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Vast Resources secures US$1mln investment needed for Blueberry polymetallic project

Published: 11:48 30 Oct 2018 EDT

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Initial drill results from Blueberry confirmed gold and silver mineralisation at or near surface

Junior miner Vast Resources PLC (LON:VAST) has secured the US$1mln it needed from institutional investors to retain its 29.41% stake in the Blueberry gold project in Romania.

Last month, the AIM-quoted company confirmed that one particular investor had indicated it would be prepared to put some money in, funds which have now been secured.

READ: Vast updates on Blueberry funding efforts

“I am delighted to receive confirmation of the support for the Blueberry Project from an institutional investor and that Vast’s interest in the Blueberry Project is now confirmed,” said chief executive Andrew Prelea.

Vast’s EMA Resources subsidiary snapped up a 29.41% stake in the project back in August and, as part of the deal, had until the close of play today to secure at least US$1mln of funding.

Earlier drilling at Blueberry confirmed gold and silver mineralisation at or near the surface, with higher grades found in deeper zones. More assay results are due in the coming days and weeks.

“I look forward to giving further news on drilling and assay results as they become available,” added Prelea.

Vast shares edged 2.7% higher on the back of the news to 0.57p.

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