TIDMVAST
RNS Number : 8597Z
Vast Resources PLC
16 January 2024
Vast Resources plc / Ticker: VAST / Index: AIM / Sector:
Mining
16 January 2024
Vast Resources plc
('Vast' or the 'Company')
Completion of transaction regarding Aprelevka Gold Mines
Vast Resources plc ("Vast"), the AIM-listed mining company, is
pleased to announce that following satisfactory due diligence
pursuant to the MOU regarding Aprelevka Gold Mines announced on 19
October 2023, Bay Square Pacific Ltd (Bay Square) has acquired the
entire share capital of Gulf International Minerals Ltd ('Gulf').
Gulf has a 49% interest in a joint venture with the Government of
Tajikistan (holding 51%) which owns the Joint Tajik-Canadian
Limited Liability Company, Aprelevka ('Aprelevka'). Vast has been
contractually appointed to manage and develop the Aprelevka Gold
Mines on behalf of the owners and, consistent with the MOU terms
previously announced on 19 October 2023.
Highlights
-- Vast will be entitled to a 10% share of the earnings before
interest and tax that Gulf receives from its 49% interest in
Aprelevka;
-- Vast will be entitled to a right of first refusal to convert
its entitlement into an equity interest of 10% in Gulf at any time
from 1 January 2025 to 15 January 2027, and;
-- Vast will be entitled to a right to acquire at market price
up to a further 20% of the shares of Gulf at any time from 1
January 2025 to 15 January 2027.
-- Aprelevka has three existing tailings dams that can be
reprocessed containing high gold values of which two tailings dams
can be exploited in the near term.
Funding required to carry out the present intended development
at the mines will be facilitated by Bay Square under an interest
free loan repayable in priority to any dividends being paid by
Aprelevka.
Aprelevka holds four active operational mining licences located
along the Tien Shan Belt that extends through Central Asia,
currently producing approximately 11,600oz of gold and 116,000 oz
of silver per annum. It is the intention of the Company to assist
in increasing Aprelevka's production from these four mines closer
to the historical peak production rates of approximately 27,000oz
of gold and 250,000oz of silver per year from the operational
mines.
Two additional mines have been explored, and eight further
licenced mining areas that are currently being prospected have
shown positive results as listed in the RNS released on 19 October
2023.
Additionally, Aprelevka has three tailings dams that contain
significant high value gold that are a part of the portfolio that
could yield near term additional cash flow for the Company.
Andrew Prelea, Chief Executive Officer at Vast Resources PLC,
commented:
"The Aprelevka opportunity should provide Vast with a further
meaningful source of revenue in the near-term, whilst insulating
shareholders from dilution. As managers of the Aprelevka Gold
Mines, Vast will have direct exposure to the top line growth of the
assets as we work to increase production at the operational mines
back to historical highs of 27,000oz Au and 250,000oz Ag per annum,
and also exposure to the significant upside expected from the
development of the three tailings dams and eight further
exploration assets.
"We see this as a highly positive pillar of our expanding
production footprint alongside our core Baita Plai mine in Romania,
and our additional production activities in Tajikistan."
Further Information
The results shown below are NAEN code-compliant (but are not
JORC compliant); in 2023 a series of 100 trenches, at approximately
one metre deep of two of the three tailings dams were completed and
are in accordance with the Tajikistan Mineral Resource legalisation
(source: Exploration and Prospecting Report Gulf). The Company will
be engaging technical consultants to provide independent due
diligence. In the meantime, the figures set out below should be
viewed with caution and as background information only.
