Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
24 May 2022
Vast Resources plc
(‘Vast’ or the ‘Company’)
Company Update – Tajikistan
Vast Resources plc, the AIM-listed mining company, is pleased to announce that further to the announcement made on 3 May 2022 regarding its acquired interest in a joint venture company which provides exposure to a near term revenue opportunity from the Takob Mine processing facility in Tajikistan (“Takob”), the Company has executed a Memorandum of Understanding (“MoU”) linked to processing the tailings produced at Takob. The MoU, agreed between the Company’s Tajikistan focused Joint Venture subsidiary, and Open Joint Stock Company “Talco” is a separate and additional project to the Takob Joint Venture Project announced on 3 May 2022.
The Company can announce that as part of this project, its joint venture partner, Formin TJK (“Formin”), has commenced surveying, soil sampling and preliminary drilling on site at the tailings facility and the results will be announced upon receipt from ALS Romania. Formin reported visible signs of lead, zinc and precious metals, including gold, silver & platinum group metals, in the tailings facility. Initial surface survey results compiled by Formin show that there is a minimum of 1 million tonnes and up to 3.3 million tonnes of tailings. The depth of the tailings is to be determined once drilling is completed.
The funding for this project, which may be up to U$20 million, will be provided by Central Asia Minerals and Metals Ore Trading FZCO (“CAMM”) on the same or similar terms as the Company’s existing Takob Joint Venture Project announced on 3 May 2022.
Andrew Prelea, Chief Executive Officer of Vast Resources PLC, commented:
“On behalf of the Company I wish to again thank the Minister of Industry and New Technologies of the Republic of Tajikistan, together with the Chairman and Executive Team of Open Joint Stock Company TALCO for providing us with a further joint venture opportunity.
“I would also like to thank our strategic joint venture partners in Central Asia Minerals and Metals Ore Trading FZCO, namely Formin TJK and Mr Abdul Jabbar Gargash, for their continued support and giving the opportunity to further grow our strategic partnership in Tajikistan.”
For further information, visit www.vastplc.com or please contact:
Vast Resources plc
Beaumont Cornish – Financial & Nominated Advisor
Shore Capital Stockbrokers Limited – Joint Broker
Axis Capital Markets Limited – Joint Broker
St Brides Partners Limited
ABOUT VAST RESOURCES PLC
Vast Resources plc is a United Kingdom AIM listed mining company with mines and projects in Romania and Zimbabwe.
In Romania, the Company is focused on the rapid advancement of high-quality projects by recommencing production at previously producing mines.
The Company's Romanian portfolio includes 100% interest in the producing Baita Plai Polymetallic Mine, located in the Apuseni Mountains, Transylvania, an area which hosts Romania's largest polymetallic mines. The mine has a JORC compliant Reserve & Resource Report which underpins the initial mine production life of approximately 3-4 years with an in-situ total mineral resource of 15,695 tonnes copper equivalent with a further 1.8M-3M tonnes exploration target. The Company is now working on confirming an enlarged exploration target of up to 5.8M tonnes.
The Company also owns the Manaila Polymetallic Mine in Romania, which was commissioned in 2015, currently on care and maintenance. The Company has been granted the Manaila Carlibaba Extended Exploitation Licence that will allow the Company to re-examine the exploitation of the mineral resources within the larger Manaila Carlibaba licence area.
The Company has also acquired an interest in a joint venture company which provides expsoure to a near term revenue opportunity from the Takob Mine processing facility in Tajikistan. The Takob Mine opportunity, which is 100% financed, will provide Vast with a 12.25 percent royalty over all sales of non-ferrous concentrate and any other metals produced. Processing of stockpiled ore on site is expected to commence in Q2 2022.
In Zimbabwe, the Company is focused on the commencement of the joint venture mining agreement on the Community Diamond Concession, Chiadzwa, in the Marange Diamond Fields.