Maniema Gold Project (Democratic Republic of Congo)
In December 2016, Vector completed the acquisition of its 70% interest in the Maniema Gold Project, located in the Maniema Province in the Democratic Republic of Congo (DRC).
On 14 September 2016, the Company announced that it has entered a Binding Heads of Agreement, whereby the Company had agreed to acquire African Royalty Company Pty Ltd’s rights under an agreement that it had entered with a local Congolese mining and exploration company, WB Kasai Investments Congo SARL (WBK) pursuant to which the Company would acquire the 70% interest in the Maniema Gold Project.
The acquisition was completed following shareholder approval on 30 November 2016 at the Company’s Annual General Meeting, completion of all legal, financial and technical due diligence, and execution of all joint venture documentation. This included the incorporation of Vectors Congolese subsidiary, Vector Resources Congo SA and the joint venture company, Maniema Gold Company SA which now holds the seven granted exploration licences.
The Maniema Gold Project (the Project) is located in the world renowned Twaniza-Namoya gold corridor and in the northern part of the Kibaran Gold Belt (Figure 1).
The Project includes seven exploration permits, including PR4792, PR4801, PR4803, PR4804, PR4805, PR4806 and PR4812, which covers an area of over 500km2.
Key Gold Prospects at Maniema:
1. Kabotshome Gold Prospect
On 17 January 2017, the Company announced its maiden inferred JORC 2012 compliance Resource at the Kabotshome Gold Prospect (Kabotshome) of 421,000oz of gold. Kabotshome is the most advanced of the five prospects initially identified from historical exploration work completed at Maniema Gold Project.
Tables 1 and 2, as part of the JORC guidelines have been completed with the confidence and thoroughness that has resulted in the Company completing a Mineral Resource that is compliance with JORC code (2012 edition).
The Company has announced (29 September 2017) a new discovery near Kabotshome, named the Lukele Prospect. The Company announced the results of two nuggets (0.18g and 0.19g) found by local artisanal miners, with a confirmed 94% gold content as tested by the Perth Mint using Precious Metals XRF analyser.
The Company has completed the building of a 20-man exploration camp (Mingana Camp) to facilitate the drilling program at Kabotshome and for ongoing geological field work at the Project. The camp will allow the Company to continue its geological (and drilling) programs at its major prospects, being well located both Kabotshome and Mitunda.
2. Mitunda Gold Prospect
The Mitunda Gold Prospect (Mitunda) is located on PR4801 and is located immediately south of the Company’s Kabotshome Prospect.
The Company has completed an inspection of the shallow surface and underground artisanal mining areas at Mitunda and have identified over 1,000 artisanal miners that are mining a high-grade paleo-channel in which the primary source of gold appears proximal to the current workings.
On 6 September 2017, the Company announced a new gold prospect located only 500m from Mitunda called the Eveche Gold Prospect (Eveche). Eveche comprises multiple quartz vein sets that have been exposed from artisanal mining activities, with one main steeply dipping quartz vein mapped over an initial strike length of 600m and which remains open at depth and strike.
The Mitunda Prospect remains a high priority for the Company who are actively working with its joint venture partners and local government officials to find better ways to regulate the artisanal mining activities at Mitunda, as well as ways to manage the purchase and sale of the artisanal gold production.
3. Nomya West Project
The Namoya West Prospect (Namoya West) is located on PR4803 and is adjacent to Banro Corporations (TSX: BAA) Namoya Open Pit Gold Mining Operation.
On 20 July 2017, the Company announced that high-grade stream sediment assay results of 18.8g/t gold from Namoya West had confirmed historical high grade alluvial and stream sediment samples in 2010 of 64.1g/t, 65.1g/t, 43.4g/t and 36.7g/t gold.
The Company’s technical team believe that the number, grade and unmodified physical nature of the visible gold samples show minimal transport from the primary source.