adminOliver Kazunga, Senior Business Reporter
AIM-listed Vast Resources plc says its expansion programme at Pickstone-Peerless Mine in Zimbabwe has registered significant progress following the construction of a sulphide processing plant at the mine.
Vast Resources said in a statement that construction of the sulphide plant would enable production from high-grade sulphide pits in addition to the oxide pits presently being mined.
“Significant progress has been made with construction of the sulphide processing plant, which will enable production from the high-grade sulphide pits in addition to the oxide pits currently being mined,” it said.
It said among other noticeable progress, a majority of the sulphide concentrating equipment was on site and a significant proportion has been installed.
“Construction is progressing on time and on budget – first sulphide production is scheduled for the third quarter in 2017.
“Custom milling facility to be commissioned imminently to process artisanal workers’ tributed production from proximal claims,” it said.
Vast Resources chief executive officer Mr Roy Pitchford was quoted as saying:
“Pickstone-Peerless continues to deliver impressive results; by utilising cash flow generated from production from the oxide cap zone of the mine, we are funding the expansion of the mine with the objective of doubling throughput and increasing the grade of ore by between 50 percent to 100 percent.
“Obviously, this will provide enormous upside and further enhance the performance of Pickstone-Peerless, which produced an average of over 4 150 ounces per quarter over the past 12 months from the oxide cap alone.”
He said in addition to directing their efforts towards the development of the sulphide plant, the group has also been working with artisanal miners operating on a tribute basis from the claims adjacent to Pickstone-Peerless.
“We see this as a natural and mutually beneficial relationship as the artisanal miners save on transport costs and gain immediate access to the free gold, whilst all of the residual gold is processed through Pickstone-Peerless’ CIP facilities,” said Mr Pitchford.
— @okazunga.
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