Vast Resources plc Update On Piciorul Zimbrului & Magura Neagra Licences
October 17 2017 - 9:30AM
UK Regulatory
TIDMVAST
Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
17 October 2017
Vast Resources plc
("Vast" or the "Company")
Update on Piciorul Zimbrului & Magura Neagra Licences
Vast Resources plc, the AIM listed mining company with operations in
Romania and Zimbabwe, announces that further to the announcement on 22
December 2016, the Company is pleased to provide an update on activities
on the Piciorul Zimbrului and Magura Neagra prospecting licences,
located in the vicinity of the Company's 100% owned Manaila Polymetallic
Mine ('Manaila') in Romania.
Overview
-- Prospecting activites have commenced at Piciorul Zimbrului and Magura
Neagra in line with Vast's strategy to increase the resources near
Manaila and expand its Romanian mineralised footprint through the
acquisition of brownfield mining operations and known discoveries
-- Piciorul Zimbrului and Magura Neagra are located 74km from Vast's 100%
owned producing mine at Manaila
-- Historical exploration activities have demonstrated both licences'
prospectivity for polymetallic mineralisation
-- The first stage of prospecting has been paid for out of existing cash
resources
-- Further investment in prospecting and development activities will be made
in Q2 and Q3 2018 by which time Vast expects to have finance agreements
secured for the advancement of the prospecting licences
Activities
-- Initial access surveys to the areas of interest
-- Initial rock sampling has commenced with the collection of 16 in-situ
rock samples
-- Geological mapping of 7.6km of outcrop
-- Demarcation and confirmation of existing underground adits and
infrastructure
-- Accessible areas demarcated for further work entailing the following;
-- 225 soil samples from Magura Neagra
-- 240 soil samples from Piciorul Zimbrului
-- This represents the commencement of the exploration activities as defined
in the prospecting works programme submitted for the prospecting licences
approved 21 December 2016
Further Information
Piciorul Zimbrului Licence
Located in the Zagra Talisua area in Bistrita-Nasaud County of Romania,
the 10km(2) Piciorul Zimbrului prospecting licence ("Piciorul") is
approximately 74km from the Company's producing Manaila mine.
Previous exploration activities, conducted by the former state
exploration company between 1981 and 1989, included underground
development and underground diamond drilling consisting of 1,200m
underground development, 862m surface diamond drilling and geological
mapping over an area of 4.0km(2) . Several trenches and pits totalling
3,484m(3) and 238m were excavated on surface.
This work identified a total of six veins, with associated copper and
gold mineralisation of approximately 820m in length along the
underground drives at an elevation of 835m above mean sea level
("amsl").
A further two veins with associated polymetallic mineralisation were
investigated with an additional two veins exhibiting gold, silver, and
antimony mineralisation, encountered in the underground development at
an elevation of +950m amsl.
The veins are hosted within Paleocene sandstones and the full extent of
the veins has not been defined. Mention is made in literature of
exploration activities undertaken in 1981 for disseminated porphyry
copper in the silicified sandstones.
Magura Neagra Polymetallic Licence
Located in the Zagra-Teliciu area in Bistrita-Nasaud County of Romania
the 21km(2) Magura Neagra licence ("Magura Neagra") is believed to be
contiguous to the Piciorul licence and is approximately 74km from
Manaila.
A spatial analysis of the vein system by the State mining company
between 1981 and 1989, identified areas of intense silicification and
occurrences of disseminated mineralisation which indicate the possible
presence of a porphyry copper type mineralising system together with
mineralised veins containing gold, silver, molybdenum, lead and zinc.
In the valley tributaries of the Tibles mountains, five veins were
outlined historically by means of underground development and surface
diamond drilling reportedly totalling 3.0Mt of gold, silver, and
polymetallic mineralisation.
Porphyry style copper mineralisation appears to be associated with the
vein systems, with areas of intensely silicified sandstones with
disseminated sulphide impregnations. Initial estimates by the Romanian
exploration teams, both historically and those led by Vast, related to
the porphyry style mineralisation have indicated an exploration target
(non JORC compliant) of up to 3,000Mt of ore to a depth of 600m, at
grades ranging from 0.4% copper ("Cu") and 0.3g/t gold ("Au") up to 0.8%
Cu and 0.5g/t Au.
An assessment of the area will require further exploration work
comprising underground development and sampling, surface diamond
drilling and metallurgical test work.
A secondary area within this prospecting perimeter, Magura Neagra, was
investigated during 1989 by the state prospecting company IPEG Cluj by
means of surface trenching. Disseminated copper and molybdenum
mineralisation was found to be hosted within the country rock and a
stock work fracture system related to quartz diorite stock. Grades are
estimated to be in the range of 0.44%-0.9% Cu, 60-65 g/t Ag, 0.5%-0.6%
lead ("Pb"), 1.1%-1.3% zinc ("Zn") and 1.0-1.3 g/t Au.
Geological experts within Romania have surmised the presence of a major
porphyry type copper mineralisation system located in and around the
area of Tarlisua-Zagra, which bears similarities to the major porphyry
deposits at Trinity Bolcana and Rosa Poieni.
In accordance with an existing contractual agreement with the Group,
management interests (being Andrew Prelea's) in the two licences are 15%
on terms to be announced in the future; Vast having the other 85%.
Competent Person's Review:
This announcement has been reviewed by Mr Craig Harvey, Chief Operating
Officer at Vast, and a member of the Geological Society of South Africa
and the Australian Institute of Geoscientists. Mr Harvey meets the
definition of a "qualified person" as defined in the AIM Note for Mining,
Oil and Gas Companies.
-ENDS-
For further information visit www.vastresourcesplc.com or please
contact:
Vast Resources plc www.vastresourcesplc.com
Roy Pitchford (Chief Executive Officer) +44 (0) 20 7236 1177
Beaumont Cornish - Financial & Nominated Adviser www.beaumontcornish.com
Roland Cornish +44 (0) 020 7628 3396
James Biddle
Brandon Hill Capital Ltd - Joint Broker www.brandonhillcapital.com
Jonathan Evans +44 (0)20 3463 5016
Peterhouse Corporate Finance Ltd - Joint Broker www.pcorpfin.com
Duncan Vasey +44 (0) 20 7469 0936
St Brides Partners Ltd www.stbridespartners.co.uk
Susie Geliher +44 (0) 20 7236 1177
Charlotte Page
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").
**ENDS**
Technical Glossary
Spatial analysis
A means of analysis applied to data or data sets which analyses the
relationships between data points or lineaments in terms of their
location to one another.
Sulphide impregnations
The occurrence of sulphide minerals as an impregnation within the host
rock or as incusions within host material.
Notes
Vast Resources plc is an AIM listed mining and resource development
company focussed on the rapid advancement of high quality brownfield
projects and recommencing production at previously producing mines.
With this strategy, Vast Resources commissioned two mining operations in
2015; the Manaila Polymetallic Mine in Romania and the
Pickstone-Peerless Gold Mine in Zimbabwe.
The Company has a broad portfolio of additional exploration and
development projects in Romania and Southern Africa with significant
potential for exploitation in the mid- to long- term. This includes the
Baita Plai Polymetallic Mine in Romania, where work is currently
underway towards obtaining the relevant permissions to start developing
and ultimately commissioning the mine.
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Vast Resources plc via Globenewswire
http://www.acrplc.com/
(END) Dow Jones Newswires
October 17, 2017 09:30 ET (13:30 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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