Tailings Dam 1
Approximately L550m xW200mx H10-35m (Avg.25m) = 2.75Mil m3 at a
density of 2.5 = 6.875Mil T
Hole Sample # Sampling Average metal grade
no. depth,
m
Au g/t Ag g/t Cu % Pb % Zn %
--------- --------- ------- ------- ----- ----- -----
I III IV V VI VII VIII IX
--------- --------- ------- ------- ----- ----- -----
1 201 1.00 0.38 26.8 0.07 0.10 0.10
--------- --------- ------- ------- ----- ----- -----
2 202 1.00 0.46 21.0 0.06 0.05 0.08
--------- --------- ------- ------- ----- ----- -----
3 203 1.00 0.43 22.4 0.06 0.07 0.01
--------- --------- ------- ------- ----- ----- -----
4 204 1.00 0.38 23.1 0.05 0.10 0.09
--------- --------- ------- ------- ----- ----- -----
5 205 1.20 0.20 20.5 0.06 0.08 0.07
--------- --------- ------- ------- ----- ----- -----
6 206 1.10 0.48 20.9 0.04 0.04 0.09
--------- --------- ------- ------- ----- ----- -----
7 207 1.00 0.40 20.1 0.04 0.07 0.08
--------- --------- ------- ------- ----- ----- -----
8 208 1.00 0.33 21.4 0.05 0.09 0.11
--------- --------- ------- ------- ----- ----- -----
9 209 1.00 0.28 19.8 0.03 0.07 0.08
--------- --------- ------- ------- ----- ----- -----
10 210 0.70 0.68 25.1 0.06 0.08 0.10
--------- --------- ------- ------- ----- ----- -----
11 211 0.70 0.31 17.2 0.03 0.06 0.09
--------- --------- ------- ------- ----- ----- -----
12 212 0.90 0.29 20.2 0.03 0.06 0.09
--------- --------- ------- ------- ----- ----- -----
13 213 0.80 0.30 21.4 0.04 0.05 0.10
--------- --------- ------- ------- ----- ----- -----
14 214 1.00 0.32 22.5 0.03 0.08 0.11
--------- --------- ------- ------- ----- ----- -----
15 215 1.00 0.39 14.0 0.04 0.06 0.10
--------- --------- ------- ------- ----- ----- -----
16 216 0.80 0.31 20.7 0.04 0.08 0.09
--------- --------- ------- ------- ----- ----- -----
17 217 0.80 0.24 12.7 0.03 0.05 0.08
--------- --------- ------- ------- ----- ----- -----
18 218 0.70 0.35 16.6 0.05 0.07 0.10
--------- --------- ------- ------- ----- ----- -----
19 219 0.80 0.29 21.1 0.05 0.10 0.10
--------- --------- ------- ------- ----- ----- -----
20 220 0.90 0.59 25.6 0.08 0.09 0.12
--------- --------- ------- ------- ----- ----- -----
21 221 0.70 0.56 24.8 0.06 0.11 0.10
--------- --------- ------- ------- ----- ----- -----
22 222 0.90 0.31 20.7 0.03 0.07 0.07
--------- --------- ------- ------- ----- ----- -----
23 223 0.90 0.25 13.5 0.09 0.08 0.06
--------- --------- ------- ------- ----- ----- -----
24 224 1.00 0.29 19.0 0.02 0.04 0.07
--------- --------- ------- ------- ----- ----- -----
25 225 0.80 0.27 19.7 0.07 0.10 0.10
--------- --------- ------- ------- ----- ----- -----
26 226 0.80 0.41 23.0 0.05 0.08 0.09
--------- --------- ------- ------- ----- ----- -----
27 227 0.70 0.32 17.4 0.08 0.05 0.09
--------- --------- ------- ------- ----- ----- -----
28 228 0.70 0.26 18.2 0.07 0.06 0.06
--------- --------- ------- ------- ----- ----- -----
29 229 0.80 0.60 25.9 0.06 0.07 0.07
--------- --------- ------- ------- ----- ----- -----
30 230 0.80 0.27 25.0 0.04 0.08 0.10
--------- --------- ------- ------- ----- ----- -----
31 231 0.90 0.30 17.7 0.04 0.05 0.07
--------- --------- ------- ------- ----- ----- -----
32 232 0.80 0.34 23.9 0.05 0.07 0.05
--------- --------- ------- ------- ----- ----- -----
33 233 1.00 0.30 21.3 0.04 0.08 0.09
--------- --------- ------- ------- ----- ----- -----
34 234 0.90 0.56 24.1 0.07 0.06 0.10
--------- --------- ------- ------- ----- ----- -----
35 235 0.90 0.45 23.2 0.06 0.07 0.09
--------- --------- ------- ------- ----- ----- -----
36 236 0.80 0.27 20.6 0.07 0.08 0.10
