West Wits Mining Ltd (ASX:WWI, OTCQB:WMWWF) has expanded its mineral resource base at the Witwatersrand Basin Project (WBP) near Johannesburg, South Africa, following the grant of a new prospecting right (PR10730) by the South African Department of Mineral Resources and Energy.
Strategic expansion in renowned area
The company’s strategic expansion at WBP reinforces its position within South Africa’s Central Rand Group goldfield, one of the world’s most renowned gold mining regions.
“We are delighted to announce the grant of the new prospecting right at our Witwatersrand Basin Project,” West Wits chair Michael Quinert said.
“The project’s global MRE has been elevated to over 5 million ounces, which provides a strong foundation to bring about a substantial enhancement to the project’s economic potential.
“This upgrade underscores our commitment to delivering value and growth."
The new right increases the project’s global mineral resource estimate (MRE) by 749,000 ounces, a 17.5% uplift, bringing the total to 5.025 million ounces of gold at an average grade of 4.66 grams per tonne (g/t) at a 2 g/t cut-off.
Situated right next to the company’s existing mining right, PR10730 brings strategic value to West Wits’ Qala Shallows project.
Supporting long-term production
The new resource will support long-term production goals and extend the project's operational lifespan, which already boasts an ore reserve of 351,400 ounces and total production estimates of 924,000 ounces over a 17.7-year life of mine.
The updated MRE for WBP now consists of 3.295 million ounces in the measured and indicated categories and 1.73 million ounces in the inferred category, as the company reported in its December 2024 update.
West Wits has outlined plans to begin geological exploration in the newly acquired area, focusing on refining mineral resource models and conducting additional studies to improve production viability.
This includes leveraging historical data, detailed geological interpretations and advanced mining studies aimed at enhancing economic feasibility.