Company
ASX:WWI
West Wits is focused on the exploration, development and production of high value precious and base metals for the benefit of shareholders, communities and environments in which it operates. The company’s Witwatersrand Basin Project, located in the proven gold region of Central Rand Goldfield in South Africa boasts a 7.24 Moz gold project at 4.00g/t.
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Results have indicted the potential to turn the project into a long-term gold producer with average steady stage annual production of 80,000 ounces for 18 years over a 20-year mine-life.
The gold explorer recently completed a $7 million capital raise to rapidly advance a development program at its cornerstone Witwatersrand Basin Project in South Africa.
The fresh capital will support West Wits’ development strategy as it continues to evolve its cornerstone South African gold project.
Securities will remain halted until Tuesday, August 3, 2021, or when an announcement is released to the market.
The mining right grant paves the way for completion of the definitive feasibility study on the flagship project which will facilitate declaration of the maiden ore reserve in August 2021.
Company shares soared on the key approval, which brings West Wits a step closer to producing more than 60,000 ounces of gold per annum at its core Central Rand Goldfields asset.
The resource upgrade brings West Wits a step closer to establishing a maiden ore reserve for the 4.47-million-ounce gold play, with a definitive feasibility study slated for completion next month.
The company is targeting gold in two premier regions, Witwatersrand in South Africa and the Pilbara in Australia.
“The Minister’s decision to reinstate West Wits’ EA approval is a pivotal milestone for the company and clears the pathway for the DMRE to finalise the granting of WWI’s mining right at the WBP,” says chairman.
West Wits is approaching the anticipated granting of the mining right application and scheduled completion of the bankable feasibility study in Q2 2021 at the Witwatersrand Basin Project.
Four of the eight target areas have been classified as ‘high priority’ and will be the focus of ground exploration planned for 2021.
The company has also announced the resignation of Dr Andrew Tunks who was pivotal in growing the company’s mineral resource estimate during his tenure.
As a part of ongoing drilling, the company plans to drill 23 holes for 2,500 metres aimed at improving the confidence levels of areas targeted for early mining.
“We are confident that we will be able to bring the WBP into production relatively quickly given our plan for toll treatment at nearby facilities and easy access to the underground workings,” says MD.
The company believes the Heliborne Electromagnetic Survey over the Cecelia tenement will provide its geological team with important data to focus on drill target generation.
Work on the third-party scoping study and exploration activities to convert the exploration target into a JORC-compliant resource is progressing well.
The company has entered into a subscription agreement with a US-based investment group to raise US$1 million through the issue of 1 million convertible notes.
The company expects to provide a formal response this week, more than two weeks prior to the deadline.
Michael Quinert has acquired more than 2.9 million shares and now holds almost 26.05 million.
The company is confident in Witwatersrand with the gold price strengthening as project development continues.
