Vast Resources PLC (LON:VAST) has commenced surface exploration drilling at the Magura Neagra and Piciorul Zimbrului prospecting licences, known collectively as Zagra, in northern Romania.
Around 4,000 metres of surface diamond drilling will be undertaken, following up on previous work which identified the prospectivity of Zagra for polymetallic mineralisation.
WATCH: Vast Resources pleased with institutional backing for Blueberry gold project
Previously reported estimates from the Romanian state exploration company, IPEG Cluj, have identified an exploration target of up to 3bn tonnes of ore to a depth of 600 metres, at grades ranging from 0.4% copper and 0.3 grams gold up to 0.8% copper and 0.5 grams gold at Magura Neagra
The drilling campaign is expected to be complete by the end of December 2018.
“Magura Neagra and Piciorul Zimbrului are important components of our evolving and expanding global inventory of resource assets,” said Vast chief Andrew Prelea.
“Although further behind in the development curve when compared to the already producing nearby Manaila mine, or our near-term production assets at Baita Plai and brownfield Blueberry, the licences are highly compelling by virtue of the historic assessments conducted by the previous state exploration company which pointed to both licences demonstrating sufficient size and scale to warrant a comprehensive exploration campaign.”