Vast Resources plc Further Baita Plai Metallurgical Test Work Update
15 Maggio 2020 - 7:12PM
UK Regulatory
TIDMVAST
Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
15 May 2020
Vast Resources plc
("Vast" or the "Company")
Further Baita Plai Metallurgical Test Work Update
Progress on asset backed debt financing
Vast Resources plc, the AIM-listed mining company, is pleased to update
the market on progress on metallurgical test work at its Baita Plai
Polymetallic Mine "Baita Plai" in Romania and on its progress on asset
backed debt financing.
Test work
Following the previous announcement made on 12 May 2020 regarding the
Baita Plai Metallurgical Test Work, the Company can confirm it has now
received the remaining Batch 2 Head Assay Results which offers further
confirmation of higher gold and silver values. These new results now
further confirm Vast's increased insight into the expected gold and
silver values in the working areas expected to commence production
shortly and which should substantially increase the value of the
saleable copper concentrate.
Table 1: Complete Batch 2 Head Assay Results
Element Sample 4 Sample 5 Sample 6 Unit
-------- -------- -------- -------- ----
Cu 7.09 10.74 4.74%
-------- -------- -------- ---
Pb 0.36 1.12 0.26%
-------- -------- -------- ---
Zn 0.32 3.8 0.72%
-------- -------- -------- ---
As 0.065 0.384 0.079%
-------- -------- -------- ---
Cd 0.0065 0.0382 0.009%
-------- -------- -------- ---
Ni 0.003 0.003 0.003%
-------- -------- -------- ---
Co 0.008 0.009 0.011%
-------- -------- -------- ---
Mn 0.26 0.39 2.74%
-------- -------- -------- ---
Bi 0.2602 0.5794 0.1723%
-------- -------- -------- ---
Sb 0.0103 0.0361 0.032%
-------- -------- -------- ---
Hg <0.0001 0.0001 0.0001%
-------- -------- -------- ---
Te 0.0018 0.0042 0.0016%
-------- -------- -------- ---
Se 0.0025 0.0037 0.0031%
-------- -------- -------- ---
SiO2 28.50 12.23 17.05%
-------- -------- -------- ---
Al 1.22 0.59 1.02%
-------- -------- -------- ---
Fe 3.66 4.11 3.63%
-------- -------- -------- ---
Mg 10.13 9.55 12.71%
-------- -------- -------- ---
Cr 0.03 0.02 0.03%
-------- -------- -------- ---
Ca 11.38 14.04 12.92%
-------- -------- -------- ---
S 4.31 7.15 4.19%
-------- -------- -------- ---
Cl 0.08 0.09 0.11%
-------- -------- -------- ---
F 0.02 0.02 0.02%
-------- -------- -------- ---
WO(3) 0.065 0.048 0.13%
-------- -------- -------- ---
Mo 0.046 0.031 0.29%
-------- -------- -------- ---
Na 0.04 0.03 0.05%
-------- -------- -------- ---
K 0.26 0.17 0.18%
Au 3.10 4.42 2.17 g/t
-------- -------- -------- -------- ----
Ag 206.8 372.7 127.4 g/t
-------- -------- -------- ----
The Company is extremely pleased with the initial indications from the
test work on producing the copper concentrate and so far, the grades are
greater than originally forecasted. It is expected that the underground
drilling currently underway will further confirm the continuation of
similar grades at depth.
The Company looks forward to providing further updates on the continuing
drilling and assay results over the coming weeks.
Debt financing
The Company announces that negotiations with two institutional investors
in relation to a non-equity linked asset backed debt structure linked to
Baita Plai have now reached a well developed stage. Such financing
would be used inter alia for refinancing the Tranche 1 Convertible Bonds
issued to Atlas Special Opportunities LLC.
Due diligence to secure the financing has commenced and in order to
expedite this the Company is now accelerating and expanding its drilling
and metallurgical test work process. The Company looks forward to
updating the market in due course on further developments regarding the
refinancing.
Third Party Verification
The information in this announcement that relates to the metallurgical
test work is based on information compiled by Grinding Solutions
Limited. Grinding Solutions is an innovative and consultative company
specialising in mineral liberation and separation. Grinding Solutions
Limited approach client problems without preconceptions to help maximise
their value and opportunities in order to meet the ever increasing
global challenges that the mining industry faces. Grinding Solutions
works with clients across the world covering metalliferous, coal and
industrial mineral industries.
Qualified Person
The information in this announcement that relates to the drilling
operation is based on information compiled by Mr Craig Harvey, the Chief
Operating Officer for Vast and a full-time employee and Director 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'. Mr Harvey consents to the
inclusion in the report of the matters based on his information in the
form and context in which it appears.
**ENDS**
For further information, visit www.vastplc.com or please contact:
Vast Resources plc www.vastplc.com
Andrew Prelea (Chief Executive +44 (0) 20 7846 0974
Officer)
Andrew Hall
Beaumont Cornish - Financial & www.beaumontcornish.com
Nominated Adviser +44 (0) 20 7628 3396
Roland Cornish
James Biddle
SP Angel Corporate Finance LLP www.spangel.co.uk
-- Joint Broker +44 (0) 20 3470 0470
Richard Morrison
Caroline Rowe
Axis Capital Markets Limited -- www.axcap247.com
Joint Broker +44 (0) 20 3206 0320
Richard Hutchison
Blytheweigh www.blytheweigh.com
Tim Blythe +44 (0) 20 7138 3204
Megan Ray
The 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 ("MAR").
ABOUT VAST RESOURCES PLC
Vast Resources plc, is a United Kingdom AIM listed mining company with
mines and projects in Romania and Zimbabwe - focused on the rapid
advancement of high quality projects by recommencing production at
previously producing mines in Romania and the commencement of the joint
venture mining agreement on the Chiadzwa Community Concession Block of
the Chiadzwa Diamond Fields in Zimbabwe.
The Company's portfolio includes an 80% interest in the Baita Plai
Polymetallic Mine in Romania, where work is now currently underway
towards developing and recommissioning the mine and the Community
Concession Block in Chiadzwa, Zimbabwe.
Vast Resources owns the Manaila Polymetallic Mine in Romania, which was
commissioned in 2015, currently on care and maintenance.
ABOUT GRINDING SOLUTIONS LIMITED
Further information about Grinding Solutions Limited can be found on
their website below:
https://www.globenewswire.com/Tracker?data=VNZ3F_rFoWNJp3iRjDxIZzmz9EnUQRgSEcaNSGZI2K-0-7WQp_LMJNrszIifxN22lmdLlKVojimk6bNAGH0FJUzWvQYss1cW4HBPM2kyq3znkE9vixM1fMCHMMN7mEAJ
www.grindingsolutions.com
Attachment
-- Further Baita Plai Metallurgical Test Work Update
https://ml-eu.globenewswire.com/Resource/Download/04d4ec01-6129-40c0-a38a-a323974ed1e0
(END) Dow Jones Newswires
May 15, 2020 13:12 ET (17:12 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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