Vast Resources PLC (LON:VAST) confirmed it is on the brink of its first sale of concentrate at the Baita Plai polymetallic mine in Romania.

In a statement, the company’s second on Friday, Vast confirmed that it has copper concentrate prepared and ready for the first commercial delivery to the Port of Constanta in Romania.

It is now awaiting confirmation of the vessel arrival ahead of being able to formally announce the completion of the first sale to Mercuria. 

Vast now expects the sale to formally complete next week.

READ: Vast expands exploration target

Meanwhile, the mine continues to produce ore and concentrate. The company added that it maintains the fourth-quarter production and cashflow forecasts.

Earlier today told investors it has increased the size of its exploration target at Baita Plai.

The company said that the size of the Antonio North area has increased to 1.4mln to 2.8mln tonnes, from 0.2mln to 0.5mln tonnes previously, which takes the estimate for the whole project to 3.2mln to 5.8mln tonnes from 1.8mln to 3mln tonnes.

The increase is the result of a review of historical data which has only recently become available.

The exploration target is set alongside a JORC compliant mineral resource which states a gross resource of 608,000 tonnes at 2.58% copper equivalent.

Vast said it believes Antonio North represents a major near to medium term mining opportunity, and an underground exploration drilling programme is currently being compiled to better determine its potential.

Leave A Reply

Please enter your comment!
Please enter your name here