Pickstone gold output up 10%

Pickstone gold output up 10%
Published: 23 July 2018
AIM-listed junior miner Vast Resources (Vast) says gold production at its Pickstone Peerless mine increased by 10 percent to 6,969 ounces in the quarter ended June 30, 2018 compared to 6,326 ounces recorded in the previous quarter.

In a quarterly production update, the group said 101,706 tonnes of ore were mined, a 56 percent increase from the 65,342 tonnes.

Sales stood at 6,754 ounces during the period under review, three percent up from the 6,549 ounces recorded in previous quarter.

Andrew Prelea, Vast's chief executive, said: "The exceptionally high level of pre-stripping undertaken in Q1 2018 contributed to the high levels of ore mined and milled in Q2."

"Volumes of ore milled also benefited from an absence of mechanical problems that hampered Q1's performance. The plant is currently processing at a steady state in excess of 30,000 tonnes per month, a level which is expected to continue into future quarters," he said.

Prelea said expansion initiatives were progressing.

"Our expansion initiatives in Zimbabwe continue to progress encouragingly. Work at the Eureka Mine (Eureka), in which we hold a 23,75 percent interest, has commenced with the dewatering of the open pit and the process flow has been established," he said.

Eureka, acquired by Vast in April this year, has an indicated resource of 1,08 million ounces.

"Pickstone-Peerless…continues to improve quarter on quarter. As we approach the sulphide ore body, we anticipate a continuing increase in production and quality at the mine," Prelea said.

Vast recorded a 23 percent increase in ore milled to 98,899 tonnes compared to 80,639 milled in the previous quarter.

"These are very positive times for Vast as we improve efficiencies and profitability at our current assets while preparing to bring new revenue streams online for the company and continue looking at new opportunities to expanding the business in order to create value for shareholders," Prelea said.

Vast also has mining projects in Romania.
- fingaz
Tags: Pickstone,


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