Vast Resources CEO Roy Pitchford
JOHANNESBURG (miningweekly.com) – Drilling has started at the proposed location of a second openpit mining operation at Aim-listed Vast Resources’ Manaila polymetallic mine, in Romania.
The Carlibaba prospect presents an opportunity to materially increase resource tonnages and extend the life of the Manaila mine, Vast CEO Roy Pitchford said on Thursday.
Carlibaba, subject to positive confirmatory drilling success, is envisaged as the possible site of a new metallurgical processing facility to replace the Iacobeni facility, 34 km away from the Manaila mine. Carlibaba is connected to Manaila by a 2 km underground drive that could facilitate the transport of ore from the Manaila opencast and underground operations to the proposed new processing facility.
“This drilling programme is of paramount importance to not only unlocking the inherent potential of this significant asset, but will also be valuable in helping us secure potential joint venture or debt financing opportunities being considered to accelerate development of the proposed enlarged mining complex,” Pitchford said.
The ten-hole drilling programme will be concluded this month, with results expected by September.
Vast in March acquired the remaining 49.9% of Sinarom Mining Group, giving it full ownership of the Manaila polymetallic mine.
Meanwhile, the feasibility study for the Faneata project, near Vast’s 80%-held Baita Plai polymetallic mine, is nearing completion. With a mineral resource of three-million tonnes, Vast believes Faneata could be a stand-alone mining operation that could use the Baita Plai processing facility.
“This tailings facility offers an additional revenue opportunity for the company and I look forward to sharing the results of the feasibility work with our shareholders in the coming weeks as we look to identify the optimal route for development at Faneata," Pitchford said.