Baita Plai Q3 2023 Production Report
31 Ottobre 2023 - 8:00AM
Baita Plai Q3 2023 Production Report
Vast Resources plc / Ticker: VAST / Index: AIM /
Sector: Mining
31 October 2023
Vast Resources plc(‘Vast’ or the
‘Company’)
Baita Plai Q3 2023 Production
Report
Vast Resources plc, the AIM-listed mining
company, is pleased to announce the Q3 2023 production report at
its Baita Plai Polymetallic Mine (‘Baita Plai’) in Romania.
Baita Plai Production:
Below are the production results for Q3 2023
with a comparison to Q2 2023.
Quarterly Report |
Tons Mined |
Conc Produced |
Conc Produced |
Conc Sold |
Conc Sold |
Avg. Conc Grade |
Cu Conc Inventory at end of Quarter |
|
|
WMT |
DMT |
WMT |
DMT |
|
DMT |
Q2 2023 |
23,372 |
514 |
468 |
349 |
316 |
21% |
393 |
July |
9,059 |
228 |
209 |
|
|
21% |
602 |
August |
8,892 |
248 |
230 |
192 |
173 |
20% |
659 |
September |
7,649 |
133 |
120 |
198 |
181 |
21% |
598 |
Q3 Total |
25,600 |
609 |
559 |
390 |
354 |
21% |
598 |
Baita Plai Drilling:
As previously announced the Company continues an
extensive exploration programme which continues to confirm the
potential to extend the mining area and establish a revised JORC
compliant Mineral Resource and in due course an Ore Reserve for its
licence renewal in August 2024.
**ENDS**
For further information, visit
www.vastplc.com or please contact:
Vast
Resources plcAndrew Prelea (CEO)Andrew Hall (CCO) |
www.vastplc.com+44 (0) 20 7846 0974 |
Beaumont
Cornish – Financial & Nominated AdvisorRoland
CornishJames 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 LimitedSusie Geliher |
www.stbridespartners.co.uk+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.
GLOSSARY
Dry Metric Tonnes (DMT) |
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 (WMT) |
Usually quoted in terms of production for shipping terms |
Competent PersonThe
forward-looking technical views made in this announcement is based
on information interpreted by Mr Nicolae Turdean, the Our Romanian
Country Manager and a full-time employee of the Company. Mr Nicolae
Turdean is a Qualified Person who is a Member in good standing of
the:
- Romanian National Association of
Specialists in Mining Industry
- General Association of Romanian
Engineers
- Romanian National Committee of
Mining Engineers
Nicolae has 40 years’ experience in the Romanian
mining industry. He was most recently President of the National
Agency for Mineral Resources. Prior to this, Nicolae was the
Chief Executive of Cupru Min SA, the Romanian state-owned copper
producer. Nicolae has worked closely with the Ministry of
Economy and Commerce, the Minister of Economy and Finance, and the
World Bank, as well as serving on the Board of Administration for a
number of companies. Nicolae holds both a Bachelor of Mining
Science and a MSc. in the Management of Mining Activities from the
Technical University of Petrosani in Romania.
Grafico Azioni Vast Resources (LSE:VAST)
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