("Vast" or "the Company")
Manaila Extension (Carlibaba) Drilling Results Update
Highlights
- Final results from 2,150m (previously estimated at 2,200m) drilling programme designed to confirm Carlibaba's suitability as a second open pit mine within the Manaila licence area
- Subject to an economic assessment, the drilling results appear to support the development of a second open pit operation at Manaila, in addition to a new metallurgical processing facility on site, which would reduce Manaila opex costs by up to 25%. The cost of this is included in the
US$10 million strategic funding requirement as previously announced and as referred to in the Company's recent Circular to Shareholders. - Highlights from the completed drilling programme include:
- F004: 4.50m @ 1.17% copper ('Cu'); 0.08% lead ('Pb'); 0.21% zinc ('Zn'); 0.18g/t gold ('Au') and 9.98g/t silver ('Ag')
- F005: 12.4m @ 1.11% Cu; 0.18% Pb; 0.43% Zn; including 5.9m @ 1.97% Cu; 0.30% Pb; 0.71% Zn; 0.62g/t Au and 26.29g/t Ag
- F009: 3.00m @ 2.93% Cu; 0.88% Pb; 1.95% Zn; 0.47g/t Au and 93.33g/t Ag
- F012: 2.20m @ 1.17% Cu; 0.84% Pb; 1.32% Zn; 0.98g/t Au; 74.9g/t Ag
- F012: 1.00m @ 2.43% Cu; 2.18% Pb; 2.10% Zn; 1.47g/t Au and 132.00g/t Ag
- F013: 1.50m @ 0.93% Cu; 0.93% Pb; 0.66% Zn; 0.43g/t Au and 74.00g/t Ag
- F018: 1.60m @ 1.51% Cu; 0.21% Pb; 0.44% Zn; 0.28g/t Au and 13.9g/t Ag
- JORC compliant Mineral Resource update targeted for release in H1 2018
"The results from the now completed drilling programme at Carlibaba have validated the historic assay data set and provided significant support to our assertion that this prospect will become the second open pit mine operation at our Manaila licence, in addition to the site of our new metallurgical complex. The development of these twin objectives, which we are looking to fund through off-take debt finance, is expected to increase throughput volumes at Manaila considerably and also materially reduce operating costs - which should significantly enhance profitability in
Further Information
Further to the announcement on
All samples were logged on site by Vast employees in conjunction with
The results of the complete drilling programme are as follows:
Drill hole ID | From (m) | To (m) | Length (m) | Au (g/t) | Ag (g/t) | Cu % | Pb % | Zn % |
F001 * | 28 | 55 | 27.0 | 0.28 | 11.19 | 0.49 | 0.21 | 0.45 |
F002 * | 21.5 | 24 | 2.5 | 0.26 | 4.72 | 0.21 | 0.01 | 0.06 |
41 | 48.5 | 7.5 | 0.06 | 1.23 | 0.13 | 0.04 | 0.05 | |
F003 * | 85 | 97 | 12.0 | 0.16 | 3.00 | 0.49 | 0.01 | 0.07 |
101.3 | 105 | 3.7 | 0.22 | 3.03 | 0.33 | 0.03 | 0.08 | |
F004 * | 109.2 | 113.7 | 4.5 | 0.18 | 9.98 | 1.17 | 0.08 | 0.21 |
122 | 127.7 | 5.7 | 0.77 | 10.63 | 0.80 | 0.04 | 0.15 | |
F005 * | 114.6 | 127 | 12.4 | 0.44 | 14.60 | 1.11 | 0.18 | 0.43 |
F006 * | 122 | 124 | 2.0 | Intersected underground drive. Massive sulphides in the final 0.10 metres of core obtained. | ||||
F007 * | 63 | 67.3 | 4.3 | 0.20 | 3.53 | 0.29 | 0.03 | 0.07 |
87 | 89.5 | 2.5 | 0.06 | - | 0.16 | 0.01 | 0.14 | |
F008 * | 26 | 27.5 | 1.5 | 0.15 | 5.00 | 0.15 | 0.07 | 0.14 |
F009 * | 79 | 81 | 2.0 | 0.10 | 11.40 | 0.38 | 0.11 | 0.36 |
136 | 145.5 | 9.5 | 0.36 | 39.42 | 1.48 | 0.40 | 0.83 | |
F010 | 0.0 | 80.0 | 80.0 | No Intersection | ||||
F011 | 0.0 | 139.0 | 139.0 | Faulted | ||||
F012 | 38.5 | 38.8 | 0.3 | 0.23 | 9.0 | 1.25 | 0.04 | 32.10 |
80.4 | 91.0 | 7.2 | 0.65 | 57.5 | 1.13 | 0.63 | 13.82 | |
F013 | 61.3 | 62.8 | 1.5 | 0.13 | 18.3 | 0.43 | 0.45 | 14.34 |
92.0 | 94.7 | 2.7 | 0.33 | 62.4 | 0.94 | 1.18 | 11.99 | |
100.5 | 105.0 | 4.5 | 0.26 | 16.2 | 0.39 | 0.27 | 4.37 | |
F014 | 227.8 | 228.5 | 0.7 | 0.27 | 7.0 | 0.63 | 0.05 | 9.76 |
F015 | 0.0 | 227.0 | 227.0 | Faulted, Intrusive, Breccia | ||||
F016 | 112.0 | 128.0 | 4.7 | 0.08 | 3.6 | 0.10 | 0.03 | 13.03 |
F017 | 0.0 | 107.0 | 107.0 | Faulted | ||||
F018 | 70.9 | 77.4 | 6.5 | 0.12 | 9.1 | 0.65 | 0.09 | 6.34 |
Intercepts are fully diluted with internal waste of up to 3.0m between sulphide units
* Phase 1 drill results previously reported
The drilling programme has achieved its primary purpose of validating a portion of the historic assay data set compiled by Vast from historic drilling and assay reports. In addition, the drilling programme was focussed primarily on the portion of the mineral resource which was previously identified as having possible open pit mining potential.
The drilling programme appears to support the development of a second open pit operation at Manaila with the construction of a metallurgical processing facility on site, thereby significantly reducing the cost of ore transport incurred at the current operation.
The data from this drilling programme undertaken at Manaila by Vast will be combined with the existing database of information compiled for the mine and surrounding area. The geological model and Mineral Resource models will be updated and a JORC compliant Mineral Resource update is targeted for release in H1 2018.
Baita Plai Update
The Company will update the market as and when it is in receipt of the official documentation by the relevant authorities regarding the award of the Baita Plai association licence.
Competent Person
The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr
**ENDS**
For further information, visit www.vastresourcesplc.com or please contact:
www.vastresourcesplc.com +44 (0) 20 7236 1177 | |
Roland Cornish | www.beaumontcornish.com +44 (0) 020 7628 3396 |
www.brandonhillcapital.com +44 (0) 20 3463 5016 | |
www.svssecurities.com +44 (0) 20 3700 0100 | |
Susie Geliher | www.stbridespartners.co.uk +44 (0) 20 7236 1177 |
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").
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
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