Vector Completes Acquisition of Stake in Adidi-Kanga Gold Asset

Vector Resources has completed the acquisition of a 60-percent stake in the Adidi-Kanga gold project in the Democratic Republic of Congo.

Vector Resources (ASX:VEC) has completed the acquisition of a 60-percent stake in the Adidi-Kanga gold project in the Democratic Republic of Congo’s (DRC) Ituri province.

The completed acquisition will see Vector form a new entity to run the project — Adidi-Kanga Resources — with joint venture (JV) partners Société Minière de Kilo-Moto and Mongbwalu Goldfields Investments.

According to the company, all necessary JV documentation, agreements and approvals have now been received and executed, giving the new JV company permission to begin site development.

As part of the deal, Vector is to make three separate payments in tranches to Mongbwalu, with the first being $5 million in cash and $5 million worth of Vector shares at a price of AU$0.022 each.

The second, to happen within 30 days of a positive decision to mine at the project, will entail another $5 million in cash and $5 million in shares or cash. The third tranche will be the same setup — $5 million in cash and $5 million in shares or cash — to take place within 10 days of the start of commercial gold sales.

Vector has already executed a loan agreement with FT General Trading for up to US$35 million; the first-tranche payment will come from this loan. In addition, Vector has submitted a loan utilization request to FT for US$5 million from the US$10-million tranche-two loan amount to begin on-site activities and work on a definitive feasibility study (DFS).

“The completion of this acquisition and the associated debt funding has been an exhaustive process for the company, but one well worth the wait and provides the platform for Vector to make the transition into one of Africa’s top gold producers,” Vector Chairman Gary Castledine said in a statement.

Under the terms of the acquisition and JV agreement, Vector is to complete the DFS within nine months of the completion of the acquisition.

AngloGold Ashanti (JSE:ANG) previously put over US$520 million into exploration and development efforts at Adidi-Kanga between 2005 and 2013. This included over 173,000 meters of diamond and reverse-circulation drilling, a completed feasibility study and initial mine construction activities.

However, the project was placed on care and maintenance in 2013 so the company could focus on its Kibali gold operation, with the company later selling its stake in the mine to Fimosa Capital in 2015.

Adidi-Kanga has a mineral resource estimate of 15 million tonnes at 6.6 grams per tonne (g/t) gold for 3.2 million ounces of contained gold. This includes 46 percent in the indicated category for 6.9 million tonnes at 6.74 g/t gold for 1.5 million ounces, and 8.1 million tonnes at 6.6 g/t gold for 1.7 million ounces in the inferred category.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.

When Will Australia Legalise Recreational Cannabis?

Recreational cannabis remains illegal in all Australia’s states and territories with the exception of the Australian Capital Territory (ACT). But could that change in the future?

So far there are no clear indicators as to when or if Australia could legalise recreational cannabis, but attitudes seem to be changing. Public support is growing, and there’s even some political acceptance.

Read on to learn more about when Australia may legalise recreational cannabis.

Keep reading... Show less

Data Review Enhances Prospectivity at Galan’s Greenbushes South Lithium Project

Highlights:

  • CSIRO’s historical datasets show prospectivity for Galan’s Greenbushes South Lithium Project
  • Historical laterite geochemistry data collected prior to mining at Greenbushes
  • Elevated abundances of pathfinder elements display a well-defined anomaly adjacent to Greenbushes South
  • Dispersion of elements into the laterite profiles include arsenic, tantalum, tin and antimony among others
  • Galan to commence sampling and mapping at Greenbushes South next month

Galan Lithium Limited (ASX: GLN) (Galan or the Company) is pleased to announce that it has completed a review of historical CSIRO data which enhances the prospectivity of its Greenbushes South Lithium project.

Keep reading... Show less

Data Review Enhances Prospectivity at Galan’s Greenbushes South Lithium Project

Highlights:

  • CSIRO’s historical datasets show prospectivity for Galan’s Greenbushes South Lithium Project
  • Historical laterite geochemistry data collected prior to mining at Greenbushes
  • Elevated abundances of pathfinder elements display a well-defined anomaly adjacent to Greenbushes South
  • Dispersion of elements into the laterite profiles include arsenic, tantalum, tin and antimony among others
  • Galan to commence sampling and mapping at Greenbushes South next month

Galan Lithium Limited (ASX: GLN) (Galan or the Company) is pleased to announce that it has completed a review of historical CSIRO data which enhances the prospectivity of its Greenbushes South Lithium project.

Keep reading... Show less

AIS Resources’ Australian Yalgogrin Gold Project’s first drill hole returns gold intercepts averaging 1.5g/t over 87 meters including 0.9 meters at 9.3 g/t

A.I.S. Resources Limited ( TSX: AIS, OTCQB: AISSF ) (the “Company” or “AIS) reports that the assay analysis from YDD1 at Neighbour’s Farm historic mine workings, the first diamond drill hole at its Yalgogrin Gold Project, NSW, Australia has been completed by SGS Australia. Extensive gold mineralisation was intersected from 58m through to the end of hole at 162.3m with gold mineralisation remaining open at depth and returning gold Intercepts over 87m averaging 1.5gt. The best individual grades returned up to 9.3 gt Au that are supported by consistent mineralisation hosted within the altered rock mass.

A summary of the intervals and average assays is set out below from the top of the core:

Keep reading... Show less

Resolution Minerals Ltd Drilling Program at Sunrise Gold Prospect Completed

Adelaide, Australia (ABN Newswire) – Resolution Minerals Ltd (ASX:RML) (FRA:NC3) is pleased to announce that it has completed the Company’s first drilling program on the Sunrise Gold Prospect at the 64North Project in Alaska. Drilling was conducted along an existing access road, targeting outcropping granite hosted mineralisation, analogous in style to Kinross’s Fort Knox Gold Mine, which is one of Alaska’s most profitable mines. The Sunrise Prospect was identified in 2020 by a RML trenching program and is located less than 5km from Northern Star’s operating Pogo Gold Mine.

Summary

– A 1400m long “fence line” of 27 shallow RAB drill holes designed to test outcropping mineralisation at the Sunrise Prospect has been completed.

Keep reading... Show less

Top News

Related News