(AIM:VAST ) has been granted the Manaila Carlibaba Exploitation Licence, which will allow the group to re-examine the exploitation of the mineral resources within the larger Manaila Carlibaba licence area in Romania.
The group said the Manaila Carlibaba exploitation perimeter contains a JORC 2012 compliant Measured and Indicated Mineral Resource of 3.6Mt holding copper, lead, zinc, gold and silver with 1.0Mt of inferred mineral resources.
The 3.6Mt contains grades of 0.93% copper, 0.29% lead, 0.63% zinc, 0.23g/t (grams per tonne of milled ore) gold and 24.9g/t silver while the 1.0Mt contains grades of 1.10% copper, 0.40% lead, 0.84% zinc, 0.24g/r gold and 29.2g/t silver.
The enlarged exploitation licence is 138.6 hectares in size, an increase of 410% in surface area from the existing exploitation license at Manaila (27.2 hectares), the group noted.
Shares in Vast Resources opened down 3.7% in early trading following the news..
This could allow for a larger mining and processing facility to be developed on site as well as eliminate the need for ‘costly’ road transport of mined ore to the current processing facility located at Iacobeni, around 30 kilometers away.
The company noted that the transportation element has increased the operational cost of the Manaila, which is currently on care and maintenance, by around 25-30%.
Preliminary studies by Vast have indicated the potential for a new open pit mine to exploit mineral resources to a depth of around 125 meters below surface and to simultaneously develop a smaller higher-grade underground mine below the open pit mineral resources.
Immediate access for the underground section can be provided from the existing open pit at Manaila by developing adits (horizontal mine entrances) from the high wall of the open pit.
Follow News & Updates fromhere:
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.
Focusrite said in a trading update this morning that revenue and profits are likely to surpass market expectations for the financial year ending 31 August 2020 following strong demand for its audio products as e-commerce platforms continue to thrive globally.
Attraqt Group has announced the appointment of Paul Tough as Chief Product Officer with immediate effect. Tough previously co-founded eComp Consulting, a specialist digital strategy firm alongside Mark Adams, Attraqt's recently appointed CEO.
Genedrive has developed Genedrive® 96 Exporter, a new in-vitro diagnostic software module for automated results interpretation of its Genedrive® 96 SARS-CoV-2 Kit. In a separate announcement, the group said it closed the year with a stronger balance sheet and a lower level of debt following a successful £7 million equity fundraise in May 2020