Modern Mining January 2017

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. 

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).

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.” 

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January 2017  MODERN MINING  13