Vector Resources (ASX: VEC) directors have demonstrated their confidence in the company as it ramps up towards potential near term gold production from Gwendolyn East in Western Australia with further investments on-market.
Chairman Damien O'Reilly and directors Neville Bassett, Gary Castledine and Glyn Povey all acquired 300,000 shares each for A$0.075 per share, or a total consideration of A$22,500 each.
This gives O'Reilly's a direct shareholding of 300,000 shares along with an indirect shareholding of 857,143 shares while Bassett now has an indirect shareholding of 1.2 million shares.
Castledine's indirect shareholding now totals 2,810,714 shares while Povey now has an indirect shareholding of 300,000 shares in addition to the 2,825,000 shares that he owns directly.
Vector had late last month increased its gold resource at Gwendolyn East to 308,765 ounces following an internal review.
The Gwendolyn East Indicated Resource is now 2.86 million tonnes at 1.72 grams per tonne (g/t) for 157,391 ounces of contained gold, and the Inferred Resource now 1.36 million tonnes at 1.31g/t for 57,109 of contained gold.
The remainder of the global resource is at the nearby Mt Dimer, which is less than 100 kilometres southeast of Gwendolyn East.
This gives Vector the confidence in the resource as it moves towards mine feasibility.
Historical mining was carried out at the project, with a near surface oxide pit mined to a depth of about 28 metres for 73,077 ounces of gold production.
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