West Wits Mining (WWI) has reported an increase in the global mineral resource estimate (MRE) at its Witwatersrand Basin project (WBP) in South Africa.
The MRE for the project has increased by 428,000oz to stand at 3.67Moz of gold.
The company noted that the new MRE is based on the K9B conglomerate band, which is one of the gold mineralised reefs within the broader ‘Kimberley Reef’ and forms part of the Kimberley East project.
As per the update, 2.4Moz Au of the global resource is said to be within the measured and indicated categories.
WWI chairman Michael Quinert said: “The board’s goal is to continue exploration work to further grow WWI’s resource and obtain the two applied for mining permits in the second half of 2018.
“A solid recovery in gold production from the Kimberley Central Open Pit for May-June should underpin the necessary cash flow to continue funding project development as WWI prepares to scale up production over the balance of the year.”
Once the mining right over the WBP is obtained next year, the company will carry out underground operations at the Kimberley East project.
The company will focus on estimating a resource for the K9A reef, which is another gold-bearing conglomerate reef within the Kimberley Reef package and sits around 20m-30m above the K9B reef.
WBP contains two historic mining centres within the Witwatersrand Basin, with a total production of more than 40Moz Au at an average gold grade of 5g/t.