27th Sep 2016 09:49
LONDON (Alliance News) - Vast Resources PLC on Tuesday said it has received the maiden JORC-compliant mineral resource estimate for the Manaila polymetallic mine in Romania.
Vast said the report estimated a total open-pit mineral resource, including indicated and inferred resources, of 2.6 million tonnes at a grade of 1.0% copper, 0.4% lead and 0.9% zinc.
The total underground mineral resource was estimated at 310,000 tonnes at 1.7% grade copper, 0.4% lead and 0.5% zinc.
The company noted the current estimate does not include gold and silver mineralisation, which may provide further upside to the estimates.
"The mineral resource statement further reinforces our confidence in the MPM operation as we look now to not only improving quarter on quarter results, but an operation with the long term potential to yield significant returns for our investors and stakeholders," said Roy Pitchford, the company's chief executive.
Shares in Vast were up 0.6% at 0.317 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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