The exploration team surmised that at a 10% conversion ratio from exploration target to a mineral reserve, the reserves may total 300Mt of ore and place it above the current operations of Cuprumin at Rosia Poieni.
The 21km2Magura Neagra prospecting Permit is located in the Zagra-Telciu area in Bistrita-Nasaud County of Romania and lies adjacent to Vast’s Piciorul Zimbrului licence. Following initial prospecting work Vast has undertaken a drilling programme targeting sets of polymetallic veins together with areas of disseminated sulphide mineralisation the results of which are awaited. If these are as expected this will enable the Company to apply for a full exploration licence.
The mineralisation is associated with areas of intense silicification and is hosted within silicified sandstones spatially related to a quartz diorite.
Historical prospecting activities undertaken by the state exploration company IPEG Cluj during the period 1986-1993, identified five polymetallic veins ranging in widths from 0.30m-5.00m, together with an 800-metre-long zone of disseminated sulphide mineralisation which was intersected in an underground drive accessed by means of a surface adit (Gallery 47). The underground drives are developed from elevations ranging between 972m amsl-1,340m amsl representing a vertical extent or exposure of 368m.
A spatial analysis of the vein system, areas of intense silicification and occurrences of disseminated mineralisation may indicate the possible presence of a porphyry copper type mineralising system together with mineralised veins containing gold, silver, molybdenum, lead and zinc.
Porphyry style copper mineralisation appears to be associated with the vein systems, and with areas of intensely silicified sandstones with disseminated sulphide impregnations. Initial estimates, by the Romanian state exploration company IPEG Cluj, related to the porphyry style mineralisation, have indicated an exploration target (non-JORC compliant) of up to 3,000Mt of ore to a depth of 600m, at grades ranging from 0.4% copper (“Cu”) and 0.3g/t gold (“Au”) up to 0.8% Cu and 0.5g/t Au. The exploration team surmised that at a 10% conversion ratio from exploration target to a mineral reserve, the reserves may total 300Mt of ore and place it above the current operations of Cuprumin at Rosia Poieni.