- West Wits Mining (WWI) begins the week in a trading halt while it plans the details of an upcoming capital raising
- The company will remain in the halt until November 17 or when more details are released, whichever occurs first
- On October 25, West Wits announced the restatement of its Uranium Exploration Target to JORC 2012 standards for the Bird Reef Central Uranium Project
- Bird Reef now has a JORC-compliant gold mineral resource estimate of 4.67 million tonnes of ore at 3.13 grams of gold per tonne (g/t) for 469,400 ounces of gold
- Shares in West Wits last traded at 3.9 cents on November 12
West Wits Mining (WWI) has begun the week in a trading halt while it plans the details of an upcoming capital raising.
The company will remain in the halt until November 17 or when more details are released, whichever occurs first.
West Wits is yet to disclose how much it intends to raise or what it will use the funds for once received.
On October 25, West Wits announced the restatement of its Uranium Exploration Target to JORC 2012 standards for the Bird Reef Central Uranium Project.
Exploration results from 2008 confirmed consistent uranium mineralisation over a strike length of roughly 3.3 kilometres across more than seven kilometres of strike.
Recent work aimed to convert the uranium exploration target to a JORC-compliant mineral resource estimate.
Bird Reef now has a JORC-compliant gold mineral resource estimate of 4.67 million tonnes of ore at 3.13 grams of gold per tonne (g/t) for 469,400 ounces of gold.
In its September quarterly, West Wits revealed it had burnt through $813,000 with the majority going towards staff costs.
The company also invested $672,000 in exploration and evaluation, and in its property, plant and equipment.
As of September 30, West Wits had more than $5.67 million in total available funding, representing 5.5 quarters of use if spending levels remain the same.
Shares in West Wits last traded at 3.9 cents on November 12. The company has a $59.37 million market cap.