Former Hanes Gold Mine Update
30 Oktober 2024 - 8:00AM
UK Regulatory
Former Hanes Gold Mine Update
Vast Resources plc / Ticker: VAST / Index: AIM /
Sector: Mining
30 October 2024
Vast Resources plc
(‘Vast’ or the ‘Company’)
Former Hanes Gold Mine
Update
Vast Resources plc, the AIM-listed mining
company, is pleased to announce an update relating to the
processing of material from a rock dump at the former Hanes Mine in
Romania (the “Former Hanes Mine”), as announced on 11 September
2024 and referred to as the “First Agreement”. The
First Agreement is in alignment with a strategic ecological
initiative, encouraged by the Romanian government, to clean up
former era derelict mining areas in the Alba region of the
country.
- Receipt of test results from the
production scale test of 200t of material from the 1.5Mt rock dump
of polymetallic ore at the Former Hanes Mine.
- The polymetallic concentrate graded
as follows with a recovery of approximately 50%:
- Copper: 11.4%
- Zinc: 3.5%
- Lead: 8.5%
- Silver: 1360g/t
- Gold: 10.6g/t
- The overall gold grade is expected
to be higher as free gold was not captured – Vast will pre-wash the
material before flotation to ensure free gold is captured.
- The management believes that there
is scope to increase recoveries to between 65-75% as the production
volumes increase, and the flotation line is balanced.
- Vast will receive an effective
royalty for providing technical support, processing and marketing
services under the First Agreement equal to 20% of the difference
between revenue and all sales and production costs (including
government royalites and taxes) payable monthly. The Company in
addition will be entitled to make a charge for processing material
at Baita Plai in accordance with industry norms.
Andrew Prelea, Chief Executive Officer
at Vast Resources PLC commented:
“The processing and marketing of concentrate
derived from the Former Hanes Gold Mine is a great result for Vast
and provides near term cash flow whilst utilising excess capacity
at Baita Plai. We expect further news shortly in relation to the
final assays of the 500t concentrate sale outlined in the Second
Agreement and will provide updates as soon as appropriate.”
**ENDS**
For further information, visit
www.vastplc.com or please contact:
Vast
Resources plc
Andrew Prelea (CEO)
|
www.vastplc.com
+44 (0) 20 7846 0974 |
Beaumont
Cornish – Financial & Nominated Advisor
Roland Cornish
James Biddle
|
www.beaumontcornish.com
+44 (0) 20 7628 3396 |
Shore
Capital Stockbrokers Limited – Joint Broker
Toby Gibbs / James Thomas (Corporate Advisory)
|
www.shorecapmarkets.co.uk
+44 (0) 20 7408 4050 |
Axis
Capital Markets Limited – Joint Broker
Richard Hutchinson
|
www.axcap247.com
+44 (0) 20 3206 0320 |
St Brides
Partners Limited
Susie Geliher / Charlotte Page |
www.stbridespartners.co.uk
+44 (0) 20 7236 1177 |
Market Abuse Regulation (MAR) Disclosure
Certain 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 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018 (“UK MAR”) until the release of this announcement.
Competent Person
The technical information in this announcement has been reviewed
by, and the forward-looking technical views are based on,
information interpreted by Dr Marius Zlagnean. Dr Marius Zlagnean
has more than 30 years professional experience in the mining
industry and is currently a Technical Consultant for Vast for the
processing of ore in Romania and Tajikistan. He is also Head of the
Processing Techniques and Technologies Department, and former Vice
President of the Board of Directors, at the Romanian National
Institute of Research and Development for Metals and Radioactive
Resources.
Dr Zlagnean is a Qualified Person who is a
Member in good standing of the:
Balkan Mineral Processing Technical Academy;
National Association of Specialists in Geology and Mining,
Bucharest (Romania);
Executive Board of the XIII Balkanic Mineral Processing Congress,
Bucharest;
Scientific Committee of the journal "Buletin CENTIREM";
Scientific Council National Institute of Research and Development
for Metals and Radioactive Resources.
