Romania: First stage of Vast Resources drilling in Carlibaba, completed

The first 1,000 m from a total of 2,200 m of the drilling program implemented by Vast Resources in Carlibaba has confirmed the development of a new surface mine close to the mine in Manaila. The drilling of Carlibaba confirms the presence of extensive resources of polymetallic ore (copper, zinc, lead, silver and gold), which can extend the life of the Manaila mine by more than 10 years.

Thus, the company can develop a new polymetallic pit at Carlibaba, which involves the construction of a metallurgical processing plant, that aims to reduce the operational costs of the mine by up to 25 percent.

“We are happy that this stage of drilling confirms the potential that our company has identified in Carlibaba. We are optimistic that, at the end of the second drilling stage, we will be able to begin the preparation for construction of the second pit in Suceava County and thus expand the company`s portfolio with another mine in Romania. Of course, such a project involves substantial investments but also creates new jobs for local residents,” Andrew Prelea, President and Executive Director of Vast Resources Romania said.

Vast Resources has almost completed the second drilling phase, that consists of drilling nine surface holes, which will be completed by the end of October. “From an operational point of view, the opening of this mine extentionin Carlibaba will significantly extend the period of the company`s activity in Suceava County,” Prelea added.

Carlibaba is in close proximity with the Manaila mine. That is why the company is planning to build a new processing platform in this area: to replace the current one in Iacobeni and thus lower operational costs.