Modern Mining January 2017

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January 2017 MODERN MINING13
MINING News
Vector Resources acquires
Maniema gold project
Australia’s Vector Resources has successfully
completed its acquisition of a substantial
interest in the Maniema gold project located
in the DRC’s Maniema Province.
Commenting on the acquisition, Vector’s
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 that includes the
Kabotshome gold prospect and a further
four defined gold prospects, within seven
exploration licences located within one of
the world’s most highly prospective gold
mining regions.
“The Maniema project is in a region that
has attracted significant investment in gold
exploration, with established gold mining
operations such as Randgold Resources’ and
AngloGold Ashanti’s Kibali gold mine in the
Kilo-Moto belt to the north and Banro Corp’s
Namoya and Twangiza goldmines within the
Twangiza-Namoya belt immediately to the
east of us. We have also seen the success of
ASX-listed gold exploration company Burey
Gold to the north and Resolute Mining’s
recent investment in the country too.”
The project is located 260 km south-west
of the town of Bukavu in the Twangiza-
Namoya Belt, in the northern part of the
Kibara belt. The Kibara belt contains a wide
variety of deposits, comprising typically
shear-related granophile elements. 
Caledonia Mining Corporation has
announced record quarterly and annual
gold production from its 49 per cent
owned subsidiary, the Blanket Gold Mine,
located near Gwanda in Zimbabwe, for
the quarter and year ended 31 December,
2016. Approximately 13 591 ounces of
gold were produced during Q4 2016, a
new quarterly production record repre-
senting an 18 per cent increase on the gold
produced in Q4 2015 (11 515 ounces) and
a 1,2 % increase on the gold produced in
Q3 2016 (13 428 ounces).
Total 2016 gold production was approx-
imately 50 351 ounces, a new annual
production record representing a 17,6 %
increase over the annual gold production
in 2015 of 42 804 ounces.
Target gold production for 2017 is
approximately 60 000 ounces at an esti-
mated on-mine cost in the range of
U$600 to US$630 per ounce and an All-in
Sustaining Cost in the range of US$810 to
US$850 per ounce. Blanket remains on track
to increase annual production to approxi-
mately 80 000 ounces of gold by 2021.
“2016 was a significant year for
Caledonia as the continued investment
at Blanket begins to bear fruit,” comments
Caledonia’s CEO, Steve Curtis. “Gold pro-
duction in 2016 of 50 351 ounces surpassed
the previous record from underground
operations of 45 530 ounces, which was
achieved in 2013. The record level of pro-
duction was due to the commencement of
production below 750m following the suc-
cessful completion of the No 6 Winze and
other infrastructure projects, improved
underground infrastructure and the instal-
lation of the new ball mill late in 2016.
“As well as achieving this record gold
production level, the sinking of the newcen-
tral shaft continued according to plan and
reached a depth of 534 m by year end.”
Blanket production at an all-time high
The central shaft site at Blanket as it was early last year. Shaft sinking reached a depth of 534 m by the
end of 2016 (photo: Caledonia).