Baita Plai JORC Resource & Reserve Report

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

29 October 2020

Vast Resources plc
(‘Vast’ or the ‘Company’)

Baita Plai JORC Resource & Reserve Report

Vast Resources plc, the AIM-listed producer & development company, is pleased to announce the release of its JORC compliant Resource & Reserve Report for its producing Baita Plai Polymetallic Mine (‘Baita Plai’) in Romania.

Highlights:

• Measured, Indicated & Inferred mineral resource category of 608,000 (gross)/486,400 (net attributable to Vast) tonnes @ 2.58% copper (‘Cu’) equivalent
• Exploration target (gross), including historical mineral resource, between 1.8M–3M tonnes with Cu range of 0.50–2.00%, gold (‘Au’) range of 0.20–0.80 g/t and silver (‘Ag’) range of 40-80g/t
• The mineral resource estimate represents an additional 600,000 tonnes (gross) over and above the reported (non-JORC) historical mineral resource estimates of 1,800,000 tonnes  under the NAEN Russian Code as announced on 10 December 2014
• The mineral resource estimate underpins the initial mine production life of  approximately 3-4 years of in-situ 15,695 tonnes copper equivalent available for mining
• Based on an assumed copper metal price of US$6,655/tonne the initial mine production generates an in situ metal value of US$104,450,225* over the 3-4 year period
• Significant further upside:
  • a significant portion of the Exploration Target is expected to be converted to a JORC compliant mineral resource in the coming months as the Company continues exploration activities and the continued analysis of historic data sets
  • the Antonio North skarn may provide a similar quantum of mineral resource in addition to the current mineral resources declared and would provide sufficient mineralisation for a further approximate 7 to 8 year period
  • Significant upside to increase the mineral resources on adjacent skarns through the extension of development on 16 level, 17 level and 18 level and underneath the Baia Rosie skarn

* Based on $6,655 Cu metal price multiplied by the Cu Equ tonnage as illustrated in table 2

Andrew Prelea, CEO Vast Resources plc, commented:
“Our maiden JORC report for Baita Plai marks another major milestone and achievement for the Company. With over US$104,450,255 as an in-situ value set to be exploited from an initial 3-4 year mining period and with significant further upside identified, the report provides a solid resource base to underpin a fair market Company valuation.  Aside from firmly establishing the inherent value of Baita Plai, this also supports the ongoing asset backed debt financing process to refinance the Atlas Tranche 1 Bonds, which we look forward to concluding and will mark a turning point in terms of financing for our company. We believe the JORC report also satisfies the due diligence requirements of institutional equity investors, which will be an important achievement as we look to build the profile of the Company and transition from an emerging to an established producer.”

Further Detail of the JORC Report:
Vast has completed a mineral resource estimate at its 80% owned Baita Plai underground mine, which has been refurbished and is currently producing.  This mineral resource estimate is based on the recent completion of an underground diamond drill hole programme, which was executed during March–September 2020. The mineral resource estimate has been prepared by Craig Harvey, MGSSA, MAIG, on behalf of Vast and in accordance with the principles of the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, the (‘JORC’) code.

The mineral resource estimate covers the area immediately below 18 level of the Baita Plai mine, the lowest level of infrastructure, and is intended to provide certainty regarding the initial mine production life of approximately 3–4 years whilst historic mineral resources are verified.

The JORC compliant mineral resource is shown in Table 1.  Historic mineral resources have been assigned to the Exploration Target category together with defined target areas for exploration on down dip continuations on the Antonio, Antonio North and Baia Rosie skarns; a breakdown of the Exploration Target is provided in Table 2.

Table 1: Vast Baita Plai Mineral Resource tonnes and grade on a 100% basis

Resource Category	Cut-Off	Tonnes	Grade
	CuEqv %	(‘000's)	EqvCu%	Cu%	Pb%	Zn%	Mo%	Bi%	Ag(g/t)	Au(g/t)
Indicated	0.75	376.000	3.01	1.34	0.31	0.34	0.01	0.10	72.44	0.56
Measured + Indicated	0.75	376.000	3.01	1.34	0.31	0.34	0.01	0.10	72.44	0.56
Inferred	0.75	232.000	1.88	0.72	0.25	0.24	0.02	0.08	57.84	0.27
Total	0.75	608.000	2.58	1.11	0.29	0.30	0.02	0.09	66.87	0.45

Table 2: Vast Baita Plai Mineral Resource tonnes and content on a 100% basis

Resource Category	Cut-Off	Tonnes	Content
	Cu_Eqv %	(‘000's)	EqvCu(t)	Cu(t)	Pb(t)	Zn(t)	Mo(t)	Bi(t)	Ag (Koz)	Au (Koz)
Indicated	0.75	376.000	11 328	5 054	1 173	1 261	49	379	876	6.8
Measured + Indicated	0.75	376.000	11 328	5 054	1 173	1 261	49	379	876	6.8
Inferred	0.75	232.000	4 367	1 672	586	560	43	184	431	2.0
Total	0.75	608.000	15 695	6 726	1 759	1 821	92	562	1 307	8.8

