Vast Resources took over 24.4 pct. of a perimeter in golden quadrilateral close to Baia de Aries

Newsroom 20/08/2018 | 11:35

The British company Vast Resources took an indirect stake of 29.41 percent of the Geamana-Coltii Lazar perimeter, located near Baia de Arieş and Roşia Montană, in the so-called ”golden quadrilateral” from the Apuseni Mountains.

Vast Resources, who already manages the polymetallic mines Manaila and Baita Plai, will control an 7,285 square kilometers. According to the company, historical tests in the area have shown the presence of gold in concentrations up to 22.4 g/tonne of ore.

Vast Resources took over the stake through a newly established UK subsidiary, EMA Resources who owns the entire share capital of Blueberry Ridge, the licensor of the Blueberry perimeter exploration perimeter. Vast Resources points out that gold extraction in the Blueberry perimeter will be done without the use of cyanide, the processes being considered being gravity separation and flotation.

According to Vast Resources, the investment in the perimeter near Baia de Aries could justify the launch of an initial public offer for EMA Resources, which could be done by the end of next year.

The former gold mine from Baia de Arieş was closed in 2004 and rehabilitated with EU funding, and no exploration or exploitation works are currently allowed in the area.

Vast Resources operates the Baita Plai (Bihor) and Manaila (Suceava) polymetallic mines in Romania and plans to develop a new polymetallic pit at Carlibaba near the Manăala mine. Also near Manaila, Vast Resources holds two concessions, namely Piciorul Zimbrului and Magura Neagra, where the presence of copper and gold deposits was identified.