Romanian Polymetallic Mine Target Estimated At Up To 5.8MT
Vast Resources plc (AIM:VAST) has increased the size of the exploration target for its Baita Plai Polymetallic Mine in Romania.
Further to the recent Baita Plai JORC Resource and Reserve 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.
CEO, Andrew Prelea, said that based on these findings, the directors believe that the Antonio North skarn represents a major near to medium term mining opportunity.
An underground exploration drilling programme is currently being compiled to better determine its potential.
“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,” Mr Prelea said.
“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.”
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.
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.
