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Vast Resources publishes JORC resource for Baita Plai

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Vast Resources PLC (LON:VAST) has published a JORC compliant Resource & Reserve Report for its 80%-owned Baita Plai Polymetallic Mine in Romania.

Measured, Indicated & Inferred mineral resources are estimated at 608,000 (gross)/486,400 (net attributable to Vast) tonnes at 2.58% copper equivalent.

The report, which was prepared by Vast’s geologist Craig Harvey, also identifies an exploration target (gross), including historical mineral resources of between 1.8M–3M tonnes with the copper range of 0.50–2.00%, gold range of 0.20–0.80 g/t and silver range of 40-80g/t

“The mineral resource estimate underpins the initial mine production life of approximately 3-4 years of in-situ 15,695 tonnes copper equivalent available for mining,” said Vast.

Based on an assumed copper metal price of US$6,655/tonne the initial mine production generates an in-situ metal value of US$104mln over a 3-4 year period.

Vast added it expects to convert a significant portion of the Exploration Target to a JORC compliant mineral resource in the coming months.

Andrew Prelea, Vast’s chief executive, added: “With over US$104,450,255 as an in-situ value set to be exploited from an initial 3-4 year mining period and with significant further upside identified, the report provides a solid resource base to underpin a fair market company valuation.  

“Aside from firmly establishing the inherent value of Baita Plai, this also supports the ongoing asset-backed debt financing process to refinance the Atlas Tranche 1 Bonds, which we look forward to concluding and will mark a turning point in terms of financing for our company.

“We believe the JORC report also satisfies the due diligence requirements of institutional equity investors.”

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