--------- --------- ------- ------- ----- ----- -----
37 237 0.80 0.60 25.8 0.07 0.07 0.10
--------- --------- ------- ------- ----- ----- -----
38 238 0.90 0.31 21.4 0.03 0.06 0.07
--------- --------- ------- ------- ----- ----- -----
39 239 0.90 0.32 19.6 0.05 0.10 0.07
--------- --------- ------- ------- ----- ----- -----
40 240 0.90 0.44 20.7 0.06 0.07 0.09
--------- --------- ------- ------- ----- ----- -----
41 241 0.80 0.44 23.5 0.06 0.06 0.06
--------- --------- ------- ------- ----- ----- -----
42 242 0.90 0.47 22.0 0.06 0.07 0.09
--------- --------- ------- ------- ----- ----- -----
43 243 1.00 0.25 19.3 0.02 0.04 0.05
--------- --------- ------- ------- ----- ----- -----
44 244 1.00 0.44 24.7 0.06 0.04 0.08
--------- --------- ------- ------- ----- ----- -----
45 245 0.90 0.32 22.2 0.08 0.06 0.01
--------- --------- ------- ------- ----- ----- -----
46 246 0.90 0.31 21.2 0.04 0.05 0.08
--------- --------- ------- ------- ----- ----- -----
47 247 0.90 0.38 20.1 0.04 0.08 0.09
--------- --------- ------- ------- ----- ----- -----
48 248 1.00 0.32 22.0 0.05 0.08 0.04
--------- --------- ------- ------- ----- ----- -----
49 249 0.80 0.30 18.7 0.03 0.07 0.08
--------- --------- ------- ------- ----- ----- -----
50 250 0.9 0.28 16.0 0.03 0.06 0.08
--------- --------- ------- ------- ----- ----- -----
Average 0.37 20.97
--------- --------- ------- ------- ----- ----- -----
Tailings Dam 2
Approximately L400m xW200mx H10-35m (Avg.25m) = 2Mil m3 at a
density of 2.5 = 5Mil T
Hole no. Sample # Sampling Average metal grade
depth, m
Au g/t Ag g/t Cu % Pb % Zn %
--------- ---------- ------- ------- ----- ----- -----
I III IV V VI VII VIII IX
--------- ---------- ------- ------- ----- ----- -----
1 151 0.90 0.42 18.40 0.05 0.11 0.19
--------- ---------- ------- ------- ----- ----- -----
2 152 1.00 0.33 12.70 0.04 0.11 0.53
--------- ---------- ------- ------- ----- ----- -----
3 153 0.90 0.36 15.20 0.08 0.14 0.11
--------- ---------- ------- ------- ----- ----- -----
4 154 0.90 0.37 15.50 0.05 0.17 0.15
--------- ---------- ------- ------- ----- ----- -----
5 155 0.90 0.32 12.40 0.03 0.12 0.04
--------- ---------- ------- ------- ----- ----- -----
6 156 0.90 0.31 11.90 0.06 0.12 0.01
--------- ---------- ------- ------- ----- ----- -----
7 157 1.00 0.32 14.60 0.04 0.16 0.13
--------- ---------- ------- ------- ----- ----- -----
8 158 0.90 0.41 13.80 0.09 0.14 0.05
--------- ---------- ------- ------- ----- ----- -----
9 159 0.80 0.50 15.80 0.07 0.12 0.18
--------- ---------- ------- ------- ----- ----- -----
10 160 0.90 0.41 16.90 0.05 0.16 0.15
--------- ---------- ------- ------- ----- ----- -----
11 161 0.80 0.34 16.70 0.04 0.13 0.21
--------- ---------- ------- ------- ----- ----- -----
12 162 0.90 0.30 15.10 0.06 0.12 0.16
--------- ---------- ------- ------- ----- ----- -----
13 163 1.00 0.40 15.70 0.05 0.11 0.14
--------- ---------- ------- ------- ----- ----- -----
14 164 0.80 0.49 16.00 0.09 0.09 0.18
--------- ---------- ------- ------- ----- ----- -----
15 165 0.80 0.30 12.50 0.06 0.13 0.11
--------- ---------- ------- ------- ----- ----- -----
16 166 0.80 0.29 11.60 0.03 0.09 0.14
--------- ---------- ------- ------- ----- ----- -----
17 167 0.70 0.38 13.50 0.04 0.11 0.07
--------- ---------- ------- ------- ----- ----- -----
18 168 0.80 0.43 15.30 0.05 0.11 0.15
--------- ---------- ------- ------- ----- ----- -----
19 169 0.80 0.44 14.70 0.08 0.18 0.15
--------- ---------- ------- ------- ----- ----- -----
20 170 0.80 0.56 15.80 0.12 0.12 0.20
--------- ---------- ------- ------- ----- ----- -----
