UK-based mining contractor Vast Resources has revealed that it has found higher-quality zinc, silver, lead and copper at its Romanian mine.
The mining contractor started drilling for metals at Faneata tailings dam in November 2016. It has made 33 surface holes spread over an area of 630 metres. Assays revealed that the metals present in the mine are of a higher grade compared to the estimations made previously. This is good news for Vast Resources as higher-grade metals are in higher demand.
Vast Resources stated that it would be conducting more metallurgical tests to figure out how to come up with the best processing methods so that the metals can be recovered seamlessly. The company also intends to take up a feasibility study sometime in the latter half of 2017.
Vast Resources CEO Roy Pitchford said that the results prove that the commercial potential of Faneata is high, and the presence of higher-grade metals gives impetus to the company’s development strategy.
Pitchford added that Vast Resources is using advanced processing technologies to determine the value of its assets, and this will help establish Faneata as a standalone mine. He also added that the mine had low-cost operations and offered the company a great revenue generation opportunity.
The mining contractor intends to use its existing plant and equipment at the nearby Baita Plai Polymetallic Mine (BPPM) to extract the metals from the tailings dam. BPPM is about seven kilometres from Faneata, and Vast Resources owns an 80 per cent stake in the mine.
The company is of the opinion that Faneata can be developed as a standalone mine if it uses processing technologies that are economically viable, as it will reduce the cost of extracting the higher-grade metal.
Vast Resources also has other assets in Romania, including a 50.1 per cent stake in Sinarom Mining Group, the owner of Manaila Polymetallic Mine, which announced that it would be increasing copper and zinc extraction in 2017.