Results from first 1,000 m of the total 2,200 m drilling programme confirmed Carlibaba's suitability as a second open pit mine within the Manaila licence area, Vast Resources said in a press release.
More exactly, the drilling program has confirmed the mineralised zones and geological structures as previously modelled. For second drilling phase, a total of nine surface drill holes are in the process of being completed, the company added.
Carlibaba's development as a second open pit operation at Manaila will imply the construction of a metallurgical processing facility on site, which will reduce operational costs at the mine by up to 25%.
"Carlibaba is shaping up to be an important new component in our expanding portfolio of development projects and operating mines in Romania," CEO Roy Pitchford said. "Not only does Carlibaba appear to be a significant new mining prospect in its own right, but when coupled with the proximal main open pit at Manaila and the proposed new metallurgical complex, the entire production profile of the licence has potential to be significantly enhanced to deliver long-term profitable operations for the company."
Vast Resources owns Sinarom Mining Group, the owner of the Manaila polymetallic mine.
In September, Vast Resorces said it has secured a $1.7 million (1.42 million euro) loan from Sub-Sahara Goldia Investments to progress further in securing rights to extract polymetallic ore at its other Romanian mine, Baita Plai.
Vast Resources currently has an 80% interest in the mine, which is located in the Apuseni Mountains, Transylvania region. The area hosts Romania’s largest polymetallic and uranium mines.
Vast Resources, formerly known as African Consolidated Resources Plc, is an emerging mid-tier, multi-commodity, multi-jurisdictional development and mining company with a project portfolio covering gold, nickel, copper, phosphate and diamonds. It also owns a gold mine in Zimbabwe.