Dr Zlagnean is a mining engineer and has a PhD
in engineering in centrifugal concentration of gold-silver precious
metals at the University Petrosani. He is an accredited expert of
the National Agency for Mineral Resources of Romania.
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.
Vast has also been contractually appointed to
manage and develop the Aprelevka Gold Mines located along the Tien
Shan Belt that extends through Central Asia, producing at the time
of appointment approximately 11,600 oz of gold and 116,000 oz of
silver per annum. It is the intention to increase production closer
to historical peak production of 27,000 oz gold and 250,000 oz
silver. Vast is entitled to a 4.9% effective interest in the mines
with the option to acquire equity in the future.
The Company retains a continued presence in
Zimbabwe in respect of the Historic claims.
Beaumont Cornish Ltd
Beaumont Cornish Limited (“Beaumont Cornish”) is
the Company’s Nominated Adviser and is authorised and regulated by
the FCA. Beaumont Cornish’s responsibilities as the Company’s
Nominated Adviser, including a responsibility to advise and guide
the Company on its responsibilities under the AIM Rules for
Companies and AIM Rules for Nominated Advisers, are owed solely to
the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing
protections afforded to customers of Beaumont Cornish nor for
advising them in relation to the proposed arrangements described in
this announcement or any matter referred to in it.
The following is a summary of technical
terms:
Ag |
Silver |
Au |
Gold |
Cu |
Copper |
PGM |
Platinum Group Metals |
Grade |
Grade(s) means the quantity of ore or metal in a specified quantity
of rock |
Mineral Resource |
A 'Mineral Resource' is a concentration or occurrence of solid
material of economic interest in or on the Earth's crust in such
form, grade (or quality), and quantity that there are reasonable
prospects for eventual economic extraction. The location, quantity,
grade (or quality), continuity and other geological characteristics
of a Mineral Resource are known, estimated or interpreted from
specific geological evidence and knowledge, including sampling.
Mineral Resources are sub-divided, in order of increasing
geological confidence, into Inferred, Indicated and Measured
categories. |
Inferred Mineral Resource |
An 'Inferred Mineral Resource' is that part of a Mineral Resource
for which quantity and grade (or quality) are estimated on the
basis of limited geological evidence and sampling. Geological
evidence is sufficient to imply but not verify geological and grade
(or quality) continuity. It is based on exploration, sampling and
testing information gathered through appropriate techniques from
locations such as outcrops, trenches, pits, workings and drill
holes. |
Indicated Mineral Resource |
An 'Indicated Mineral Resource' is that part of a Mineral Resource
for which quantity, grade (or quality), densities, shape and
physical characteristics are estimated with sufficient confidence
to allow the application of Modifying Factors in sufficient detail
to support mine planning and evaluation of the economic viability
of the deposit. |
Exploration Target |
An Exploration Target is a statement or estimate of the exploration
potential of a mineral deposit in a defined geological setting
where the statement or estimate, quoted as a range of tonnes and a
range of grade (or quality), relates to mineralisation for which
there has been insufficient exploration to estimate a Mineral
Resource. |
Mineral Reserve |
An ‘Ore Reserve’ is economically minable part of a Measured and/or
Indicated Mineral Resource. It includes diluting materials and
allowances for losses, which may occur when the material is mined
or extracted and is defined by studies at Pre-Feasibility level as
appropriate that include application of Modifying Factors. Such
studies demonstrate that, at the time of reporting, extraction
could be reasonably justified. |
JORC Code |
Australasian Institute of Mining and Metallurgy Joint Ore Reserves
Committee code on mineral resources and ore reserves |
Mineralisation |
Process of formation and concentration of elements and their
chemical compounds within a mass or body of rock |
T |
Tonnes |
M |
Million |
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