London-listed Vast Resources says on-track to commence first gold production in August

London-listed Vast Resources says on-track to commence first gold production in August

HARARE, June 2 (The Source) – London-listed junior miner Vast Resources says it is on course to meet its August target to deliver the first bullion from its Pickstone-Peerless gold mine which is set to deliver 10,000 ounces annually.

Vast, previously known as African Consolidated Resources (AFCR), owns 50 percent of the Chegutu mine — 100 kilometres south-west of Harare — with the other half being controlled by Grayfox Investments, a consortium of Zimbabwean investors.

Chief executive Roy Pitchford said strong progress was being made in advancing the mine into production in August 2015.

“With the commencement of blasting, the processing plant construction well advanced and production on track to commence in August 2015, this is a very exciting period of development,” Pitchford said in an update on Thursday.

“In addition to realising commercial production in Zimbabwe, we continue to advance our polymetallic interests in Romania and we look forward to updating shareholders on our activity in both Zimbabwe and Romania in due course.”

The mine, which is set to be commissioned this month, will produce an estimated of 10,000 ounces from the targeted initial mining rate of 10,000 tonnes of ore per month from the open cast oxide gold cap.

Pitchford said ancillary facilities such as the laboratory, accommodation and mine offices have been completed.

The first round of grade control drilling has been completed confirming the initial grades expected of approximately three grammes per tonne.