Maniaila Expansion & Regional Metallurgical Complex

In tandem with optimisation initiatives at the current operating Manaila open pit, Vast is currently exploring the potential to establish a new, larger Manaila Metallurgical Complex (“MMC”) at Manaila or at the adjacent Carlibaba Manaila Extension, which is the potential site of a future open cast mine and new metallurgical processing facility.

Results were reported in November 2017 from 2,150m 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 supported 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%.  It is anticipated that this would be funded using the previously announced conditional $9.5 million pre-payment offtake agreement with Mercuria Energy Group.

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

A JORC compliant Mineral Resource update for Carlibab is targeted for release in H1 2018.

Vast also has two additional concessions in the Manaila region: Piciorul Zimbrului and Magura Neagra (located 19km and 47km away from Manaila respectively).  Previous state exploration has identified the presence of substantial mineralisation across these licence areas and Vast has commenced appraisal activities to prove-up this mineralisation.

At Piciorul Zimbrului a total of six veins with associated copper and gold mineralisation of approximately 820m in length have been identified, whilst work at Magura Neagra indicates the possible presence of a porphyry copper type mineralising system together with mineralised veins containing gold, silver, molybdenum, lead and zinc.