Vector Resources has successfully completed an acquisition of a 70% share in the Maniema Gold Project in the Maniema Province of the Democratic Republic of Congo.
This acquisition follows Vector Resources' decision to acquire African Royalty Company (ARC) after it entered into an agreement with local mining company WB Kasai Investments Congo (WBK).
Vector Resources has received shareholder approval and completed all legal, financial, and technical due diligence for the acquisition of the gold property. It has also completed the incorporation of a joint venture company and transferred seven granted exploration licenses to this newly formed joint venture.
Vector has also completed the required A$1.65m ($1.22m) capital raising, allotted associated shares, and paid the initial cash consideration for the acquisition.
Vector Resources' chairman Gary Castledine said: “We are pleased that we have been able to move so efficiently to complete the acquisition of our 70% interest in the Maniema Gold Project.
“With the acquisition now completed, our shareholders now have a majority interest in an advanced gold project, which 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.”
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As part of the deal, Vector Resources has also entered into a royalty agreement with WBK and ARC of 1% of gross revenue on all bullion or other mineral sales made by the joint venture.
The Maniema Gold Project is located around 260km from Bukavu town in the east central Democratic Republic of Congo. It includes seven granted exploration licenses covering an area of 500km2. These host main prospects Kabotshome, Mbutu, Mitunda, Mbala, and Tubambo.
The project is situated within the Twangiza-Namoya Belt towards the northern part of the Kibara Belt, which is known to contain a variety of deposits, including tin, tungsten, lithium, gold, beryllium, and tantalum.
Image: Location of the Maniema Gold Project. Photo: courtesy of Vector Resources