21 171 0.80 0.35 13.70 0.05 0.13 0.08
--------- ---------- ------- ------- ----- ----- -----
22 172 0.80 0.33 12.20 0.08 0.09 0.06
--------- ---------- ------- ------- ----- ----- -----
23 173 0.80 0.37 14.20 0.03 0.14 0.11
--------- ---------- ------- ------- ----- ----- -----
24 174 0.90 0.38 0.13 0.04 0.07 0.11
--------- ---------- ------- ------- ----- ----- -----
25 175 0.90 0.30 11.50 0.07 0.08 0.09
--------- ---------- ------- ------- ----- ----- -----
26 176 0.90 0.51 14.40 0.05 0.08 0.09
--------- ---------- ------- ------- ----- ----- -----
27 177 0.90 0.42 12.60 0.05 0.08 0.09
--------- ---------- ------- ------- ----- ----- -----
28 178 0.80 0.39 12.20 0.06 0.09 0.18
--------- ---------- ------- ------- ----- ----- -----
29 179 0.80 0.37 14.90 0.08 0.18 0.18
--------- ---------- ------- ------- ----- ----- -----
30 180 0.80 0.42 15.00 0.05 0.11 0.18
--------- ---------- ------- ------- ----- ----- -----
31 181 0.90 0.39 13.00 0.08 0.12 0.10
--------- ---------- ------- ------- ----- ----- -----
32 182 0.80 0.36 12.20 0.06 0.08 0.09
--------- ---------- ------- ------- ----- ----- -----
33 183 0.80 0.40 14.50 0.15 0.17 0.15
--------- ---------- ------- ------- ----- ----- -----
34 184 0.90 0.43 15.30 0.06 0.12 0.17
--------- ---------- ------- ------- ----- ----- -----
35 185 0.80 0.38 15.30 0.04 0.11 0.13
--------- ---------- ------- ------- ----- ----- -----
36 186 0.90 0.35 13.70 0.07 0.09 0.10
--------- ---------- ------- ------- ----- ----- -----
37 187 0.80 0.49 14.90 0.17 0.14 0.18
--------- ---------- ------- ------- ----- ----- -----
38 188 0.90 0.52 16.00 0.07 0.16 0.14
--------- ---------- ------- ------- ----- ----- -----
39 189 0.90 0.40 13.90 0.05 0.07 0.17
--------- ---------- ------- ------- ----- ----- -----
40 190 0.90 0.39 15.10 0.09 0.11 0.20
--------- ---------- ------- ------- ----- ----- -----
41 191 1.00 0.37 14.90 0.17 0.14 0.18
--------- ---------- ------- ------- ----- ----- -----
42 192 0.80 0.42 15.60 0.06 0.14 0.15
--------- ---------- ------- ------- ----- ----- -----
43 193 1.10 0.37 14.40 0.06 0.09 0.11
--------- ---------- ------- ------- ----- ----- -----
44 194 0.90 0.45 13.70 0.07 0.08 0.11
--------- ---------- ------- ------- ----- ----- -----
45 195 1.20 0.66 17.60 0.07 0.09 0.18
--------- ---------- ------- ------- ----- ----- -----
46 196 0.90 0.49 14.70 0.04 0.18 0.09
--------- ---------- ------- ------- ----- ----- -----
47 197 1.20 0.42 12.80 0.09 0.04 0.13
--------- ---------- ------- ------- ----- ----- -----
48 198 0.90 0.54 15.60 0.08 0.11 0.21
--------- ---------- ------- ------- ----- ----- -----
49 199 0.90 0.30 10.50 0.04 0.12 0.08
--------- ---------- ------- ------- ----- ----- -----
50 200 1.20 0.43 12.50 0.05 0.11 0.00
--------- ---------- ------- ------- ----- ----- -----
Average 0.40 14.02
--------- ---------- ------- ------- ----- ----- -----
Competent Person
The technical information in this announcement has been reviewed
by, and the forward-looking technical views are based on,
information interpreted by Mr Nicolae Turdean, our Romanian Country
Manager and a full-time employee of the Company. Mr Nicolae Turdean
is a Qualified Person who is a Member in good standing of the:
-- Romanian National Association of Specialists in Mining Industry
-- General Association of Romanian Engineers
-- Romanian National Committee of Mining Engineers
Nicolae has 40 years' experience in the Romanian mining
industry. He was most recently President of the National Agency for
Mineral Resources. Prior to this, Nicolae was the Chief Executive
