Vast Resources PLC (LON:VAST) has been granted an exploitation licence for the Manaila Carlibaba project in Romania, which will allow the company to re-examine the exploitation of the mineral resources within the larger licence area.
The Manaila Carlibaba exploitation perimeter contains a JORC 2012 compliant measured and indicated resource of 3.6mln tonnes at 0.93% copper plus other associated metals, with 1mln tonnes inferred grading 1.10% copper.
The enlarged exploitation license is 138.6 hectares in size, an increase of 410% in surface area from the existing exploitation license at Manaila.
This could allow for a larger mining and processing facility to be developed on-site and would eliminate the need for costly road transport of mined ore to the current processing facility located at Iacobeni, approximately 30 kilometres away. The transportation element increased the operational cost of Manaila, currently on care and maintenance, by approximately 25%-30%.
Preliminary studies by the company indicate that there is potential for a new open-pit mine to exploit mineral resources to a depth of approximately 125 meters below surface, and to simultaneously develop a smaller higher-grade underground mine below the open pit mineral resources. Immediate access for the underground section can be provided from the existing open pit at Manaila by developing adits from the high wall of the open pit.