2nd Nov 2016 09:53
LONDON (Alliance News) - Vast Resources PLC on Wednesday said a drilling programme has started at the Faneata tailings dam near the Baita Plai polymetallic mine in western Romania.
The drilling programme is designed to provide material for metallurgical test work at the project. Vast is planning to drill 33 auger holes at the site, with the work to take around six weeks and assay results to follow in the first quarter of 2017.
"Faneata represents a low-cost route to monetising our interests at the Baita Plai site, offering the opportunity to process 40 years' worth of material from the high-grade mine," said Roy Pitchford, Vast's chief executive.
"Our intention would be to utilise the plant and equipment which we already own at Baita Plai, which would enable us to develop a new operation at Faneata in the near term, complementing our two existing production assets and enhancing our production profile, revenue and financial performance moving forward," he added.
Shares in Vast were down 1.4% to 0.217 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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