Hot on the heels of a potentially seismic legislative shift in the Democratic Republic of Congo (DRC), Vector Resources (ASX: VEC) has completed an internal review of its Adidi-Kanga gold resource estimate.
Just days ago, the DRC announced a set of sweeping tax changes that are likely to impact mature miners first and foremost. Despite political uncertainty over the past week, Vector maintains a set of high-grade gold prospects in the DRC including the Adidi-Kanga Project currently in the process of acquisition and finalisation expected in the coming weeks.
Vector has reported that it has now finalised the conversion of the historical SAMREC Mineral Resource Estimate prepared by AngloGold Ashanti in 2013 for the Adidi-Kanga Gold Project, to a JORC-compliant Mineral Resource Estimate of 3.2 million ounces of contained gold.
Shown below are Vector’s SAMREC and JORC estimates compared side by side:
In terms of Resource categories, Vector has reported that its Total Mineral Resource Estimate totals 15 million tonnes (Mt) at 6.6 grams per tonne (g/t) gold for 3.2 million ounces of contained gold, including 6.9Mt at 6.74 g/t for 1.5 million ounces (Moz) in the Indicated category and 8.1Mt at 6.6g/t for 1.7Moz in the Inferred category.
Vector engaged BM Geological Services (BMGS) as part of its due diligence process for the acquisition of the Adidi-Kanga Gold Project and intends to engage BMGS for “a second stage and more in-depth review,” according to a shareholder market update. Vector says that the second stage will include a re-estimation and re-wireframing exercise to better align and streamline the Project in line with Vector’s specifications.
Vector CEO, Mr Simon Youds said that “the verification of the Adidi-Kanga Mineral Resource has been a valuable exercise for our technical team and we are pleased it has confirmed and even exceeded the historical resource prepared by AngloGold Ashanti”.
With exploration work progressing, Vector expects to complete the transaction to acquire the Adidi-Kanga Gold Project in the coming weeks.
More about Vector Resources
In addition to its proposed acquisitions, Vector is advancing its Maniema gold project, which is also in the DRC.
Vector acquired the Maniema Gold Project in December 2016. Maniema is located in the highly prospective and under-explored Twangiza-Namoya Gold corridor.
The project comprises seven granted exploitation licences covering an area of over 500 square kilometres and including seven main prospects; Kabotshome, Mbutu, Mitunda, Mbala, Eveche, Lukele and Tubambo.
The Kabotshome Gold Prospect is the most advanced with a JORC-compliant Inferred Mineral Resource estimate of 7.0 million tonnes at 1.88g/t gold for 421,000 ounces of gold.