Vast Resources PLC (LON:VAST) has released assay results from its exploration programme at the Blueberry project in Western Romania, where it has conducted surface drilling.
The explorer, which hopes to progress Blueberry sufficiently so that it can be the basis of a standalone company, described the results as ‘highly encouraging’.
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So far, the company has received 5,935 metres worth of assays from a 6,802-metre programme.
Highlight assay results included gold grades up to 2.42 grams per tonne and 11.47 grams per tonne silver over a 39-metre interval – and, in a separate hole, 9.83 grams per tonne and 147 g/t in a smaller section of 0.5 metres.
Vast highlighted that soil sampling has also been completed and the findings have confirmed anomalous gold-in-soil values. The result extended and defined the footprint of the target, it added.
“I am highly encouraged by this next set of assay results from Blueberry which highlight the positive progress being made towards defining our target maiden resource estimate by end July 2019,” said Andrew Prelea, Vast chief executive.
“The results demonstrate the continued high-grade nature and potential scale of this significant mineralised system and we are focussed on unlocking its full potential through the application of an exploitation licence in the coming months.”
Resource estimates and IPO process on-track
The company aims to produce a JORC compliant resource estimate for Blueberry once all assay results are in. Additionally, it intends to apply for an exploitation licence for the project in the first quarter.
Looking further ahead, Vast said that it anticipates the launch of an IPO process for the new vehicle during the second half of 2019.
Prelea added: “We remain on track to crystallise the value of this asset for shareholders through the IPO of EMA, with this scheduled in 2019.
“I look forward to updating on progress as we move towards rapidly expanding production at our Romanian assets and establishing Vast as a leading mid-tier mining company in the region.”