November 19 (SeeNews) - UK-based Vast Resources said on Monday it has started surface exploration drilling at the Zagra prospecting licences in northern Romania in which Vast has a minimum 90% interest.
Vast has started a surface diamond drilling campaign at Magura Neagra and Piciorul Zimbrului licenses, collectively named Zagra, it said in a statement.
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Previously reported estimates by a Romanian state exploration company have indicated an exploration target of up to 3,000Mt of ore to a depth of 600m, at grades ranging from 0.4% copper and 0.3g/t gold up to 0.8% copper and 0.5g/t gold at Magura Neagra. Six veins associated copper and gold mineralisation were previously identified at Piciorul Zimbrului through underground development.
"Magura Neagra and Piciorul Zimbrului are important components of our evolving and expanding global inventory of resource assets," Vast Resources CEO, Andrew Prelea, said.
The drilling campaign expected to be complete by the end of December 2018.
"Talks are advancing with institutional investors and the completion of the prospecting drilling campaign is essential to ensure securing the
Exploration Licence in the first half of 2019," the company said.
Located in the Zagra-Telciu area in Bistrita-Nasaud county of Romania, the 21 sq km Magura Neagra licence and the 10 sq km Piciorul Zimbrului licence are adjacent to one another and are approximately 110 km from Vast's producing Manaila polymetallic mine by road.
In October, Vast Resources said it has raised $1 million (880,000 euro) for the gold-focused polymetallic Blueberry project located in western Romania. Vast Resources acquired an indirect 29.41% interest in the Blueberry project in August.
Also in October, Vast Resources said it has received approval from Romania's National Agency for Mineral Resources (ANRM) to mine at Baita Plai polymetallic site, where it holds an 80% interest. Besides Baita Plai, Vast also holds the Manaila mine and owns an 80% interest in a prospecting licence over the Faneata tailings dam located 7 km from Baita Plai.
Vast Resources, formerly known as African Consolidated Resources Plc, is an emerging mid-tier, multi-commodity, multi-jurisdictional development and mining company with a project portfolio covering gold, nickel, copper, phosphate and diamonds. It also owns a gold mine in Zimbabwe.
($= 0.8829 euro)