Zimbabwe – The gold processing plant at AIM-listed resource and development company Vast Resources’ Pickstone-Peerless gold project is scheduled to undergo hot commissioning in July 2015. The maiden gold deliveries to Fidelity Printers, the Zimbabwe state refining facility, are expected thereafter in August 2015.

The Pickstone-Peerless gold mine, situated in the midlands of Zimbabwe, is being jointly developed by Vast Resource’s Zimbabwean subsidiary and Grayfox Investments via a co-owned operating company.

The company further reports that almost all of the gold processing equipment has arrived at the mine, with installation of the equipment is estimated to be 80% complete.

Grade control drilling and preparation of the oxide open cast mine is on-going, while ore stockpiling will commence in June 2015.

Vast CEO Roy Pitchford commented; “We are very pleased with the progress made to date in developing PPGM and with the build quality of the ore processing plant.  The working relationship with Grayfox Investment is excellent and both parties look forward to commencing operations shortly. Expansion options are under consideration for implementation as soon as practicable.”

Project background

The 584ha Pickstone-Peerless gold mine is located 100 km south-west of Harare and has historically produced over 400 000 oz gold. Pickstone-Peerless has a current JORC Resource of 62 million tonnes grading 1.8 g/t, containing 3.56 million ounces of gold. Included in this Resource is an open-pittable Ore Reserve of 16.6Mt grading at 1.9 g/t for 1.02 million oz.

The current plant design is expected to exploit the oxide gold cap at Pickstone-Peerless, which has an estimated life of six years. During this period, expansion of the plant to treat the open cast sulphides, at a rate at least double the current monthly volume will be evaluated.

Annualised gold production of between 10 000 oz and 12 000 oz of gold is expected from the initial mining rate of 10 000 tpm.

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Pickstone-Peerless gold project continues towards commercial production