Table 3: Vast Baita Plai Exploration Target on a 100% basis

Exploration Target

Range (tonnes*1000)

Range (Cu %)

Range (Pb %)

Range (Zn %)

Range (Ag g/t)

Range (Au g/t)

Min

Max

Min

Max

Min

Max

Min

Max

Min

Max

Min

Max

1.8

3.0

0.50

2.00

0.10

2.50

0.10

2.50

40.00

80.00

0.20

0.80

Table 4: 80% Attributable (Vast) mineral resource tonnes and grade

Resource Category	Cut-Off	Tonnes	Grade
	Cu Eqv %	(‘000's)	EqvCu%	Cu%	Pb%	Zn%	Mo%	Bi%	Ag(g/t)	Au(g/t)
Indicated	0.75	300.800	3.01	1.34	0.31	0.34	0.01	0.10	72.44	0.56
Measured + Indicated	0.75	300.800	3.01	1.34	0.31	0.34	0.01	0.10	72.44	0.56
Inferred	0.75	185.600	1.88	0.72	0.25	0.24	0.02	0.08	57.84	0.27
Total	0.75	486.400	2.58	1.11	0.29	0.30	0.02	0.09	66.87	0.45

Table 5: 80% Attributable mineral resources (Vast) tonnes and content

Resource Category	Cut-Off	Tonnes	Content
	Cu_Eqv %	(‘000's)	EqvCu(t)	Cu(t)	Pb(t)	Zn(t)	Mo(t)	Bi(t)	Ag (Koz)	Au (Koz)
Indicated	0.75	300.800	9 062	4 043	938	1 009	39	303	700.5	5.4
Measured + Indicated	0.75	300.800	9 062	4 043	938	1 009	39	303	700.5	5.4
Inferred	0.75	185.600	3 493	1 338	469	448	35	147	345.1	1.6
Total	0.75	486.400	12 556	5 381	1 407	1 457	74	450	1 045.7	7.0

Table 6: 80% Attributable Exploration Target (Vast) for Baita Plai

Exploration Target

Range (tonnes*1000)

Range (Cu %)

Range (Pb %)

Range (Zn %)

Range (Ag g/t)

Range (Au g/t)

Min

Max

Min

Max

Min

Max

Min

Max

Min

Max

Min

Max

1.400

2.400

0.50

2.00

0.10

2.50

0.10

2.50

40.00

80.00

0.20

0.80

      1.      The above tables (1-6) reflects 100% / Vast’s 80% net attributable interest in Baita Plai.

      2.       The Resource report is prepared in accordance with JORC 2012.

      3.The operator is Vast Baita Plai SA, a subsidiary of Vast Resources PLC.

Current drilling, historical drilling and historical geological sections indicates that the Antonio skarn is continuous beyond 18 level and to at least 20–21 level horizons. Exploiting the Antonio skarn at planned production capacity to a 21 level elevation would provide sufficient mineralisation for an approximate 7 to 8 year period and is the focus of a continuation of the incline access beyond 19 level together with a planned underground drilling programme to these levels.

Additional underground diamond drilling is planned for the Antonio North skarn, situated approximately 120 metres to the north east of the Antonio skarn. The Antonio North skarn may provide a similar quantum of mineral resource in addition to the current mineral resources declared.

Investigations of the historic mineral resources will be required to determine the infrastructure levels required to recommence activities in these areas. However, a significant portion of the Exploration Target is expected to be converted to a JORC compliant mineral resource in the coming months as these investigations are conducted and documentation becomes available as per official requests.

There is also significant upside to increase the mineral resources on adjacent skarns through the extension of development on 16 level, 17 level and 18 level northwards for approximately 650 meters to the number 2 Sub-Vertical # and underneath the Baia Rosie skarn.

A copy of the full Resource & Reserve Report can be found on the Company’s website using the following link: https://www.vastplc.com/investor-information/document-downloads/

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 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.

**ENDS**

For further information, visit www.vastplc.com, follow the Company on Twitter @vast_resources and LinkedIn, or please contact:

Vast Resources plc Andrew Prelea - CEO Andrew Hall	www.vastplc.com [phone]
Beaumont Cornish - Financial & Nominated Adviser  Roland Cornish  James Biddle	www.beaumontcornish.com [phone]
SP Angel Corporate Finance LLP – Joint Broker Richard Morrison Caroline Rowe	www.spangel.co.uk  [phone]
Axis Capital Markets Limited – Joint Broker Richard Hutchison	www.axcap247.com  [phone]
St Brides Partners Limted Susie Geliher Charlotte Page	www.stbridespartners.co.uk  [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”).

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 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
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
Mineral Resource	A 'Mineral Resource' is a concentration or occurrence 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 Mineral Resource	An 'Inferred Mineral Resource' is that part of a Mineral Resource for which quantity and grade (or quality) 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 Mineral Resource	An 'Indicated Mineral Resource' is that part of a Mineral Resource for which quantity, grade (or quality), 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
Mineralisation	Process of formation and concentration of elements and their chemical compounds within a mass or body of rock