The Vast Resources PLC (LON: VAST) share price fell 4.16% after announcing the phase 1 drill results from its Baita Plai mine in Romania. The company noted that it received positive drilling results from Phase 1 of an extensive exploration programme, confirming the potential to extend the mining area.
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The process is part of Vast Reosources’ plans to establish a JORC-compliant Mineral Resource and, later on, an Ore Reserve for its licence renewal in August 2024. The drilling results, representing 5% of the planned exploration programme, include Drill Hole F5 from 44m to 45m with 2.18 % Cu.
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Other drill holes in the programme include Drill Hole F6, from 24.9m to 33m avg. 3.69% Cu; and Drill Hole F13 From 33m-34m 2.10% Cu. Samples were collected from seven drill holes, and based on the assay results, the ore was intercepted in six holes with a thickness of 1-10 metres and an average of 1.87% Cu.
Based on the performed economic composite, 45 metres were classified as ore with an average of 0.71% Cu. From 164 metres assayed, 27.4% or 45 metres is ore. The company is still keen on expanding its operations at its producing Baita Plai Polymetallic Mine located in the Apuseni Mountains, Transylvania.
The Transylvania region hosts Romania's largest polymetallic mines. Therefore the company engaged a third-party technical contractor to review and reprofile the mine resources to report a JORC-compliant Resource report for Baita Plai to be included in a new independent competent person's report.
Andrew Prelea, CEO of Vast Resources plc, commented: “As the mine management focuses on confirming precise details of the implementation of underground works to coincide with the Phase 1 drilling report at our Baita Plai Polymetallic mine, these exciting drill results, which exceed the initial estimation for the next working areas, give us increased confidence in the potential to extend the mining area at Baita Plai from its existing base and then to report a JORC compliant Mineral Resource. We look forward to providing the market with updates as further results are received.”
*This is not investment advice.
Vast share price.
The Vast share price fell 4.16% to trade at 0.3498p, from Friday’s closing price of 0.3650p.
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