Harare - AIM Listed mining company, Vast Resources reports that its expansion initiatives in Zimbabwe continue to progress encouragingly.
Vast Resources has interests in the producing of gold at the Pickstone-Peerless and Eureka gold mines.
In a statement on the company’s website, Vast CEO Andrew Prelea said work at the Eureka gold mine, in which the company holds a 23.75 percent economic interest, has started with the dewatering of the open pit and the process flow has been established.
“The recent visit to the mine by Zimbabwe President Emmerson Mnangagwa was very encouraging and we are proud to play a part in the recovery of Zimbabwe’s mining industry,” notes He further notes that the political amelioration in Zimbabwe over recent months has made the company re-evaluate its activities there.
“We are now actively seeking new opportunities and exploring options through which to revive historic claims in order to build a significant presence in the region.
He said performance was solid at Pickstone-Peerless gold mine.
“Gold produced and sold at Pickstone-Peerless rose in the second quarter to the highest recorded levels, exceeding the record levels achieved in the previous quarter.”
The plant is currently processing at a steady state of more than 30 000 t/m, a level which is expected to continue into future quarters.
He added that success at Pickstone-Peerless has prompted redevelopment initiatives at its Giant mine, also in Zimbabwe. The mine has a current inferred resource of 0.5-million ounces.
“Further exploration drilling is being evaluated in addition to consultations with representatives of artisanal miners on site.”
Last month the miner concluded an agreement with Red Mercury (Pvt) Ltd for exclusive access to the Heritage concession area which is popularly known as the Marange Diamonds Fields in the Chiadzwa region of Zimbabwe.
Vast Resources said the purpose of the agreement is to carry out initial due diligence on the area with a view to concluding a joint venture agreement.
It said the principal terms of which have been agreed are for exploration, mining and marketing.
Red Mercury is a company owned by the Marange-Zimunya Community Share Ownership Trust (MZ Community Trust), which is registered as a Community Share Ownership Trust under the laws of Zimbabwe and which has received an undertaking from the Government of Zimbabwe for a licence to mine on the Heritage Concession.
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