The Maniema Project covers seven granted exploration licences and occupies an area of 500sq km, containing five primary gold prospects identified by previous exploration; Kabotshome, Mbutu, Mitunda, Mbala and Tubambo, of which Kabotshome is the most advanced.
Previous drilling at Kabotshome has tested mineralisation along a 25-50m wide vertical sheer zone over a distance of 800m to a depth of 300m. Best results included 20.35m @ 2.5g/t gold (from 319m), including 8m @ 4.03 g/t gold and 21.7m @ 3.58 g/t gold (from 354m), including 5.7m @8.74 g/t gold.
All holes drilled at Kabotshome intersected gold mineralisation and nearly all intersections reported a higher-grade interval of 5-7m, with grades of 5-8 g/t gold up to 118.5 g/t gold.
Chief Operating Officer Simon Younds said the company was planning to hit the ground running in 2017.
“Getting the Maniema Project into Vector has been our focus in the second half of 2016, but we plan to finish 2016 with a bang and set ourselves up for a very strong start to 2017.
Our focus will be on establishing a JORC-compliant resource and then doing some more drilling to add high-grade tonnes into our inventory,” Younds said,
Vector’s technical consultants have determined an initial exploration target for Kabotshome of between 7.0 mt at a grade of 1.9 g/t gold representing approximately 423,000 oz of gold and 7.5 mt at 2.5 g/t gold representing 603,000 oz of gold.
In October, the Vector board and in-country technical team conducted a thorough on-site inspection and due diligence visit to Maniema to confirm and validate the exploration data compiled from drilling conducted between 2011 and 2013 and identify additional exploration work required to complete infill and extensional drilling at Kabotshome.
Vector recently completed a A$1.65 million capital raising, by way of a rights issue and placement to sophisticated investors, to fund the acquisition, receiving strong support from investors in the process, the company also executed a $300,000 unsecured loan facility through Perth-based 1620 Capital Pty Ltd to fund working capital and due diligence costs associated with the acquisition of Maniema.
“There’s a strong appetite among Australian investors for gold projects, especially those with the potential to get into production reasonably quickly. Gold prices are robust and sentiment towards gold stocks remains very positive. This tells me that the Australian capital markets are again looking for value stocks that can deliver capital growth, and this is great news for the junior resources sector in 2017,” Younds said,
Vector is currently in the process of interviewing candidates for the position of managing director and expects to be able to announce the appointment of its new managing director before the end of December 2016.
“With new leadership, exciting exploration upside and the potential to add a substantial amount of high grade ore into a maiden JORC resource in a relatively short period of time, I think Vector is well positioned to generate strong growth for our investors in 2017,” Younds said.