Aim-listed Vast Resources has acquired an indirect interest in prospective polymetallic mineralisation in the so-called ‘golden quadrilateral’ in the Metaliferi mountains of Romania, through a newly formed subsidiary, EMA Resources, which it intends to list separately.

The company announced on Wednesday that it had acquired an indirect 29.41% interest in the Blueberry project – a 7.285 km² brownfield perimeter project adjacent to the previously producing Baia de Aries mine, which operated until 2004 and is reported to have produced 20% of the historical gold production from the golden quadrilateral.

Vast said that the transaction would be nondilutive to its shareholders, with the initial acquisition to be satisfied in new shares in EMA Resources. EMA would have an initial interest of 29.41%, the retention of which is conditional on EMA procuring funding of $1-million by month-end or a later date agreed by the vendors.

It is the company’s intention to develop EMA into a standalone enterprise and to pursue an initial public offering (IPO) by the end of next year.

“As shareholders will be aware, my enthusiasm for and confidence in the reinvigoration of the Romanian mining industry remains a central pillar of Vast’s future growth strategy and I am delighted to present this acquisition to shareholders.  Due to the structure of this transaction, Vast would benefit from the significant upside potential of developing the Blueberry project while safeguarding investors from significant dilution.

“Work has already started at Blueberry and we look forward to reporting the results of drilling in the coming weeks in order to begin to give the market a tangible sense of the size and quality of this significant mineralised system in addition to our path to developing the project and ultimately crystallising value for Vast shareholders through a proposed IPO,” Vast CEO Andrew Prelea commented.

Vast said that a drilling programme and assaying were under way, which it expected to provide sufficient information to support an inferred Joint Ore Reserve Committee mineral resource for gold and other polymetallic minerals, including silver, copper, lead and zinc in one or more of several distinct breccia pipes.

Historic work across the perimeter area has demonstrated prospectivity for gold and polymetallic mineralisation, where sample values of up to 22.4 g/t of gold have been obtained from historic soil sampling.

Vast already owns the Manaila mine and is exploring the potential to establish a new, larger Manaila metallurgical complex in Romania. It also owns the Baita Plai and Faneata mines in the Apuseni mountains in Transylvania, which hosts Romania's largest polymetallic and uranium mines.