Vast Resources PLC (LON:VAST) said results of the first phase of drilling at the Carlibaba prospect have confirmed its suitability as a second open pit mine within the Manaila Polymetallic project in Romania
The AIM-listed mining company – with operations in Zimbabwe as well as Romania – said preliminary results from first 1,000m of the 2,200m drilling programme support the development of a second open pit operation together with the construction of a metallurgical processing facility on site, which would reduce Manaila opex costs by up to 25%.
Vast Resources said the highlights from drilling included the discovery of at 3.00m of 2.93% of copper, 0.88% of lead, 1.95% of zinc, 0.47grammes per tonne (g/t) of gold, and 93.33g/t of silver.
The group said the second phase of drilling is underway to verify the continuation of the zones at depth with a JORC Compliant Resource to be declared on completion of Phase 2 drilling analysis.
Roy Pitchford, Vast Resources’ chief executive said: “Carlibaba is shaping up to be an important new component in our expanding portfolio of development projects and operating mines in Romania.
“Not only does Carlibaba appear to be a significant new mining prospect in its own right, but when coupled with the proximal main open pit at Manaila and the proposed new metallurgical complex, the entire production profile of the licence has potential to be significantly enhanced to deliver long-term profitable operations for the Company.”