Vast Resources PLC (AIM:VAST) said it entered into an agreement with Open Joint Stock Company “Talco” to process the tailings produced at Takob mine in Tajikistan.
The agreement is a separate and additional project to the Takob joint venture project announced by AIM-traded Vast on May 3.
READ: Vast Resources joins new project in Tajikistan
The funding for the Talco project, which may be up to U$20mln, will be provided by Central Asia Minerals and Metals Ore Trading FZCO on the same or similar terms as the company’s existing Takob joint venture project.
Vast said its joint venture partner, Formin TJK, has started surveying, soil sampling and preliminary drilling on site at the tailings facility. Formin reported visible signs of lead, zinc and precious metals, including gold, silver and platinum group metals, in the tailings facility.
Initial surface survey results compiled by Formin show that there is a minimum of 1 million tonnes (Mt) and up to 3.3Mt of tailings. The depth of the tailings will be determined once drilling is completed, Vast said.