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Vast Resources plc (VAST)

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Tuesday 10 March, 2020

Vast Resources plc

Baita Plai Project Update

Baita Plai Project Update

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

10 March 2020

Vast Resources plc
(“Vast” or the “Company”)

Baita Plai Project Update

Vast Resources plc, the AIM-listed mining company, is pleased to update the market on progress at its Baita Plai Polymetallic Mine “Baita Plai” in Romania.

Despite shipping restrictions in China creating delays due to the Coronavirus (COVID-19), the Company is pleased to announce that the initial shipments of equipment are currently being loaded on to a vessel, bound for Romania, scheduled to depart on 16 March 2020, with further containers booked for 20 March 2020.

These initial shipments will allow the company to commence production within the six month timeline on financing as indicated in our corporate presentations.

Underground drilling has intersected the Antonio Skarn below 18 level at the Baita Plai mine and from multiple readings with a handheld Niton XRF, the mineralised zone intersected in the drill holes are consistent with management’s expectations.

The drilling is being undertaken by the only local drilling company remaining with underground drilling capabilities. Initial logistics and drilling proved difficult with breakdowns and spare part availability being problematic. These are resolved and drilling is progressing at an acceptable rate.

Drilling is expected to be completed by the end of April 2020. The core will be cut in half on site with one half of the core being retained and the second half sent for independent analysis at the ALS Chemex Laboratories at Rosia Montana in Romania. Results of the analysis will be released as they are made available by the laboratory and verified against the sample records at Baita Plai.

Photos and videos of the XRF readings of the cores and the Chinese equipment will be uploaded on to the company’s social media pages and website, with an updated implementation programme of the mine to follow shortly.

Qualified Person

The information in this announcement that relates to the drilling operation is based on information compiled by Mr Craig Harvey, the Chief Operating Officer for Vast and a full-time employee and Director 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 or please contact:

Vast Resources plc
Andrew Prelea (Chief Executive Officer)
Andrew Hall

 

 
www.vastplc.com
+44 (0) 1491 615 232
Beaumont Cornish - Financial & Nominated Adviser 
Roland Cornish 
James Biddle

 
www.beaumontcornish.com
+44 (0) 020 7628 3396
SP Angel Corporate Finance LLP – Broker
Richard Morrison
Caroline Rowe

 
www.spangel.co.uk
 +44 (0) 20 3470 0470

Blytheweigh
Tim Blythe
Megan Ray

 
www.blytheweigh.com 
+44 (0) 20 7138 3204

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 an AIM listed mining company with mines in Romania and Zimbabwe focused on the rapid advancement of high quality brownfield projects by recommencing production at previously producing mines in Romania and commencement of the joint venture mining agreement on the Chiadzwa Community Concession Block of the Chiadzwa Diamond Fields in Zimbabwe.

The Company’s portfolio includes an 80% interest in the Baita Plai Polymetallic Mine in Romania, where work is now currently underway towards developing and recommissioning the mine and the Community Concession Block in Chiadzwa, Zimbabwe.

Vast Resources owns the Manaila Polymetallic Mine in Romania, which was commissioned in 2015, currently on care and maintenance.



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