A tailings facility at Faneata would offer an additional source of revenue for Vast Resources.
Drilling has commenced at Carlibaba, the proposed location of a second open pit mining operation Vast Resources PLC’s Manaila polymetallic mine in Romania.
Vast added that technical consultants have confirmed that the feasibility study for the Faneata tailings storage facility, which consists of more than 40 years’ material from the nearby Baita Plai polymetallic mine, is nearing completion.
Vast intends to drill 1,000 metres over 10 holes at the Carlibaba prospect, with the intention of “proving up” the potential to support a second open pit mining operation at Manaila.
The company also intends to establish an enlarged mining complex at Manaila that will use a centralised metallurgical facility.
Results from the drilling programme are expected by September of this year.
As for the feasibility study, which will define the parameters for development at Faneata, this should be completed in the next six weeks or so.
Once it is completed, the company will apply for a permit to operate at Faneata.
“Romania has already proven its significant resource potential and work is now underway to build on the operational presence we have established,” said Roy Pitchford, chief executive officer of Vast.
“We believe that Carlibaba will become central to our overall plan to develop a significant new metallurgical complex at Manaila. Carlibaba not only presents an opportunity to materially increase resource tonnages and extend the life of our 100% owned Manaila polymetallic mine life, but could also become a key hub through which we can unlock the significant resource potential of the wider area,” he continued.
“This drilling programme is accordingly of paramount importance to not only unlocking the inherent potential of this significant asset but will also be valuable in helping us secure potential joint venture or debt financing opportunities being considered to accelerate development of the proposed enlarged mining complex,” Pitchford maintained.
Pitchford added that a tailings facility at Faneata would offer an additional source of revenue for the company.