Vector Resources (ASX: VEC) is finalising technical due diligence for its proposed acquisitions of Adidi-Kanga, Kibali South and Nizi gold projects in the Democratic Republic of Congo (DRC), with the transactions due to wrap up later this month and February.
The company reported in late December its intent to corral a 60% interest in Adidi-Kanga gold mine which comprises a granted mining licence. Vector’s technical team is carrying out a review of historical exploration and resource drilling and assessing previous owner AngloGold Ashanti’s feasibility study work.
Vector has identified several areas to target when it kicks off resource drilling later in the quarter. Additionally, the DRC government has confirmed the mine is permitted, as well as meeting all social and environmental conditions.
The technical team will inspect the drill core shed and camps on site as well as review the existing mechanical equipment.
Meanwhile, Vector’s technical team will carry out a final and more detailed due diligence at Kibali South which includes two granted mining licences. The transaction for this acquisition is scheduled to wind up by the end of February.
Kibali South has an historic resource of 28.1 million tonnes grading 1.63 grams per tonne gold for 1.47 million ounces. However, the resource is not JORC-compliant.
Over at Nizi which includes a mining licence, the technical crew is focusing on reviewing the Baluma prospect where previous drilling has identified oxide mineralisation. The team will also undertake a final visit to site and complete detailed due diligence. The acquisition is on track for completion by the end of February.
Nizi also hosts the King Leopold gold mine which historically produced more than 1.45 million ounces of gold at average 30g/t grades.
In addition to its proposed acquisitions, Vector is advancing its Maniema gold project, which is also in the DRC.
Vector has a 70% stake in Maniema which has seven granted exploration licences covering 500 square kilometres.
Previous drilling at Maniema has returned intersections such as 5.7m grading 8.74 grams per tonne gold, 21.7m grading 3.58g/t and 8m grading 4.03.g/t.
Shares in Vector were up more than 3% in early morning trade to A$0.033.