Australian producer West Wits Mining has announced it has acquired three in-production gold mining leases in the Pilbara with the intention of expanding its Tambina project, estimated to host a significant palaeo-placer gold deposit. The company already has interests in the lucrative Witswatersrand Basin in South Africa.
The full extent of mineralisation at the Tambina project is expected to be understood in due course.
Michael Quniert, chairman of West Wits, explained that the company’s acquisition of gold assets represented a strategic and opportunistic acquisition, and that the board would leverage its Witswatersrand expertise to rapidly scale up gold mining operations.
“The Tambina project acquisition will make West Wits the only gold producer with operations in both regions that have conglomerate gold mineralisation,” he explained.
Geologically, the Tambina project is considered similar to Purdy’s Reward, a joint venture between Artemis and Novo Resources that is part of the Lower Fortescue Group, and its purchase options were previously held by Perth-based Talga Resources.