----  -----  ----  --------  ------  -----  ----  ----  ----  ----  ---- 
L-28        2    249    251    SK  Hornfels   28_18   1.07  0.08  0.04  0.03  1.76  0.14 
-----  ------  -----  -----  ----  --------  ------  -----  ----  ----  ----  ----  ---- 
L-28        2    251    253    SK  Hornfels   28_19   0.71  0.04  0.04  0.00  0.33    NA 
-----  ------  -----  -----  ----  --------  ------  -----  ----  ----  ----  ----  ---- 
L-28        2    253    255    SK  Hornfels   28_20   1.76    NA  0.07    NA  0.21    NA 
-----  ------  -----  -----  ----  --------  ------  -----  ----  ----  ----  ----  ---- 
L-28      1.4    255  256.4    SK  Hornfels   28_21   0.44    NA  0.03    NA  0.13    NA 
-----  ------  -----  -----  ----  --------  ------  -----  ----  ----  ----  ----  ---- 
L-28      3.6  256.4    260    SK  Hornfels      NA     NA    NA    NA    NA    NA    NA 
-----  ------  -----  -----  ----  --------  ------  -----  ----  ----  ----  ----  ---- 
L-28        1    260    261    SK  Hornfels   28_22   1.34  0.10  0.07  0.00  0.08    NA 
-----  ------  -----  -----  ----  --------  ------  -----  ----  ----  ----  ----  ---- 
L-28        1    261    262    SK  Hornfels   28_23   2.72  0.02  0.31  0.01  0.16  0.13 
-----  ------  -----  -----  ----  --------  ------  -----  ----  ----  ----  ----  ---- 
1388 
 BSK        2     13     15    SK     Skarn  1388/1   2.89    NA  0.04  0.53  0.01    NA 
-----  ------  -----  -----  ----  --------  ------  -----  ----  ----  ----  ----  ---- 
1389 
 BSK        3     13     16    SK     Skarn  1389/2   2.54    NA  0.05  0.40    NA    NA 
-----  ------  -----  -----  ----  --------  ------  -----  ----  ----  ----  ----  ---- 
 
 
   "NA" = No Assay 
 
   Figure 2: 3-Dimensional Image showing the extent of the newly 
interpreted Antonio North Skarn and the historic underground drill holes 
 
   Based on the recent drilling in the adjacent Antonio skarn, the Company 
expects that a similar grade range for copper, lead, zinc, gold, and 
silver would be present in the Antonio North skarn. The historic 
drillhole intersections show that the grades are present and within the 
same broad range. 
 
   An underground drilling programme is being developed to test the 
geological interpretation by drilling a series of underground diamond 
drill holes from 15 level to intersect the Antonio North skarn. 
 
   Competent Person 
 
   The information in this announcement is based on information compiled by 
Mr Craig Harvey, the Chief Operating Officer and 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'. 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. 
 
   **S** 
 
   For further information, visit 

https://www.globenewswire.com/Tracker?data=9XkRsaEkbV0zq-hus0YU8V51s7YDvYWA5JOaMvKhAPYGOlZ_pGNKBPYl_AoHrxhnM1utYnDTWoqhsQjrQoakVQ== 
www.vastplc.com, follow the Company on Twitter @vast_resources and 
LinkedIn, or please contact: 
 
 
 
 
Vast Resources plc                                www.vastplc.com 
 Andrew Prelea - CEO                               [phone] 
 Andrew Hall 
Beaumont Cornish - Financial & Nominated Adviser  www.beaumontcornish.com 
 Roland Cornish                                    [phone] 
 James Biddle 
SP Angel Corporate Finance LLP -- Joint Broker    www.spangel.co.uk 
 Richard Morrison                                  [phone] 
 Caroline Rowe 
Axis Capital Markets Limited -- Joint Broker      www.axcap247.com 
 Richard Hutchison                                 [phone] 
St Brides Partners Limited                        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"). 
 
   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 an 80% 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 License 
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 Chiadzwa Community Concession Block of 
the Chiadzwa Diamond Fields in Zimbabwe. 
 
