Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
25 July 2022
Vast Resources plc
(‘Vast’ or the ‘Company’)
Q2 2022 Baita Plai Production Report
Vast Resources plc, the AIM-listed mining company, is pleased to announce the Production Report for Q2 2022 from its producing Baita Plai Polymetallic Mine (‘Baita Plai’) in Romania.
The Q2 2022 period has shown a continual improvement in the quantity and quality of Copper Concentrate (“Cu Conc”) produced at Baita Plai and the results in Figure 1 below are in line with the Company’s expectations. Copper concentrate production during Q2 2022 increased 17% from 229 dry metric tonnes (‘DMT’) in Q1 2022 to 268.8 DMT in Q2 2022. The tonnes milled for the period declined slightly by 6% to 11,292 metric tonnes (‘MT’) however the ore mined increased slightly by 3.5% to 13,020MT for the period. The copper grade milled improved by 33% to 0.60% for the period under review. It should be noted that the timing of sales is matched to sales schedules, and not directly to production, and the Company is holding 15 times more inventory at the end of Q2 2022 compared to Q1 2022. The inventory held at the end of Q2 2022 has since been sold.
|Dry Metric Tonne||Wet Metric Tonne||Metric Tonne|
|Q2 2022||Q1 2022||Q2 2022||Q1 2022||Q2 2022||Q1 2022|
|Milled (Ore Feed)||-||-||-||-||11,292||12,103|
|Cu Conc Produced||268||229||295||257||-||-|
|Cu Conc sold||183||234||201||263||-||-|
|Cu Conc Inventory |
(at end of period)
Q3 2022 Production Outlook
Looking forward to Q3 2022 and beyond, the Company continues to forecast a substantial increase in copper concentrate tonnage produced due to the successful implementation of the Mantis CMR4 Jumbo Drilling rig to access the ore on 17 level as well as the increased ability to process ore due to the second milling circuit being commissioned as announced on 27 June 2022.
In addition to the increase in copper concentrate produced, a substantial increase in the number of primary metres developed is forecast. This is due to the implementation of the second Mantis CMR4 Jumbo Drilling rig on the main belt incline on 18 level, whereby the original mine plan envisaged can be brought online. Current advance per blast from the main belt decline vary between 2.0m and 2.2m per blast, an excellent ratio to the length of hole drilled to the achieved advance.
The drill rig was extensively tested in a non-production environment to ascertain the capabilities of the machine for long hole production drilling. The drill rig has successfully completed a number of holes at varying inclinations, including vertically down, to depths of up to 12 meters. The machine is currently deployed on 17 level in the production area drilling the first set of long holes for long hole production blasting.
The accompanying remotely operated Aramine L130D LHD arrived at the mine, was successfully transported underground, and is currently undergoing testing and operator training inside the working stope below 17 level.
The forward-looking technical views made in this announcement is based on information interpreted 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'.
This announcement contains 'forward-looking statements' concerning the Company that are subject to risks and uncertainties. Generally, the words 'will', 'may', 'should', 'continue', 'believes', 'targets', 'plans', 'expects', 'aims', 'intends', 'anticipates' or similar expressions or negatives thereof identify forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond the Company's ability to control or estimate precisely. The Company cannot give any assurance that such forward-looking statements will prove to have been correct. The reader is cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this announcement. The Company does not undertake any obligation to update or revise publicly any of the forward-looking statements set out herein, whether as a result of new information, future events or otherwise, except to the extent legally required.
For further information, visit www.vastplc.com or please contact:
|Vast Resources plc|
Andrew Prelea (CEO)
Andrew Hall (CCO)
+44 (0) 20 7846 0974
|Beaumont Cornish – Financial & Nominated Advisor|
+44 (0) 20 7628 3396
|Shore Capital Stockbrokers Limited –Joint Broker |
Toby Gibbs / James Thomas (Corporate Advisory)
+44 (0) 20 7408 4050
|Axis Capital Markets Limited – Joint Broker |
+44 (0) 20 3206 0320
|St Brides Partners Limited|
Susie Geliher / 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, Tajikistan, 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 Vast Baita Plai SA which owns 100% of 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 the Company is looking to bring back into production following a period of care and maintenance. The Company has also 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.
Vast has 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 mid-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.
|Dry Metric Tonnes||Refers to the tonnage minus humidity to determine sales price|
|Grade||The relative quantity or percentage of ore mineral content in an orebody.|
|Ore||The naturally occurring material from which a mineral(s) can be extracted at a reasonable profit.|
|Orebody||A continuous well-defined mass of material to sufficient ore content to make extraction economically feasible.|
|Skarn||Lime-bearing siliceous rock produced by the metamorphic alteration of limestone or dolomite|
|Wet Metric Tonnes||Usually quoted in terms of production for shipping terms|