Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
17 October 2018
Vast Resources plc
("Vast" or the "Company")
Progress Update on Marange Diamond Field Joint Venture Agreement
with Community Trust
Vast Resources plc, the AIM listed mining company with operations in
The Geological Assessment covering the Heritage Concession, which is proposed to be jointly operated by Vast and the Community Trust owned Red Mercury, highlights that the property contains several targets for modern alluvial diamond placer deposits. The grades of the known proximal modern alluvial placers draining the Marange Diamond Fields elsewhere range in grade from 50-500 carats per hundred tons ('cpht'), most typically 100-200 cpht. There is also potential for remnants of the basal Umkondo unit in the Heritage Concession, which runs at grades from 100-3,000 cpht elsewhere in the Marange Diamond Fields.
Just outside the eastern edge of the property is the closest known diamond mine within the Marange Diamond Fields. Situated within Block E2, the deposit was discovered and operated from late 2010 and records indicate that an average stone size of c.5 ct/stn and an average diamond value of c.
With input from BOD, the Company has prepared base case commercial scenarios and has made the decision, subject to legal due diligence, to proceed to the full Joint Venture Agreement with Red Mercury as outlined in the Company's announcement of 22 August 2018. Subject to that the next steps will be to follow-up field work to investigate the potential of modern alluvial diamond placer deposits and the possibility of the basal Umkondo unit on the Heritage Concession. Upon positive results, the field work will be closely followed by pitting, drilling and bulk sampling which will form part of prefeasibility studies.
Andrew Prelea, CEO, commented:
"The promising results from site visits, the competent person's geological report and work with BOD gives the Company great confidence in moving forward with the next phase of operations on the ground.
"The Company has assembled and mobilised a team of geologists and engineers to begin work on the ground and we are looking forward to updating the market with progress of the field work.
"Importantly, the senior management of Vast has been working closely with the community leaders and is developing strong ties with local stakeholders. The wellbeing and advancement of the community is paramount to the success of a long-term business within the Marange Diamond Fields."
This release has been approved by James Campbell, Managing Director of Botswana Diamonds plc, a qualified geologist (Pr.Sci.Nat), a Fellow of the Southern African Institute of Mining and Metallurgy, a Fellow of the Institute of Materials, Metals and Mining (
**ENDS**
For further information, visit www.vastresourcesplc.com or please contact:
Vast Resources plc |
www.vastresourcesplc.com +44 (0) 20 7236 1177
|
Beaumont Cornish - Financial & Nominated Adviser James Biddle
|
www.beaumontcornish.com |
Brandon Hill Capital Ltd - Joint Broker Jonathan Evans
|
www.brandonhillcapital.com +44 (0) 20 3463 5016 |
SVS Securities Plc - Joint Broker Ben Tadd |
www.svssecurities.com +44 (0) 20 3700 0100
|
St Brides Partners Ltd |
www.stbridespartners.co.uk |
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").
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 in
Vast Resources currently owns and operates the Manaila Polymetallic Mine in
The Company also has interests in a number of projects in
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the