Vast Resources has a 25% indirect interest in the Pickstone-Peerless Gold Mine, and mining claims surrounding the former Giant Gold Mine, in Zimbabwe, over both of which it retains Board control.
The 584ha Pickstone-Peerless Gold Mine is located 100km south-west of Harare and has historically produced over 400,000oz gold. Pickstone-Peerless has a current JORC Resource of 62 million tonnes grading 1.8 g/t, containing 3.56 million ounces of gold. Included in this Resource is an open-pittable Ore Reserve of 16.6Mt grading at 1.9 g/t for 1.02 million ounces of gold.
Full mine infrastructure was commissioned in H1 2015 with production from the oxide cap commencing in September 2015. Gold production is close to 20,000 troy oz per annum with a cash cost per oz circa US$700.
Work is underway to construct a sulphide processing plant to treat the open cast sulphides, with first sulphide production scheduled for Q3 2017 to build up mining and processing rates to 35,000 tonnes per month at an average grade of 4g/t gold once the oxide resource is fully depleted. Gold production is expected to increase to approximately 50,000oz per annum.
Aside from Pickstone-Peerless, evaluation of the potential to redevelop nearby proximal gold interests continues, including the Giant Gold Mine, which has a JORC-compliant inferred resource of 500,00oz gold. Historically, Giant was a significant producer and like Pickstone-Peerless it is believed that a world-class resource could be delineated at this mine.
For further information on the project, please view the presentationView Presentation
The Open Pit Mining Process at Pickstone PeerlessView Presentation