Vast Resources well-funded for projects

Published: 11 December 2018
AIM - listed diversified miner, Vast Resources, says it is "well-funded" to implement its various projects going forward, including its Zimbabwean projects, the Eureka Gold Mine and the Heritage Concession of the Marange diamond fields.

According to CEO Andrew Prelea, the group's recent fundraising initiatives, together with an expected US$5,5 million second tranche payment expected from Mercuria Energy Group, will support the execution of the group's development objectives.

"With this increased focus on our development assets, Vast will begin presenting periodic development updates covering its various other assets and interests, including the Baita Plai Polymetallic Mine, the Blueberry Project and the Piciorul Zimbrului and Magura Neagra licences, all located in Romania, together with the Eureka Gold Mine and Heritage Concession of the Marange diamond fields in Zimbabwe," he said.

"We look forward to issuing the first of these updates in due course and detailing the progress of activities across our pre-production portfolio."

Meanwhile, the mining group has reported a positive third quarter for its flagship Chegutu-based Pickstone-Peerless Gold Mine in Zimbabwe. Tonnes mined and milled at the gold producer beat the record achieved in the last three-month period. Pickstone Peerless Mine delivered a 3 percent increase in tonnes of ore mined to 104 156 in the three months to September 30 from 100 855 in the second quarter.

Tonnes of ore milled rose 4 percent to 102 416 from 98 899 in the last quarter. Gold production dipped 8 percent to 6 397 ounces from 6 955oz, in line with a 7 percent reduction in the milled gold grade to 2.,32 grammes per tonne (g/t). However, this is in line with the company's strategy to ensure that none of the oxide ore is left behind in the pit.

Processing the oxide and sulphide ore together is less efficient and recoveries are sub-optimal, the group explained. The company will be able to being processing higher-grade sulphide ore once the oxides are depleted. Vast Resources said it sold 6 519oz of gold from the mine in the quarter, down 8 percent from 7 087oz in the second quarter.

The CEO said work underway at Pickstone-Peerless to expose the sulphide ore will provide for a "more consistent gold head grade, which in turn will also augment the already very impressive gold production record achieved during 2018".

The 584-hectare Pickstone-Peerless Gold Mine is located 100 kilometres south-west of Harare and has historically produced over 400 000 ounces of gold.
- the herald
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