Vast Resources PLC (LON:VAST) has said that the decline project to Level 19 is progressing on schedule and the company has commenced mining fresh higher grade ore at its Baita Plai polymetallic mine in Romania.
Mining and concentrate production has and will continue uninterrupted during this development phase at Baita Plai, with underground production currently focused on Levels 17 and 18 in addition to the new mining area on Level 19.
Exploration drilling targeting the downdip extension of the Antonio skarn from 19 level to 22 level is expected to commence in June 2021 as per the new mechanised mine plan.
The arrival of the new mechanised mining equipment has commenced on site with the remaining equipment expected to arrive in accordance with the new mine plan schedule.
The company also confirmed that it is not planning a fundraising following its ongoing proposed capital reorganisation.
"I am delighted with the operational progress that we have made in recent weeks and we remain well capitalised to achieve our development plan at Baita Plai without needing to come back to the market for the foreseeable future,” said Andrew Prelea, chief executive of Vast Resources.