Aim-listed Vast Resources has concluded an agreement with Red Mercury for exclusive access to a diamond concession area in what has become known as the Marange diamond fields in the Chiadzwa region of Zimbabwe.
Under the terms of the agreement, Vast will have the right to carry out initial due diligence on the area with a view to concluding a joint venture agreement, the principal terms of which have been agreed, for exploration, mining and marketing of any diamonds recovered.
The 15 km² Heritage concession is close to an area of Vast’s historic Marange diamond fields claim and is understood to be an extension of the same geological system.
Vast has effective control of exploration and mining on the Heritage concession and also of marketing of the diamonds in consultation with Red Mercury.
“The concession area has not been mined before and by virtue of its geographical positioning within the Marange diamond fields it is anticipated to contain economically viable diamondiferous alluvials, as well as conglomerate ore resources,” Vast director Mark Mabhudhu said.
- Mining Weekly
