Zimbabwe – The Vast Resources Pickstone-Peerless gold mine in Zimbabwe has commenced production, with its first gold smelt producing 8.5 kg of gold bullion, which will be delivered to the Fidelity refinery in Harare.
This milestone follows the maiden sale of approximately 450 t of copper concentrate at Vast’s 50.1% owned Manaila polymetallic mine in Romania, thus firmly cementing the AIM-listed company’s transition from an exploration to a production company.
The 584 ha Pickstone-Peerless mine has a current JORC Resource of 62 Mt grading 1.8 g/t, containing 3.56 Moz of gold. Included in this resource is an open-pittable ore reserve of 16.6 Mt grading at 1.9 g/t for 1.02 Moz.
Initial production is on-track at a rate of 10 000 t of ore per month from the open cast oxide gold cap, with 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.
“This is a historic week for Vast Resources. With Pickstone-Peerless and Manaila now both in production, producing gold and copper respectively, we are firmly on track to build a significant cash generative mining company. With an established resource of in excess of 3.5 Moz and a defined development strategy, Pickstone-Peerless has significant commercial value, and I am confident that we will continue to extract value for the benefit of all shareholders,” says Roy Pitchford, Vast Resources’ CEO.