of Cupru Min SA, the Romanian state-owned copper producer. Nicolae
has worked closely with the Ministry of Economy and Commerce, the
Minister of Economy and Finance, and the World Bank, as well as
serving on the Board of Administration for a number of companies.
Nicolae holds both a Bachelor of Mining Science and a MSc. in the
Management of Mining Activities from the Technical University of
Petrosani in Romania.
The technical information and forward-looking views have also
been reviewed by and interpreted by Negru Vlad Andrei, Chief
Geologist for geological and geotechnical consultants Formin SA.
The information is in the course of further review by SRK.
Important Notices
This announcement contains 'forward-looking statements'
concerning the Company that are subject to risks and uncertainties.
Generally, the words 'will', 'may', 'should', 'continue',
'believes', 'targets', 'plans', 'expects', 'aims', 'intends',
'anticipates' or similar expressions or negatives thereof identify
forward-looking statements. These forward-looking statements
involve risks and uncertainties that could cause actual results to
differ materially from those expressed in the forward-looking
statements. Many of these risks and uncertainties relate to factors
that are beyond the Company's ability to control or estimate
precisely. The Company cannot give any assurance that such
forward-looking statements will prove to have been correct. The
reader is cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
announcement. The Company does not undertake any obligation to
update or revise publicly any of the forward-looking statements set
out herein, whether as a result of new information, future events
or otherwise, except to the extent legally required.
Market Abuse Regulation (MAR) Disclosure
Certain information contained within this announcement is deemed
by the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UKDomestic Law by virtue of the European Union (Withdrawal) Act
2018 ("UK MAR") until the release of this announcement.
**ENDS**
For further information, visit www.vastplc.com or please
contact:
Vast Resources plc www.vastplc.com
Andrew Prelea (CEO) +44 (0) 20 7846 0974
Beaumont Cornish - Financial www.beaumontcornish.com
& Nominated Advisor +44 (0) 20 7628 3396
Roland Cornish
James Biddle
Shore Capital Stockbrokers Limited www.shorecapmarkets.co.uk
- Joint Broker +44 (0) 20 7408 4050
Toby Gibbs / James Thomas (Corporate
Advisory)
Axis Capital Markets Limited www.axcap247.com
- Joint Broker +44 (0) 20 3206 0320
Richard Hutchinson
St Brides Partners Limited www.stbridespartners.co.uk
Susie Geliher +44 (0) 20 7236 1177
ABOUT VAST RESOURCES PLC
Vast Resources plc is a United Kingdom AIM listed mining company
with mines and projects in Romania, Tajikistan, 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 Vast
Baita Plai SA which owns 100% of 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 the Company is looking to bring back into production
following a period of care and maintenance. The Company has also
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.
Vast has an interest in a joint venture company which provides
exposure 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 on overall sales of non-ferrous concentrate and any other
metals produced.
Glossary
NAEN CODE - Russian Code for the Public Reporting of Exploration
Results, Mineral Resources, Mineral Reserves.
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END
MSCFLFIILFIRLIS
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