Vast Resources plc Second Mantis Jumbo Drill Rig On-siteat Baita Plai

 
TIDMVAST 
 

Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining

13 June 2022

Vast Resources plc

("Vast" or the "Company")

Second Mantis Jumbo Drill Rig on-site at Baita Plai

Vast Resources plc, the AIM-listed producing mining company, is pleased to announce that its second Mantis CMR4 production drilling rig has been delivered to site at the Baita Plai Polymetallic Mine in Romania.

As previously reported, the implementation of the Mantis drilling rigs will increase drilling by up to 3.5 times with a reduction of labour at the drilling face, thereby allowing additional faces to be worked. This second Mantis drill rig will be deployed during the course of this week to develop infrastructure from below 18 level on the Antonio Skarn, to a planned 21 level elevation for commencement of the new decline in the first week of Q3 2022 as programmed.

With the two new Mantis drills on-site and the transition to mechanised mining, together with the implementation of long hole stope mining, significantly increased production output is expected from the end of Q2 2022 onwards.

Andrew Prelea, Chief Executive Officer of Vast Resources PLC, commented:

"We now have our second Mantis rig on site at Baita Plai, which is a critical piece of equipment to support the rapid increase in production expected through the implementation of long hole stope mining. This rig is being deployed on 18 level during the course of this week and, together with the other operational developments that are being introduced over the coming weeks, we expect to see a significant improvement in our production profile from the end of the current quarter onwards."

**ENDS**

For further information, visit www.vastplc.com or please contact:

 
Vast Resources plc                     www.vastplc.com 
 Andrew Prelea (CEO)                    [phone] 
 Andrew Hall (CCO) 
Beaumont Cornish -- Financial          http://www.beaumontcornish.com 
 & Nominated Advisor                    www.beaumontcornish.com 
 Roland Cornish                         [phone] 
 James Biddle 
Shore Capital Stockbrokers Limited     www.shorecapmarkets.co.uk 
 -- Joint Broker                        [phone] 
 Toby Gibbs / James Thomas (Corporate 
 Advisory) 
Axis Capital Markets Limited --        www.axcap247.com 
 Joint Broker                           [phone] 
 Kamran Hussain 
St Brides Partners Limited             http://www.stbridespartners.co.uk 
 Susie Geliher                          www.stbridespartners.co.uk 
 Charlotte Page                         [phone] 
 

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 100% 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 Licence that will allow the Company to re-examine the exploitation of the mineral resources within the larger Manaila Carlibaba licence area.

The Company has also acquired an interest in a joint venture company which provides exposure to a near term revenue opportunity from the Takob Mine processing facility in Tajikistan. The Takob Mine opportunity, which is 100% financed, will provide Vast with a 12.25 percent royalty over all sales of non-ferrous concentrate and any other metals produced. Processing of stockpiled ore on site is expected to commence in Q2 2022.

In Zimbabwe, the Company is focused on the commencement of the joint venture mining agreement on the Community Diamond Concession, Chiadzwa, in the Marange Diamond Fields.

(END) Dow Jones Newswires

June 13, 2022 03:00 ET (07:00 GMT)

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