Vast Resources PLC (LON:VAST) said preliminary results from the drilling programme for Carlibaba, the proposed location of a second open pit mining operation at the Manaila Polymetallic Mine in Romania, “are in line with management expectations.”
In a statement, the AIM-listed mining company - which has operations in both Romania and Zimbabwe - said analysis of the first 1,000m of the 2,200m Carlibaba drilling programme has been completed, with full details to be provided in the coming week once the analysis has been reviewed.
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In addition, the company reported that progress is being made in the process of agreeing the contractual terms of on licence granting it the right to mine polymetallic ore at the Baita Plai mine in Romania.
Vast Resources said further updates will be made as soon as appropriate.
In early afternoon trading, Vast Resources shares held steady at 0.36p.