Baita Plai Key Headlines:

  • Skarn deposit comprising several veins in calcareous sediments in eight distinct pipes
  • 1,800,000 tonne copper-silver-zinc-lead- gold-tungsten-molybdenum ore body at 6% copper equivalent (Russian Reserves and Resources Reporting System) within the mining licence area
  • Unmeasured resources in other pipes and substantial exploration upside
  • Due to lack of capital investment and modernisation the mine became uneconomic and was closed in 2013
  • Continued progress towards obtaining the relevant permissions to start developing the mine in accordance with Romanian due process post-merger (announced 30 November 2015), which will allow for the commissioning of the Company’s third mine

Vast Resources currently has an 80% interest in the well-developed polymetallic underground mine, Baita Plai, and its associated mining rights. Baita Plai is located in the Apuseni Mountains, Transylvania, an area which hosts Romania’s largest polymetallic and uranium mines. The project is 50km north-west of Romania’s largest Au-Cu mine, Rosia Montana (>10Moz Au) and 52km north-west of Rosia Poiena, which contains over one billion tonnes of porphyry copper ore.

Baita Plai is a skarn deposit comprising several veins in calcareous sediments in eight distinct pipes. It is estimated, by the Company, to contain 1,800,000 tonnes of polymetallic ore (gold, silver, copper, zinc, lead, tungsten and molybdenum) at 6% copper (‘Cu’) equivalent or 10g/t gold (‘Au’) equivalent, at current prices, (estimated in accordance with the Russian Reserves and Resources Reporting System) within the licenced area. It has unmeasured resources in other pipes and substantial exploration upside. Due to lack of capital investment and modernisation the mine became uneconomic and was put on care and maintenance in 2013. The mine benefits from full infrastructure including underground, surface and processing equipment and an EU registered and operational tailings facility, but the plant and equipment will require some rehabilitation.

Vast is currently awaiting the award of a mining licence for Baita Plai.  There are no legal restrictions to the granting of the licence and Vast remains confident that it will be forthcoming. In the interim, Vast has:

  • Significantly reduced the carrying cost of the mine by installing more efficient pumps, securing direct electricity supply, and reducing the staff count;
  • Maintained access to and safety of the underground workings
  • Restored important underground access areas
  • Cleaned the milling and flotation circuits to enable assessment of the remedial work required once the association licence is granted.

 

Faneata Tailings Dam Key Headlines

  • 4.6Mt tailings dam at Faneata is comprised of approximately 40 years of tailings from the high grade BPPM
  • Historical data indicates that the tailings contain economic quantities of minerals, including gold, silver, copper, lead and zinc
  • Potential to develop Faneata as a stand-alone mining operation

Vast holds an 80% interest in a prospecting licence over the Faneata tailings dam located 7km from the Baita Plai Polymetallic Mine. This licence constitutes a separate right from the anticipated right to mine at Baita Plai itself.

The Faneata tailings dam has the potential to be a stand-alone mining operation when enhanced processing technologies, that have the ability to enable the economic extraction of the metalliferous content of the tailings, are used.

A sampling programme was undertaken by El Dore Mining Corporation Ltd (“El Dore”) in 2011 at the Faneata tailings dam. 36 samples were submitted to ALS Chemex in Romania for independent assay, which estimated that the 4.6Mt tailings facility contains 4,080 tonnes of copper, 6,640 tonnes of zinc, 3,100 tonnes of lead, 35 tonnes of silver and 309kg of gold in-situ.

The Company has undertaken a confirmatory drill programme on the El Dore estimates with an 825m auger drilling programme completed to prove up a JORC compliant Mineral Resource, which is expected in Q1 2017. Thereafter, as part of a Feasibility Study on the Faneata tailings dam, bulk samples compiled from the auger programme will be sent for metallurgical testwork to determine the recoveries of the various metals contained within the tailings dam. First production is targeted for H2 2017.

For further information on the project, please view the presentation

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