Vast Resources: Record output at Pickstone, progress at Eureka

Zimbabwe mining investment
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VAST Resources, the AIM-listed diversified miner, has reported a record quarterly output at its Pickstone-Peerless gold mine and said work to begin production at new investment Eureka Mine was “progressing encouragingly”.

Pickstone-Peerless, near Chegutu, delivered a 56 percent increase in tonnes of ore mined to 101 706 t in the three months ended June 30, compared with 65 342 t in the first quarter and a 23 percent increase in tonnes of ore milled to 98 899 t, compared with 80 639 t in the first quarter.

This saw gold output for the quarter at 6 969 oz, 10 percent up on the 6 326 oz produced in the first quarter. The plant is producing at a steady state of about 30 000 t/m, the company reports.

Andrew Prelea, CEO of Vast, commented: “We are also very pleased with the continuing performance at Pickstone-Peerless as the mine continues to improve quarter on quarter. As we approach the sulphide orebody, we anticipate a continuing increase in production and quality at the mine.”

In April, Dallaglio Investments, in which Vast holds a 23.75 percent interest, bought 95 percent of Eureka, a gold mine near Guruve that had been closed down for close to a decade. Perea reports that work is now progressing to prepare the mine to resume production.

“Our expansion initiatives in Zimbabwe continue to progress encouragingly. Work at the Eureka Mine, in which we hold a 23.75% economic interest, has commenced with the dewatering of the open pit and the process flow has been established. The recent visit to the mine by President Mnangagwa was very encouraging and we are proud to play a part in the recovery of Zimbabwe’s mining industry.”