West Wits Mining Ltd (ASX:WWI) chairman Michael Quinert has demonstrated his support for the company’s gold strategy by acquiring more than 2.9 million shares in an on-market transaction on November 1.
The transaction valued at more than $14,500 takes his overall holding in direct and indirect interests to almost 26.05 million shares.
West Wits’ strategy is centred on the near-development Witwatersrand Basin Project in South Africa.
3.65 million ounces
During the 2019 financial year, the company delivered an updated mineral resource estimate of Kimberley Reef which added 428,000 ounces of gold to the global resource.
This grew the Witwatersrand global resource to 3.65 million ounces with 2.4 million ounces in the measured and indicated categories and further de-risked the project.
The uplift in resource and subsequent analysis provided management confidence that the geological footprint of the project has the potential to support an underground mine program of up to 100,000 ounces a year.
Transforming to producer
Chairman Quinert in his annual letter to shareholders said the company had continued its transformation during FY19 into a junior gold producer, targeting more than 80,000 ounces of gold a year.
Quinert noted that the mining right application for the Witwatersrand Basin Project was now in the later stages of the granting process.