A mining company with ambitions of exploring and cementing the Romanian mining sector on the global stage has acquired a larger stake in a highly prospective mineralisation.
Vast Resources announce in a statement that it had acquired a 29.41% interest in the Blueberry Project, a highly prospective polymetallic mineralisation located in the Golden Quadrilateral of Western Romania.
The Blueberry Project consists of a number of minerals, inclyding gold and other polymetallic minerals such as silver, copper, lead and zinc.
The Golden Quadrilateral also hosts the hugely prolific Baia de Aries gold mine, the 17.1Moz Rosia Montana Mine and the 7.2Moz Rovina Valley project.
The transaction was structured to be non-dilutive to Vast shareholders, with the initial acquisition of the 29.4% to be satisfied in new shares in EMA Resources, a newly formed subsidiary of Vast.
Vast believes that in time, EMA will develop into a standalone enterprise significant enough to justify an Initial Public Offering by the end of 2019.
“As shareholders will be aware, my enthusiasm for and confidence in the reinvigoration of the Romanian mining industry remains a central pillar of Vasts future growth strategy and I am delighted to present this acquisition to shareholders,” said Andrew Prelea, Chief Executive of Vast.
“Due to the structure of this transaction, Vast would benefit from the significant upside potential of developing the Blueberry Project whilst safeguarding investors from significant dilution.
Work has already started at Blueberry and we look forward to reporting the results of drilling in the coming weeks in order to begin to give the market a tangible sense of the size and quality of this significant mineralised system in addition to our path to developing the project and ultimately crystallising value for Vast shareholders through a proposed IPO.”