GCIVast Resources raises £1m, reports further progress at Baita Plai and Takob mines
(,) an AIM-listed mining company, updated markets on its Baita Plai polymetallic mine in Romania, on its Takob mine in Tajikistan, and on the settlement of its historic claim in Zimbabwe. Vast also said it had raised £978,967.40 gross through a placing of 212,819,000 ordinary shares at a price of 0.46p per ordinary share.
At the Baita Plai mine, Vast told investors that tonnes mined in Q1 increased by 20% despite January and February being short months of production, alongside seeing positive results from a new drilling campaign.
Vast added that the first two drill holes of the new underground drilling programme announced on 27 February 2023 had been completed and the extension of the skarn was confirmed.
At the Takob mine in Tajikistan, the project has successfully achieved steady production of a minimum 95% fluorite concentrate, meeting a major condition of the contract with Korkhanai Boygardonii Takob. The first commercial quantities are targeted for shipment in May.
In Zimbabwe, Vast has received a further communication from Government representatives, indicating the matter is expected to be finalised no later than the first half of May 2023.
Andrew Prelea, Chief Executive Officer at Vast Resources PLC, commented:
“Q1 production has seen a significant increase both in mining and in concentrate production as a result of the changes that have been implemented on site during H2 of 2022 and the ongoing upgrades and further development underground.”
In a separate statement, the company said the £0.98m placing would be used to upgrade underground equipment to maintain production ramp up and continue the drilling programme at Baita Plai, alongside providing liquidity until the settlement of the historic claims in Zimbabwe is finalised.
View from Vox
An overall positive update from Vast who continue to report progress across their projects in Romania and Tajikistan while nearing the end of a court settlement regarding the release of a historic parcel of 129,400 carats of rough diamonds in Zimbabwe.
The new drilling programme at Baita Plai is providing evidence that supports the technical report released on 27 February 2023 regarding the potential grade and volume of ore the mine can produce. The results indicate that the ore deposit extends to greater depths, suggesting the possibility of expanding the current resource.
The news today indicates Vast will reach name plate capacity at Baita Plai in H1 2023, with Tajikistan mirroring this productivity and producing commercial quality and quantity of both CaF₂ and Pb/Zn concentrates in preparation of first commercial shipments in May.
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