Vector Resources Limited (ASX: VEC) announced New zone of gold mineralization identified by Vector’s geologists following the evaluation of historical geological data compiled by AngloGold Ashanti which spent ~US$520 Mn on exploration and development from 2005 to 2013. It includes 173,276 meters of RC drilling and diamond, completion of a Feasibility Study and the start of initial mine construction activities with the purchase and delivery to the site of 70% of the mechanical equipment suggested to be installed under the Feasibility Study.
The mining and exploration data were obtained through the acquisition of the Adidi-Kanga Gold Project (“Adidi-Kanga”), located in the Moto goldfields, 84 km north-west of the town of Bunia, the provincial capital of the Ituri Province of Democratic Republic of Congo (“DRC”). The project comprises granted Mining License PE5105, one of 13 licenses extending over 5,033 km² that were the subject of wide exploration activities by AngloGold Ashanti (“AGA”). It has led to significant findings of a new zone of gold mineralization, comprising 13 exploration targets that are conceptual in nature. These targets have a size range from 102 Mt @ 3.8g/t Au for 12.5 Moz to 117 Mt @ 6.7g/t Au for a combined 25.2 Moz (“Exploration Target”).
This new Exploration Target is exclusive of the current 3.2 Moz Au (15.0 Mt at 6.6g/t) Adidi-Kanga Mineral Resource which includes 46% in Indicated Category for 6.9 MT @ 6.74g/t Au for 1.5 Moz and 8.1 Mt @ 6.6g/t Au for 1.7 Moz in the Inferred Category (ASX Announcement 5 February 2018).
Vector’s CEO Simon Youds stated that the company is sitting on a vast mineralized system within PE5105 that will eclipse the current 3.2Moz Adidi-Kanga deposit. It expects to unlock considerable value for Vector’s shareholders from the US$520 Mn AngloGold diligently invested in this area following the thorough historical work completion. It enabled its technical team to define the new zone of gold mineralization which showed all the early indications of hosting further high-grade mineralization. It will be running the respective Definitive Feasibility Study and exploration programs side-by-side over the coming months and will surely give shareholders updates at regular intervals.
The company intends to implement extensive work programs for all the exploration targets. This work will be prioritized in accordance with, production potential, proximity to the primary Adidi-Kanga deposit and in line with potential project production schedules, funding availability, the need for incremental tonnes as supplementary process plant feed and resource definition requirements. Accurate scheduling of such programs is not possible at this time, pending a project feasibility study. The more remote satellite prospects listed in the Exploration Target tabulation and descriptions will be the subject of the indicated geological reconnaissance or drilling programs in line with Vector’s Management priorities and budget allocation. While programs have been indicated for each Exploration Target Vector advises that there is no certainty that future exploration will lead to a mineral resource estimation for any of the targets.
On stock information, Vector Resource’s share last traded at $0.017, up 6.25% (AEST 02:12 PM, March 12, 2019) with the market capitalization of ~$34.21 Mn. Its 52 weeks high has been reported at $0.031 and low at $0.014. Its absolute return for last 5 years, 1 year and 3 months are -74.6%, -23.81%, and -11.11% respectively.
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