22nd Jan 2019 14:43
LONDON (Alliance News) - Vast Resources PLC on Tuesday reported further assay results from the exploration programme undertaken at the Blueberry Project in western Romania.
Vast Resources holds 29.4% stake in the project through EMA Resources Ltd.
The AIM-listed mining company said it has received an assay results for a further 2,315 metres of core surface drilling, which identifies the presence of gold and silver.
To-date, Vast Resources secured assay results for the total of 5,935 metres out of 6,802 metres drill programme. It has completed soil sampling programme, which confirmed anomalous gold in soil values, extended and defined the target footprint in more detail.
Upon receiving the final outstanding assay results and the completion of the geological interpretation, Vast resources said a mineral resource estimate will be undertaken with an estimated completion date by end July.
The company said it plans to apply for exploitation licence by the end of the first quarter of 2019.
"I am highly encouraged by this next set of assay results from Blueberry which highlight the positive progress being made towards defining our target maiden resource estimate by end July," said Chief Executive Andrew Prelea.
"The results demonstrate the continued high- grade nature and potential scale of this significant mineralised system and we are focussed on unlocking its full potential through the application of an exploitation licence in the coming months," added Prelea.
Vast Resources shares were trading 12% lower on Tuesday at 0.18 pence each.
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