Perth-based ASX junior Vector Resources (ASX:VEC) has continued its hard work over the holiday period signing a further Heads of Agreement (HOA) with Mongbwalu Gold Mines SA and Fimosa Capital Limited to hold a 60% interest in the world-class Adidi-Kanga Gold Mine.
VEC’s latest move adds to its portfolio of multiple highly prospective gold projects in one of the world’s great gold producing regions in the Democratic Republic of Congo (DRC).
VEC is progressing its arrangement with state-owned gold mining company Société Minière de Kilo Moto (SOKIMO) to finalise joint venture agreements for its 100% owned Kibali SouthGold Project and Nizi Gold Project.
These projects are located adjacent to and within the famed Kibali Gold Project — a joint venture between global gold mining powerhouses A$12.2 billion-capped Randgold Resources (LON:RRS) and A$5.2 billion AngloGold Ashanti (JSE:ANG), plus SOKIMO.
When VEC is able to finalise these transactions, it is anticipated it will have hold of a significant land position and resource holding in one of the world’s largest greenstone belts.
These new holdings will be in addition to VEC’s current 70% joint venture interest in the Maniema Gold Project in the DRC, that is subject to ongoing resource in-fill and extensional drilling activities.
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Work is continuing at these sites and the new transactions remain on schedule for completion in January and February 2018.