UK-based Vast Resources reports solid quarter for Zimbabwe gold mine

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By Agencies

LONDON listed Vast Resources PLC has reported a solid third quarter for its Pickstone-Peerless gold mine in Zimbabwe with tonnes mined and milled beating the record achieved in the last three-month period.

The mine delivered a 3% increase in tonnes of ore mined to 104,156 in the three months to September 30 from 100,855 in the second quarter.

Tonnes of ore milled rose 4% to 102,416 from 98,899 in the last quarter.

Gold production dipped 8% to 6,397 ounces (oz) from 6,955oz, correlating with a 7% reduction in the milled gold grade to 2.32 grams per tonne (g/t), but this is in line with the company’s strategy to ensure that none of the oxide ore is left behind in the pit.

Processing the oxide and sulphide ore together is less efficient and recoveries are sub-optimal, the group explained. The company will be able to being processing higher-grade sulphide ore once the oxides are depleted.

Vast sold 6,519oz of gold from the mine in the quarter, down 8% from 7,087oz in the second quarter.

Chief executive Andrew Prelea said the work underway at Pickstone-Peerless to expose the sulphide ore will provide for a “more consistent gold head grade, which in turn will also augment the already very impressive gold production record achieved during 2018”.