The company also said in its statement that 33 surface drill holes were drilled at Faneata with results covering 630 metres. It also said results show a noticeable rise in the average value of silver, copper, lead and zinc grades when compared to previous estimations, namely, a 12% increase in silver to 9.15 g/ton of processed ore, a 14% increase in zinc, an increase of 84% in the quantity of lead, as well as an increase of 24% in the quantity of silver, reaching a quantity of 9.15 g/ton of processed ore.
Roy Pitchford, Chief Executive of Vast, said: “With 40 years’ worth of prospective material collected from the high grade Baita Plai Polymetallic Mine, Faneata represents a near-term, low-cost, revenue generative development opportunity. Our intention is to utilise our existing plant and equipment at Baita Plai to recover metals from the tailings dam and with this in mind we are delighted with the initial results received from our recent drill campaign, which confirm higher grades of silver, copper, lead and zinc than previously reported. These results not only strengthen our confidence in Faneata’s commercial potential but also give validation to our development strategy, whereby enhanced processing technologies are used to realise the value potential of an asset, and in this case, establish Faneata as a stand-alone mining operation.”
Metallurgical test work is to be undertaken to determine if an economical processing method can be identified to recover the contained metals. This may entail on-site upgrading of the tailings material by various means, including initial rougher flotation or gravity concentration. These pre-concentration methods are designed to eliminate gangue material from the dam, thereby upgrading the value of the material to be trucked for processing at a plant located 7km away at Baita Plai, whilst simultaneously reducing the mass and associated cost of trucking the material to the plant.
Vast Resources was founded in late 2005 and its core activity consists of exploration of mineral deposits in Zimbabwe and Southern Africa. In addition to the activity in Africa, in May 2013, Vast Resources has turned its attention to Romania, in view of developing its business strategy.