Baita Plai Q1 2024 Production Report and Aprelevka production update
04 Junho 2024 - 3:00AM
UK Regulatory
Baita Plai Q1 2024 Production Report and Aprelevka production
update
Vast Resources plc / Ticker: VAST / Index: AIM /
Sector: Mining
4 June 2024
Vast Resources plc
(‘Vast’ or the ‘Company’)
Baita Plai Q1 2024 Production Report and
Aprelevka production update
Vast Resources plc, the AIM-listed mining
company, is pleased to announce the Q1 2024 production report at
its Baita Plai Polymetallic Mine (‘Baita Plai’) in Romania and to
provide an update on production improvements at the Aprelevka a
mine.
Baita Plai Mine
Production for the quarter is provided below with a
comparison to previous quarters.
Period |
Tonnes mined |
Concentrate produced (DMT) |
Cu concentrate grade |
Q1 2024 |
25,388 |
613 |
20% |
Q4 2023 |
24,178 |
562 |
18% |
Q3 2023 |
25,600 |
559 |
21% |
Q2 2023 |
23,372 |
468 |
21% |
Q1 2023 |
20,728 |
475 |
23% |
As expected, the copper content of concentrate
has improved versus the previous quarter as the Company began to
access higher grade zones. As announced previously, production
levels have been constrained as the Company awaits the finalisation
of the refinancing with the owner of the Swiss investment company.
The licence extension documentation for the mine was finalised and
submitted by the 12 May 2024 deadline.
Aprelevka Mine
Pleasing progress has been made at the Aprelevka
mine with the following improvements realised:
The Company has implemented cost savings of
approximately 25% in the production costs, mainly by decreasing
crushing size and reducing grind sizing, decreasing the use of
cyanide and consumption of carbon as well as reducing the amount of
elutions from once per day to twice per week, resulting in an
increase in gold recoveries from 78% to 84.3%.
The changes in crushing have also resulted in an
increase in throughput through the plant from 800 tonnes per day to
950 tonnes per day.
Gold production has increase from an average of
622 oz per month from January – March 2024 to 805oz in April and
933oz in May with further improvements ongoing that will realise
further gains in gold production.
The mine is re-commissioning two mills this week
to commence the reprocessing of tailings in tandem with ore
production to enable further increases in gold and silver
production in June as a result of test work that yielded high
recoveries from the tailings.
**ENDS**
For further information, visit
www.vastplc.com or please contact:
Vast
Resources plc
Andrew Prelea (CEO)
|
www.vastplc.com
+44 (0) 20 7846 0974 |
Beaumont
Cornish – Financial & Nominated Advisor
Roland Cornish
James Biddle
|
www.beaumontcornish.com
+44 (0) 20 7628 3396 |
Shore
Capital Stockbrokers Limited – Joint Broker
Toby Gibbs / James Thomas (Corporate Advisory)
|
www.shorecapmarkets.co.uk
+44 (0) 20 7408 4050 |
Axis
Capital Markets Limited – Joint Broker
Richard Hutchinson
|
www.axcap247.com
+44 (0) 20 3206 0320 |
St Brides
Partners Limited
Susie Geliher / Charlotte Page |
www.stbridespartners.co.uk
+44 (0) 20 7236 1177 |
ABOUT VAST RESOURCES PLC
Vast Resources plc is a United Kingdom AIM
listed mining company with mines and projects in Romania,
Tajikistan, and Zimbabwe.
In Romania, the Company is focused on the rapid
advancement of high-quality projects by recommencing production at
previously producing mines.
The Company's Romanian portfolio includes 100%
interest in Vast Baita Plai SA which owns 100% of the producing
Baita Plai Polymetallic Mine, located in the Apuseni Mountains,
Transylvania, an area which hosts Romania's largest polymetallic
mines. The mine has a JORC compliant Reserve & Resource Report
which underpins the initial mine production life of approximately
3-4 years with an in-situ total mineral resource of 15,695 tonnes
copper equivalent with a further 1.8M-3M tonnes exploration target.
The Company is now working on confirming an enlarged exploration
target of up to 5.8M tonnes.
The Company also owns the Manaila Polymetallic
Mine in Romania, which the Company is looking to bring back into
production following a period of care and maintenance. The Company
has also been granted the Manaila Carlibaba Extended Exploitation
Licence that will allow the Company to re-examine the exploitation
of the mineral resources within the larger Manaila Carlibaba
licence area.
Vast has an interest in a joint venture company
which provides exposure to a near term revenue opportunity from the
Takob Mine processing facility in Tajikistan. The Takob Mine
opportunity, which is 100% financed, will provide Vast with a 12.25
percent royalty over all sales of non-ferrous concentrate and any
other metals produced.
Vast has also been contractually appointed to
manage and develop the Aprelevka Gold Mines located along the Tien
Shan Belt that extends through Central Asia, producing at the time
of appointment approximately 11,600 oz of gold and 116,000 oz of
silver per annum. It is the intention to increase production closer
to historical peak production of 27,000 oz gold and 250,000 oz
silver. Vast is entitled to a 4.9% effective interest in the mines
with the option to acquire equity in the future.
The Company retains a continued presence in
Zimbabwe in respect of the Historic claims.
Beaumont Cornish Ltd
Beaumont Cornish Limited (“Beaumont Cornish”) is
the Company’s Nominated Adviser and is authorised and regulated by
the FCA. Beaumont Cornish’s responsibilities as the Company’s
Nominated Adviser, including a responsibility to advise and guide
the Company on its responsibilities under the AIM Rules for
Companies and AIM Rules for Nominated Advisers, are owed solely to
the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing
protections afforded to customers of Beaumont Cornish nor for
advising them in relation to the proposed arrangements described in
this announcement or any matter referred to in it.
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