Vast Resources plc Second Mantis Jumbo Drill Rig On-siteat Baita Plai
13 June 2022 - 5:00PM
UK Regulatory
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) +44 (0) 20 7846 0974
Andrew Hall (CCO)
Beaumont Cornish -- Financial http://www.beaumontcornish.com
& Nominated Advisor www.beaumontcornish.com
Roland Cornish +44 (0) 20 7628 3396
James Biddle
Shore Capital Stockbrokers Limited www.shorecapmarkets.co.uk
-- Joint Broker +44 (0) 20 7408 4050
Toby Gibbs / James Thomas (Corporate
Advisory)
Axis Capital Markets Limited -- www.axcap247.com
Joint Broker +44 (0) 20 3206 0320
Kamran Hussain
St Brides Partners Limited http://www.stbridespartners.co.uk
Susie Geliher www.stbridespartners.co.uk
Charlotte Page +44 (0) 20 7236 1177
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)
Copyright (c) 2022 Dow Jones & Company, Inc.
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