Vast Resources PLC (LON:VAST) has kicked off drilling at the Faneata tailings dam near its Baita Plai polymetallic mine in Romania as it aims to produce a new JORC resource for the project in the first quarter of 2017.
Previous sampling suggests the tailings contain economic minerals, including 4,080 tonnes of copper; 6,640 tonnes of zinc; 3,100 tonnes of lead; 35 tonnes of silver and 309kg of gold.
Vast's chief Roy Pitchford said :"Faneata represents a low-cost route to monetising our interests at the Baita Plai site, offering the opportunity to process 40 years' worth of material from the high grade mine.
"Our intention would be to utilise the plant and equipment which we already own at Baita Plai, which would enable us to develop a new operation at Faneata in the near term, complementing our two existing production assets and enhancing our production profile, revenue and financial performance moving forward."
Vast aims to have first drill assays in the first quarter of 2017, as well as delivering a new resource estimate and flotation test results.
A feasibility study, based on the JORC resource and associated metallurgical test work will follow shortly thereafter, the mining firm said.
The firm said 33 auger drill holes are planed around 25 metres each in length covering a total of 825 metres.