- West Wits Mining (WWI) updates the JORC mineral resource estimate (MRE) at its Witwatersrand Basin Project (WBP) in South Africa
- The JORC MRE now stands at 29.05 million tonnes at 4.58g/t gold for 4.28 million ounces, a 20 per cent increase from the previous estimate
- Notably, the measured mineral resource category increased by 112 per cent to 1.45 million ounces, representing 34 per cent of the WBP’s total global MRE
- WWI says the MRE increase is leaving 2021 on a high note and it will be worked into a scoping study
- West Wits shares have spiked at market open, up 25.8 per cent to trade at 3.9 cents
West Wits Mining (WWI) has announced an update to the JORC mineral resource estimate (MRE) at its Witwatersrand Basin Project (WBP) in South Africa.
The JORC MRE now stands at 29.05 million tonnes at 4.58 grams per tonne (g/t) of gold for 4.28 million ounces.
These results have significantly grown the previous MRE by 724,000 ounces, or 20 per cent, and increases grade by 0.32g/t gold for the combined Bird Reed, Main Reef Leader and Main Reef areas of the WBP.
Notably, the measured mineral resource category increased by 112 per cent to 1.45 million ounces which represents 34 per cent of the WBP’s total global MRE.
Managing Director Jac van Heerden said this upgrade provides a “tremendous boost to our confidence.”
“This mineral resource update does not include areas removed on granting of the mining right and are now subject to new prospecting right applications which, if successful, will reinstate portions of the historical Mineral Resource,” he said.
“Moving into the four million ounces figure range at a robust grade of 4.58g/t gold, once again, confirms the vigorous nature of the gold resources contained within the Witwatersrand Basin Project.”
“Increasing the MRE by 20 per cent in ounces and grade by 0.32g/t sees us ending 2021 on a high note. We are very much looking forward to a prolific 2022, commencing with the production from our Early Mining Initiative,” he concluded.
This updated MRE will be worked into the scoping study’s mine plan, which will result in an updated production target and financial modelling.
West Wits shares spiked at market open, up 25.8 per cent to trade at 3.9 cents at 10:33 am AEDT.