Key Headlines:

  • 100% interest in the Manaila Polymetallic Mine, northern Romania
  • Production commenced 14 August 2015 – four weeks after Vast assumed operating control
  • Currently producing a copper concentrate, zinc concentrate and pyrite concentrate with gold and silver credits
  • Total JORC Compliant Mineral Resources of:
    • Open Pit: (Indicated & Inferred) of 4.6Mt at a grade of 0.97% copper (‘Cu’), 0.32% lead (‘Pb’), 0.68% zinc (‘Zn’), 25.8g/t silver (‘Ag’) and 0.23g/t gold (‘Au’) at a 0.25% Cu cut-off
    • Underground: (Indicated & Inferred) of 1.1Mt at a grade of at a grade of 1.58% Cu, 0.82% Pb, 0.88% Zn, 14.6g/t Ag and 0.15 Au at a 1.00% Cu cut-off
  • Exploration Target defined for:
    • Open pit of 1.1Mt-3.2Mt with grades ranging between 0.4-1.1% Cu, 0.1- 0.4% Pb and 0.2-1.1% Zn
    • Underground of 7.9Mt-23.6Mt with grades ranging between 0.4-1.3% Cu, 0.2-0.7% Pb and 0.3-1.0% Zn
  • Implied Mine Life in excess of 11 years based on open pit and underground Measured & Indicated Mineral Resources at a rate of 30,000 tonnes per month

Vast Resources owns a 100% interest in the Sinarom Mining Group SRL, which owns the Manaila Polymetallic Mine in Suceava County, northern Romania where economic mineralisation is primarily comprised of copper, lead and zinc. The mine is located 26km from the town of Iacobeni, where the project’s current metallurgical complex is located. Infrastructure at the complex consists of crushing, milling and flotation circuits.

Manaila historically produced a 13% copper concentrate and a 3g/t gold concentrate, with excessive zinc content that resulted in penalties and therefore low prices per tonne of concentrate.  Since taking operational control, Vast has successfully improved the quality of the copper concentrate in addition to commissioning a separate zinc concentrate line and a Knelson concentrator to produce a pyrite concentrate with gold and silver credits.

Achievements made to date include:

  • Improvements to the quality of the copper concentrate through the increased recovery of the contained copper in the ore;
  • Increasing the quantity of copper concentrate via a higher mass pull per tonne of ore processed;
  • Removal of the high levels of zinc to avoid the contamination penalty;
  • Commencement of production of a separate zinc concentrate to provide the Company with a second income stream;
  • Refurbishment of all the processing facilities at Iacobeni, the metallurgical complex, now has two operational mills, three operational flotation circuits, and a test flotation circuit to evaluate processes and chemicals to improve the quality and quantity of the concentrates;
  • Successful implementation of reprocessing of tailings from previous operations;
  • Successful installation of a Knelson concentrator to produce a pyrite concentrate with gold and silver credits;
  • Granting of a twenty-fold increase in the potential mining area through the award of a large prospecting licence area;
  • Upgrade to the resources and reserves to comply with the JORC reporting standard and increasing the open-cut mine life from eighteen months to almost ten years;
  • Significant reduction in the monthly transportation costs through outsourcing of ore and waste haulage to a specialist transport company