WA company acquires Congolese gold project

Image: Vector Resources

Western Australia based company Vector Resources has completed the acquisition of the Maniema gold project in the Democratic Republic of Congo (DRC).

The company has acquired a 70 per cent interest in the project, located in the Maniema Province, around 260km southwest of the town of Bukavu.

The project comprises seven exploration licences within the northern part of the Kibara Belt.

The Belt contains a variety of deposits containing tin, tungsten, tantalum, beryllium and gold.

“We are pleased that we have been able to move so efficiently to complete the acquisition of our 70 per cent interest in the Maniema gold project,” Vector Resources chairman Gary Castledine said.

“With the acquisition now completed, our shareholders now have a majority interest in an advanced gold project that includes the Kabotshome gold prospect and a further four defined gold prospects, within seven exploration licenses located within one of the world’s most highly prospective gold mining regions.”

Castledine added that the project is in a region that has already had significant investment in gold exploration, with projects such as Randgold Resources and AngloGold Ashanti’s Kibali gold mine.

The company is in the process of appointing a chief executive officer to manage the project and aims to begin its planned exploration programs at the Maniema project later this month.