Vector Resources (ASX: VEC) recently attracted the Chinese backed investor Eagle Brilliant Holdings Limited, with the new funds to help the company fast track the Gwendolyn East project in Western Australia into gold production.
The investment includes 30.847 million shares for a consideration of $2.468 million.
Highlighting the potential of Gwendolyn East, during 2012 Vector has been discovering bonanza grade gold such as; 5 metres at 253.33g/t gold from 24 metres, including 1 metre at 1,165g/t gold.
Eagle Brilliant is a privately controlled, multi-national company focused on the exploration, development and processing of mineral resources around the world, with a focus on to develop and invest in quality exploration and mining projects - and provide off-take arrangements upon project development.
About the Gwendolyn project
Gwendolyn consists of two tenements covering over 480 hectares, and are hosted within a known gold producing area in the Southern Cross region of Western Australia.
Past production at the site includes documented recovered gold grades of 15.7g/t gold from mining the Archaean banded iron formation hosted gold ore bodies at nearby Evanston and adjacent Blue Peter, Kitchie's and Goldies workings.
Gwendolyn has an Indicated and Inferred Resource of 4.2 million tonnes at 1.58g/t gold for 214,500 ounces.
Eagle Brilliant back story
Jiaping Jiang is the founder of the group behind Eagle Brilliant, the Chinese based TianDiLong Group Co. Ltd (TDL).
TDL has grown from its beginnings as a packaging company in east China's Jiangsu Province to become a global enterprise with a diversified business portfolio including the manufacture of copper cathodes, rods and electric wires. TDL is now one of China's leading copper rod and cable production companies.
TDL has more than 20 operational entities, four offices in Hong Kong, Beijing, Shanghai and Nanjing and corporate assets of more than RMB10 billion (A$1.5 billion).
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