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Appointment of Wardell Armstrong For Verification of Increased JORC Resource and high-level Confirmation of Existing JORC Report

·4-min read

Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining

18 June 2021

Vast Resources plc
(“Vast” or the “Company”)

Appointment of Wardell Armstrong For Verification of Increased JORC Resource and high-level Confirmation of Existing JORC Report Published October 2020

Vast Resources plc, the AIM-listed mining company with mines and projects in Romania and Zimbabwe, is pleased to report the appointment of Wardell Armstrong, a leading multidisciplinary environmental, engineering and mining consultancy company, to work on the verification of the increased JORC Resource which is being targeted with the upcoming exploration drilling campaign at the Baita Plai Polymetallic Mine in Romania (“Baita Plai”). The objective of the upcoming exploration drilling campaign is to target the downdip extension of the Antonio skarn from 19 level to 22 level and to convert part of the Exploration Target of between 3.2M–5.8M tonnes with copper (‘Cu’) range of 0.50–2.00%, gold (‘Au’) range of 0.20–0.80 g/t and silver (‘Ag’) range of 40-80g/t to a JORC classification.

Exploiting the Antonio skarn at planned production capacity to a 21 level elevation would provide sufficient mineralisation for an approximate 7 to 8 year period and is the focus of a continuation of the incline access beyond 19 level.

The Company intends to expand exploration drilling to the Antonio North skarn in early 2022 with the objective of converting part of the Exploration Target assigned to the Antonio North skarn, which stands at between 1.4M–2.8M tonnes, to JORC classification.

In conjunction with this appointment, Wardell Armstrong following a high level review, confirmed the Mineral Reources Estimate (“MRE”) can be considered a reasonable reflection of the mineral resources (see Note 2.) of the previously published (see Note 1.) existing MRE, prepared in accordance with the JORC Code (2012), of 608,000 tonnes @ 2.58% copper (‘Cu’) equivalent (Measured, Indicated & Inferred) as announced on 29 October 2020 and confirmed its content. This underpins the initial mine production life of approximately 3-4 years of in-situ 15,695 tonnes copper equivalent available for mining and Exploration targets mentioned above.

Andrew Prelea, CEO Vast Resources plc, commented:

“Wardell Armstrong is an internationally acclaimed and trusted mining consultancy and we are delighted to appoint the firm to our advisory team for Baita Plai. Building on the work that they have successfully concluded relating to our existing MRE, we look forward to working with them as we unlock the further potential of this significant mine in tandem with the production and sales that we continue to deliver during the ramp up phase. We look forward to reporting results of the exploration drilling campaign during H2 2021.”

Notes:

  1. Mineral Resource Estimate for the Baita Plai Mine, Bihor County, Romania dated 31 October 2020 and prepared by Craig Harvey, MGSSA, MAIG, Group Geologist Vast Resources.

  2. In conclusion, the WAI review identified no major concerns with the Vast Resources MRE (dated 31 October 2020) which can be considered a reasonable reflection of the mineral resources for the area immediately below 18 level, and to a depth of approximately 60m below 18 level on the Antonio skarn only, based on the available data and is deemed fit for purpose. For future drilling and channel sampling the QA/QC protocol, and laboratory analysis method, should be reviewed to ensure best practice compliance.

**ENDS**

For further information, visit www.vastplc.com or please contact:

Vast Resources plc
Andrew Prelea (CEO)
Andrew Hall (CCO)

www.vastplc.com
+44 (0) 20 7846 0974

Beaumont Cornish - Financial & Nominated Adviser
Roland Cornish
James Biddle

www.beaumontcornish.com
+44 (0) 020 7628 3396

Axis Capital Markets Limited – Broker
Richard Hutchison

www.axcap247.com
+44 (0) 20 3206 0320

St Brides Partners Limited
Susie Geliher


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 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 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 was commissioned in 2015, currently on care and maintenance. The Company has 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.

In Zimbabwe, the Company is focused on the commencement of the joint venture mining agreement on the Community Diamond Concession, Chiadzwa, in the Marange Diamond Fields.


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