Vast Resources PLC (LON:VAST) has released the final batch of drill results from its recent programme at the Manaila polymetallic mine in Romania where is it is studying a potential location for a second open pit.
The drilling work had been designed to confirm the Carlibaba area’s suitability as a second open pit, and the company said today the results "appear to support" the proposed development, as well as a new metallurgical facility which could reduce operating costs by as much as 25%.
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Vast now expects to produce a new compliant mineral resource estimate for the project during the first half of the new calendar year.
Chief executive Roy Pitchford said: “The results from the now completed drilling programme at Carlibaba have validated the historic assay data set and provided significant support to our assertion that this prospect will become the second open pit mine operation at our Manaila licence, in addition to the site of our new metallurgical complex.
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“The development of these twin objectives, which we are looking to fund through off-take debt finance, is expected to increase throughput volumes at Manaila considerably and also materially reduce operating costs - which should significantly enhance profitability in Romania moving forwards."