Vast ResourcesPLC said March 30 that its 50.1%-owned Romanian subsidiary secureda prospecting license, which substantially expands the total prospecting at its polymetallic mine in Romania.
Historical explorations indicate potential orebody extensionsto northwest and southeast. The company is planning to start a drilling campaignin the second quarter to target additional open pit mineralization identified southeastof the current resource.
In addition to the potential increase in mineral resources, thecompany is looking to convert the existing resource, or portions of it, to JORC-compliantstandards by the fourth quarter.
Upon completion of the exploration program, the defining of reservesand resources and the preparation of a mine plan, Sinarom will be entitled to applyfor a mining license on the additional area.
Company CEO Roy Pitchford said, "The potential increasein mineral resources from the additional area would facilitate an increase in theMPM life-of-mine through a low risk, brownfields expansion strategy underpinningthe current robust mining operation."
In addition, the company is confident the mining license forits Baita Plai polymetallicmine, also in Romania, will be granted in the near future. The granting of the Baita Plai has beendelayed due to various legal and processing issues.
In December 2015, the company said that it on its Romanian properties. Italso terminated exploration activities in Zimbabwe and Zambia save for the rare earth projectin Zambia, which is being funded and managed by a partner.