Vast Resources PLC Progress Update on Marange Diamond Field JV (2632E)
17 October 2018 - 5:00PM
UK Regulatory
TIDMVAST
RNS Number : 2632E
Vast Resources PLC
17 October 2018
Vast Resources plc / Ticker: VAST / Index: AIM / Sector:
Mining
17 October 2018
Vast Resources plc
("Vast" or the "Company")
Progress Update on Marange Diamond Field Joint Venture
Agreement
with Community Trust
Vast Resources plc, the AIM listed mining company with
operations in Romania and Zimbabwe working together with Botswana
Diamonds plc ("BOD"), is pleased to announce that it has received
an independent Competent Person's preliminary geological assessment
(the "Geological Assessment") relating to the Heritage Concession
within the Marange Diamond Fields of Zimbabwe ("Heritage
Concession") in which specific exploration recommendations are
made. The receipt of the Geological Assessment, coupled with
further information obtained from Vast's due diligence, has
prompted the Company to proceed to the full Joint Venture Agreement
with Red Mercury, subject to legal due diligence, as outlined in
the Company's announcement of 22 August 2018.
The Geological Assessment covering the Heritage Concession,
which is proposed to be jointly operated by Vast and the Community
Trust owned Red Mercury, highlights that the property contains
several targets for modern alluvial diamond placer deposits. The
grades of the known proximal modern alluvial placers draining the
Marange Diamond Fields elsewhere range in grade from 50-500 carats
per hundred tons ('cpht'), most typically 100-200 cpht. There is
also potential for remnants of the basal Umkondo unit in the
Heritage Concession, which runs at grades from 100-3,000 cpht
elsewhere in the Marange Diamond Fields.
Just outside the eastern edge of the property is the closest
known diamond mine within the Marange Diamond Fields. Situated
within Block E2, the deposit was discovered and operated from late
2010 and records indicate that an average stone size of c.5 ct/stn
and an average diamond value of c.$80/ct was achieved from this
block. It is estimated that over 60 million carats have been
recovered from the Marange Diamond Fields to date.
With input from BOD, the Company has prepared base case
commercial scenarios and has made the decision, subject to legal
due diligence, to proceed to the full Joint Venture Agreement with
Red Mercury as outlined in the Company's announcement of 22 August
2018. Subject to that the next steps will be to follow-up field
work to investigate the potential of modern alluvial diamond placer
deposits and the possibility of the basal Umkondo unit on the
Heritage Concession. Upon positive results, the field work will be
closely followed by pitting, drilling and bulk sampling which will
form part of prefeasibility studies.
Andrew Prelea, CEO, commented:
"The promising results from site visits, the competent person's
geological report and work with BOD gives the Company great
confidence in moving forward with the next phase of operations on
the ground.
"The Company has assembled and mobilised a team of geologists
and engineers to begin work on the ground and we are looking
forward to updating the market with progress of the field work.
"Importantly, the senior management of Vast has been working
closely with the community leaders and is developing strong ties
with local stakeholders. The wellbeing and advancement of the
community is paramount to the success of a long-term business
within the Marange Diamond Fields."
This release has been approved by James Campbell, Managing
Director of Botswana Diamonds plc, a qualified geologist
(Pr.Sci.Nat), a Fellow of the Southern African Institute of Mining
and Metallurgy, a Fellow of the Institute of Materials, Metals and
Mining (UK) and with over 33-years' experience in the diamond
sector.
**ENDS**
For further information, visit www.vastresourcesplc.com or
please contact:
Vast Resources plc www.vastresourcesplc.com
Andrew Prelea (Chief Executive Officer) +44 (0) 20 7236 1177
Beaumont Cornish - Financial & Nominated Adviser www.beaumontcornish.com
Roland Cornish +44 (0) 020 7628 3396
James Biddle
Brandon Hill Capital Ltd - Joint Broker www.brandonhillcapital.com
Jonathan Evans +44 (0) 20 3463 5016
SVS Securities Plc - Joint Broker www.svssecurities.com
Tom Curran +44 (0) 20 3700 0100
Ben Tadd
St Brides Partners Ltd www.stbridespartners.co.uk
Susie Geliher +44 (0) 20 7236 1177
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").
Notes
Vast Resources plc is an AIM listed mining and resource
development company focussed on the rapid advancement of
high-quality brownfield projects and recommencing production at
previously producing mines in Romania and Zimbabwe.
Vast Resources currently owns and operates the Manaila
Polymetallic Mine in Romania, which was commissioned in 2015, and
is focussed on its expansion through the development of a second
open pit operation and new metallurgical complex at the Carlibaba
Extension Area. The Company's Romanian portfolio also includes
interests in two brownfield development projects; the Baita Plai
Polymetallic Mine (80% interest), which has a reported
1,800,000-tonne copper-silver-zinc-lead-gold-tungsten-molybdenum
ore body at 6% copper equivalent (Russian Reserves and Resources
Reporting System) within the mining licence area; and the Blueberry
Project (29.41% interest), a 7.285km(2) brownfield area of
prospectivity in the Golden Quadrilateral of Romania located in the
immediate vicinity of the now closed Baia de Aries mine.
The Company also has interests in a number of projects in
Zimbabwe including a controlling 25 per cent. interest in the
producing Pickstone-Peerless Gold Mine, a 23.75% economic interest
in the Eureka Gold Mine, and an 86.67% interest in a SPV which has
a due diligence access agreement and pre-agreed joint venture terms
on a diamond concession within the Marange Diamond Fields, widely
considered to be one of the richest sources of alluvial diamonds
globally.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDFKADKOBDDFKD
(END) Dow Jones Newswires
October 17, 2018 02:00 ET (06:00 GMT)
Vast Resources (LSE:VAST)
Historical Stock Chart
From Apr 2024 to May 2024
Vast Resources (LSE:VAST)
Historical Stock Chart
From May 2023 to May 2024