While it advances two potential project acquisitions, Vector Resources (ASX: VEC) has planned six diamond hole targets as part of its in-fill and resource upgrade drilling program at its Maniema gold project in the Democratic Republic of Congo (DRC).
According to Vector, its executive management team has been in DRC to advance discussions with a number of parties regarding acquisitions of “advanced major resource projects”.
The team has been completing technical due diligence at the project sites and has held meetings with key stakeholders. These discussions and negotiations are ongoing, and Vector will update shareholders in due course.
Meanwhile, the 4,000m drilling program which started earlier in the quarter is progressing at the Maniema gold project. Six diamond holes have been planned for the Kabotshome prospect which remains open along strike and at depth, with initial assays from the program anticipated within the first quarter of 2018.
The program is testing the thick high-gold mineralisation that was previously intersected and returned 5.7m grading 8.74 grams per tonne gold, 21.7m grading 3.58g/t gold and 8m grading 4.03g/t gold.
Kabotshome has an existing inferred resource of 6.97 million tonnes grading 1.9g/t gold for 421,000 ounces of contained gold.
Once the six diamond drill holes at Kabotshome have been completed, Vector will assess its next targets with several new prospects to be explored including Eveche, and Lukele.
Additionally, Vector has been employing local people from nearby communities to assist with road repairs and maintenance, drilling pad preparation and upgrading camp facilities at Maniema. The exploration camp and Maniema can now house up to 20 people and possesses telecommunication and administration facilities, as well as a local airstrip.
Vector has a 70% interest in Maniema which comprises seven granted exploration licences encompassing more than 500 square kilometres. As it carries out resource drilling, Vector is finalising converting the exploration permits to mining leases
VEC Price at posting:
2.1¢ Sentiment: Buy Disclosure: Held
