The Vast Resources PLC (LON: VAST) share price rose 7.44% after receiving a Technical Programme Report for its Baita Plai Polymetallic Mine. The report details a plan for the mine’s expansion via an enlarged JORC-compliant Mineral Resource Estimate and an Ore Reserve, which can be used for its license renewal application in 2024.
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Investors cheered the news, showing that the Baita Plai mine could be extended further than its current size and contain a significant amount of ore larger than its current estimated ore reserve of between 1.8 million and 3.0 million tonnes. The report also contains a detailed drill programme.
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Completing the drill programme would allow Vast Resources to extend its current mine ore zone (Antonio) and justify opening a new mining area (Baia Rosie) directly from Antonio Level 15 into the Baia Rosie Skarn. The programme could also upgrade the existing Mineral Resource Estimate at Baita Plai (Antonio plus Baia Rosie) to 11.65-12.65 metric tonnes.
Vast Resources would have to conduct a 12-month drilling programme to confirm historical data and extend the mining area. The plan involves drilling 59 locations to a total depth of 15,870 drilling metres, with 10,890 diamond drilling metres planned in Baia Rosie.
At Baito Rosie, the firm plans to drill 18 from the surface to a depth of 9,900 metres, with a further 14 holes drilled from underground locations to 990 metres. At Antonio, the plan is to drill 27 underground holes to a depth of 4,980 diamond drilling metres.
Andrew Prelea, Vast Resources CEO, commented: “The receipt of the recommendations and conclusions of the Report is an important step in potentially extending the mining area at Baita Plai from its existing base and creating a much enlarged Mineral Resource… I am pleased to see that this Exploration Target is now well exceeded as a result of the new Exploration Target contained in the Report – a significant further step in securing the long-term future of the Baita Plai mine.”
*This is not investment advice.
Vast Resources’ share price.
The Vast Resources share price surged 7.44% to trade at 0.7145p, from Friday’s closing price of 0.6650p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.