Vast Resources boasts exceptional Q3 performance

AIM-LISTED mining company, Vast Resources plc, says it has recorded impressive improvement in its operations in the third quarter to September 30, 2017.

In an update for the period, the giant firm, which has operations in Romania and Zimbabwe, said the last three months yielded positive results compared to prior periods.

“Q3 2017 was a record quarter for Vast, which saw operations at the Manaila Polymetallic Mine in Romania (“Manaila”) and the Pickstone-Peerless Gold Mine in Zimbabwe (“Pickstone-Peerless”) outperform the previous quarter in terms of tonnes mined, tonnes milled, copper concentrate produced and gold produced,” it said.

“Ore mined and milled at Pickstone-Peerless rose in the quarter to their highest levels since the June 2016 quarter. Operations are being managed at maximum milling capacity ahead of commissioning of the new sulphide plant.”

At Pickstone-Peerless gold mine, the firm said it recorded a four percent increase in tonnes of ore mined to 71,553 tonnes compared to Q2 68,659 tonnes. During the period, the firm had a 16 percent increase in tonnes of ore milled from to 68,431 tonnes compared to Q2 58,923 tonnes. Gold production grew 17 percent to 4,738 ounces from Q2 4,037 ounces with a three percent increase in milled gold grade to 2.41g/t from Q2 2.35g/t.

Similar improvements were recorded at the Manaila mining in Romania where the company scored 46 percent increase in total ore mined to 40.462t from Q2 27.707t with a 39 percent increase in ore milled. The company recorded 31 percent increase in copper concentrate, 50 percent in gold concentrate and six percent increase in zinc concentrate despite some decrease in terms of grade.

“Results for the quarter demonstrate a considerable improvement over Q2 2017. In respect of volume related metrics, Q3 2017 reflects an exceptional performance. This result is unsurpassed since commissioning of the mine by Vast,” said Vast.

The firm said it was further pursuing development initiatives to increase and optimise production, lowering production costs and building a portfolio of long term sustainable mining operations. To that end, at Pickstone-Peerless and Giant Gold Project Zimbabwe, Vast Resources is working on construction of sulphide plant progressing – expected to be completed by the end of December 2017. This is expected to yield significant increase in installed primary milling capacity anticipated once sulphide plant is commissioned to 35,000 tonnes per month from 22,800 tonnes per month while mill grade is expected to also increase.

Chief executive officer, Mr Roy Pitchford, commented: “It is pleasing to be able to report improved quarterly production statistics as the company strives to become overall cash generative. It is of equal importance that our development initiatives at both Manaila, namely the drilling programme at Carlibaba ahead of the proposed second open pit and new metallurgical complex, and Pickstone-Peerless, specifically the advancement of the sulphide plant, have both made considerable progress. This work is a crucial component of long term strategy to become a profitable mid-tier producer”.