Vector Resources Limited (ASX:VEC) is seeking to establish a new joint venture to develop the Adidi-Kanga Gold Mine in the Democratic Republic of Congo.
The company has signed a Heads of Agreement with Fimosa Capital Limited and Mongbwalu Gold Mines SA to obtain a 60% interest in the project.
Vector is well advanced with legal and technical due diligence and anticipates completing this before the end of January 2018.
Aim to complete definitive feasibility study
The aim of the new joint venture would be to complete a definitive feasibility study in 2018 for the development of the project and start of mining.
The project is owned by Congolese company Mongbwalu Gold Mines, which is a joint venture between Fimosa Capital and Société Minière de Kilo Moto (SOKIMO).
Adidi-Kanga has been subject to significant exploration, feasibility study work and development activities by AngloGold Ashanti (ASX:AGG) between 2005 and 2013.
The project is circa 130 kilometres southeast of Vector’s proposed joint ventures with SOKIMO on the Kibali South Gold Project and also 43 kilometres from the Nizi Gold Project.
In the DRC Vector also has the Maniema Gold Project, which includes the Kabotshome prospect, which has an inferred resource of circa 7 million tonnes at 1.9 g/t for 421,000 ounces of gold.
READ: Vector Resources discovers new gold prospect at the Maniema Project
The company recently discovered a new prospect, Lukele, which is 700 metres west of Kabotshome.