   TECHNICAL GLOSSARY 
 
   The following is a summary of technical terms: 
 
 
 
 
Ag              Silver 
--------------  -------------------------------------------------------------- 
Au              Gold 
--------------  -------------------------------------------------------------- 
Bi              Bismuth 
--------------  -------------------------------------------------------------- 
Cu              Copper 
--------------  -------------------------------------------------------------- 
Cut-off         The cut-off grade the lowest grade, or quality, of 
                 mineralised material that qualifies as economically 
                 mineable and available in a given deposit. May be 
                 defined on the basis of economic evaluation, or on 
                 physical or chemical attributes that define an acceptable 
                 product specification; 
--------------  -------------------------------------------------------------- 
Grade           Grade(s) means the quantity of ore or metal in a specified 
                 quantity of rock 
--------------  -------------------------------------------------------------- 
Hornfels        A dark, fine-grained metamorphic rock consisting largely 
                 of quartz, mica, and particular feldspars. 
--------------  -------------------------------------------------------------- 
M               a written abbreviation for the number million. 
--------------  -------------------------------------------------------------- 
Mo              Molybdenum 
--------------  -------------------------------------------------------------- 
Mineral         A 'Mineral Resource' is a concentration or occurrence 
Resource         of solid material of economic interest in or on the 
                 Earth's crust in such form, grade (or quality), and 
                 quantity that there are reasonable prospects for eventual 
                 economic extraction. The location, quantity, grade 
                 (or quality), continuity and other geological characteristics 
                 of a Mineral Resource are known, estimated or interpreted 
                 from specific geological evidence and knowledge, including 
                 sampling. Mineral Resources are sub-divided, in order 
                 of increasing geological confidence, into Inferred, 
                 Indicated and Measured categories. 
--------------  -------------------------------------------------------------- 
Inferred        An 'Inferred Mineral Resource' is that part of a Mineral 
Mineral          Resource for which quantity and grade (or quality) 
Resource         are estimated on the basis of limited geological evidence 
                 and sampling. Geological evidence is sufficient to 
                 imply but not verify geological and grade (or quality) 
                 continuity. It is based on exploration, sampling and 
                 testing information gathered through appropriate techniques 
                 from locations such as outcrops, trenches, pits, workings 
                 and drill holes. 
--------------  -------------------------------------------------------------- 
Indicated       An 'Indicated Mineral Resource' is that part of a 
Mineral          Mineral Resource for which quantity, grade (or quality), 
Resource         densities, shape and physical characteristics are 
                 estimated with sufficient confidence to allow the 
                 application of Modifying Factors in sufficient detail 
                 to support mine planning and evaluation of the economic 
                 viability of the deposit. 
--------------  -------------------------------------------------------------- 
JORC Code       Australasian Institute of Mining and Metallurgy Joint 
                 Ore Reserves Committee code on mineral resources and 
                 ore reserves 
--------------  -------------------------------------------------------------- 
Lithologies     The study of the general physical characteristics 
                 of rocks. 
--------------  -------------------------------------------------------------- 
Mineralisation  Process of formation and concentration of elements 
                 and their chemical compounds within a mass or body 
                 of rock 
--------------  -------------------------------------------------------------- 
Pb              Lead 
--------------  -------------------------------------------------------------- 
Skarn           Lime-bearing siliceous rock produced by the metamorphic 
                 alteration of limestone or dolomite. 
--------------  -------------------------------------------------------------- 
W               Tungsten 
--------------  -------------------------------------------------------------- 
Zn              Zinc 
--------------  -------------------------------------------------------------- 
 
 
 
 
   Attachment 
 
 
   -- Antonio North RNS 13.11.20 
      https://ml-eu.globenewswire.com/Resource/Download/536324ff-e5af-4531-bbda-d1128e3a47cc 
 
 
 
 
 
 
 

(END) Dow Jones Newswires

November 13, 2020 02:00 ET (07:00 GMT)

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