Vast Resources (VAST) has confirmed to investors that its second Mantis CMR4 production drilling rig has now been delivered to site at the Baita Plai Polymetallic Mine in Romania.
The implementation of the Mantis drilling rigs is expected to increase drilling by up to 3.5 times with a reduction of labour at the drilling face, allowing additional faces to be worked.
Vast says the second Mantis drill rig will be deployed during the course of this week to develop infrastructure from below 18 level on the Antonio Skarn, to a planned 21 level elevation for commencement of the new decline in the first week of 3Q22 as planned.
The Company explained that with the two new Mantis drills on-site and the transition to mechanised mining, together with the implementation of long hole stope mining, “significantly increased production output” is expected from the end of 2Q22 onwards.
Commenting, Andrew Prelea, CEO of Vast Resources, told investors: “We now have our second Mantis rig on site at Baita Plai, which is a critical piece of equipment to support the rapid increase in production expected through the implementation of long hole stope mining.
This rig is being deployed on 18 levels during the course of this week and, together with the other operational developments that are being introduced over the coming weeks, we expect to see a significant improvement in our production profile from the end of the 2Q onwards.”
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In recent weeks, Vast has reported a revenue increase of 236% to US$2.3 million in the first quarter of 2022. The Baita Plai mine in Romania - a central focus of its portfolio, has focused on copper production in 1Q22, with 224 dry metric tonnes and 263 wet metric tonnes sold.
The company said it expects to witness “a fundamental change” in the way the underground mine operates, with a move to mechanised drilling and cleaning. This is forecast to result in substantially increased production of copper concentrate, commencing in June 2022. Looking ahead, Vast said it expects this change to be reflected in its results from 3Q22 onwards.
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