The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • West Wits Mining (WWI) records elevated gold grades at the Mt Cecelia project in Western Australia while targeting base metals
  • First pass drilling returned 82 metres at 0.5 grams per tonne (g/t) gold from 128 metres, as well as 56 metres at 0.55 g/t gold from 194 metres downhole
  • Despite recording low levels of base metal anomalies while targeting an electromagnetics, WWI says its pleased with the new gold results
  • The company now plans to reassess its initial interpretations of seven remaining electromagnetic targets
  • WWI shares are down 13.6 per cent trading at 1.9 cents at 1:20 pm AEDT

West Wits Mining (WWI) has recorded elevated gold grades at the Mt Cecelia project in Western Australia while targeting base metals.

Assay results for two of four drill holes completed in the company’s first pass drilling program returned 82 metres at 0.5 grams per tonne (g/t) gold from 128 metres, as well as 56 metres at 0.55 g/t gold from 194 metres downhole.

This round of drilling targeted a moderate to strong electromagnetic anomaly, SGC-1, identified from airborne and ground surveys, which was interpreted as a potential bedrock conductor that could represent base metal sulphide mineralisation.

However, the initial assays returned low levels of base metal anomalism, and given the elevated gold results, the company said it now plans to reassess its initial interpretations of the seven remaining electromagnetic targets.

Despite the unexpected outcome, CEO Jac van Heerden said the mineralisation hit in the first holes is pleasing and the size of the intersections is encouraging.

The project is the subject of a farm-in agreement between WWI and Rio Tinto Exploration.

Rio Tinto Exploration completed the initial drilling, which was hampered due to “challenging” and “unconsolidated” cover conditions that resulted in the two initial angled holes, WEWI0001 and WEWI0003, failing to reach a planned depth of 300 metres.

To reduce the cover risks, two additional holes, WEWI0004 and WEWI0005, were drilled vertically and reached the target depth.

Assay results are pending for WEWI0003 and WEWI0005, and once received, the company will undertake interpretations to guide planning for further work.

Follow up work could include further petrographic analysis to gain a better understanding of the geology and the nature of the mineralisation, as well as detailed geophysical surveys and additional drilling.

WWI shares were down 13.6 per cent trading at 1.9 cents at 1:20 pm AEDT.

WWI by the numbers
More From The Market Online
The Market Online Video

ASX Market Close: Worst session in 6 weeks for bourse | July 25, 2024

The ASX200 closed in the red, down nearly 1.3% to 7,861.2 points. All sectors made losses…
The Market Online Video

ASX Market Update: Index falls hard on company earnings | July 25, 2024

The ASX200 has been trading down nearly 1.2% to 7,870 points. Overnight, earnings reports from US…
Saccharomyces cerevisiae yeast, 3D illustration.

Tissue Repairs soars nearly 32% on TGA approval for wound healing gel

Biotech company Tissue Repair Ltd (ASX:TRP) has seen its share price rise more than 30% on news it had gained TGA (Therapeutic
Closeup graph of Binary option for trading platform

Capital raisings wrap: Brainchip, Ovanti, Lake and VHM

Tech sector companies Ovanti Ltd and Brainchip Holdings Ltd joined Lake Resources Ltd and VHM Ltd…