A producing asset which is now being optimised to full nameplate capacity in 2023.
- Baita Plai is a skarn deposit comprising several veins in calcareous sediments in eight distinct pipes
- Measured, Indicated & Inferred mineral resource category of 608,000 tonnes @ 2.58% copper (‘Cu’) equivalent
- Exploration target, including the historical mineral resource estimates of 1,800,000* tonnes under the NAEN Russian Code, between 3.2M–5.8M tonnes with Cu range of 0.50–2.00%, gold (‘Au’) range of 0.20–0.80 g/t and silver (‘Ag’) range of 40-80g/t
- Unmeasured resources in other pipes and further substantial exploration upside
- Commenced concentrate production under Vast’s operating control in October 2020 and the Company implemented a new mechanised mine plan in March 2021
* The historic mineral resources (NAEN Code) for Baita Plai are reported as 1.8Mt at grades of 2.19% Cu, 3.07% Pb, 3.46% Zn, 1.41 g/t Au and 128.2 g/t Ag.
Baita Plai is located in the Apuseni Mountains, Transylvania, an area which hosts Romania’s largest polymetallic and uranium mines. The project is 50km north-west of Romania’s largest Au-Cu mine, Rosia Montana (>10Moz Au) and 52km north-west of Roșia Poieni, which contains over one billion tonnes of porphyry copper ore.
The mine benefits from full infrastructure including underground, surface and processing equipment and an EU registered and operational tailings facility.
A JORC compliant Resource & Reserve Report was completed in October 2020. Highlights of the JORC report include:
- Measured, Indicated & Inferred mineral resource category of 608,000 tonnes @ 2.58% copper (‘Cu’) equivalent
- Exploration target including historical mineral resource, between 1.8M–3M tonnes with Cu range of 0.50–2.00%, gold (‘Au’) range of 0.20–0.80 g/t and silver (‘Ag’) range of 40-80g/t
- The mineral resource estimate represents an additional 600,000 tonnes over and above the reported (non-JORC) historical mineral resource estimates of 1,800,000 tonnes under the NAEN Russian Code as announced on 10 December 2014
- The mineral resource estimate underpins the initial mine production life of approximately 3-4 years of in-situ 15,695 tonnes copper equivalent available for mining
- Based on an assumed copper metal price of US$6,655/tonne the initial mine production generates an in situ metal value of US$104,450,225* over the 3-4 year period
- Significant further upside:
- a significant portion of the Exploration Target is expected to be converted to a JORC compliant mineral resource in the coming months as the Company continues exploration activities and the continued analysis of historic data sets.
- the Antonio North skarn may provide a similar quantum of mineral resource in addition to the current mineral resources declared and would provide sufficient mineralisation for a further approximate 7 to 8 year period
- Significant upside to increase the mineral resources on adjacent skarns through the extension of development on 16 level, 17 level and 18 level and underneath the Baia Rosie skarn
* Based on $6,655 Cu metal price multiplied by the Cu Equ tonnage as illustrated in the JORC report
A third-party technical contractor has been engaged to review and reprofile the mine resources in order to report an updated Resource report for Baita Plai to be incorporated into a new independent competent persons report in H1 2023.
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