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Vast Resources secures license for Faneata tailings facility in Romania

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Vast Resources secures license for Faneata tailings facility in Romania

Vast ResourcesPLC said May 11 that its 80%-owned Romanian subsidiary secureda prospecting license over the Faneata tailings dam near the Baita Plai polymetallic mine in Romania.

The prospecting license is a separate right from the at BaitaPlai, which is expected to be granted shortly.

The 4.6 million-tonne tailings dam has the potential to be astand-alone mining operation, and a sampling program estimated that it contains4,080 tonnes of copper, 6,640 tonnes of zinc, 3,100 tonnes of lead, 35 tonnes ofsilver and 309 kilograms of gold in-situ.

Vast will initiate an 825-meter confirmatory drill program inthe third quarter to upgrade the mineralized tailings dam to a JORC-compliant mineralresource, followed by a feasibility study. These activities are expected to costabout US$125,000.