West Wits Mining Boosts Gold Resource at Witwatersrand Basin Project
WWI (WWI) Share Update December 2024 Sunday 15th
West Wits Mining Expands Gold Resource with New Prospecting Right
West Wits Mining Limited has announced a significant expansion of its gold resource base at the Witwatersrand Basin Project in Johannesburg, South Africa, following the award of a new prospecting right.
Instant Summary:
- New Prospecting Right (PR 10730) awarded at Witwatersrand Basin Project.
- Mineral Resource Estimate (MRE) increased by 749,000 ounces (+17.5%).
- Global MRE now stands at 5.025 million ounces of gold at a grade of 4.66 g/t.
Announcement Overview
West Wits Mining Limited (ASX: WWI) has successfully secured a new Prospecting Right (PR 10730) adjacent to its existing Mining Right at the Witwatersrand Basin Project in Johannesburg, South Africa. This new right adds a significant 749,000 ounces to the company's Mineral Resource Estimate (MRE), raising the total to 5.025 million ounces of gold.
The new prospecting area is strategically located and enhances the overall economic potential of the project. The updated MRE is now reported at a grade of 4.66 grams per tonne (g/t) of gold, using a 2 g/t cut-off.
Strategic Implications
The new Prospecting Right supports West Wits' long-term strategic plans for the Qala Shallows project. The increased resource base provides opportunities for extended production timelines and improved economic feasibility. The Definitive Feasibility Study (DFS) for Qala Shallows currently reports an Ore Reserve of 351,400 ounces of gold over a 17.7-year life-of-mine.
Geological Context
The Witwatersrand Basin is renowned for its rich gold deposits, having produced over 1.5 billion ounces historically. The new prospecting area focuses on the Kimberley Reef, which is part of the Central Rand Goldfield.
The award of the new Prospecting Right is expected to positively impact West Wits Mining's stock, as the increased resource base enhances the project's economic viability. This expansion aligns with the company's growth strategy and commitment to delivering value to shareholders.
Investor Reaction:
Analysts are likely to view this development favorably, as it strengthens West Wits' position in the gold mining sector. The increase in MRE could lead to a positive reassessment of the company's stock value.
Conclusion:
Investors should consider the potential long-term benefits of West Wits' expanded resource base. The company's strategic focus on the Witwatersrand Basin could yield significant returns as the project progresses.