West Wits Mining has announced a significant material increase at the Witwatersrand Basin, lifting its mineral resource estimate from 1.38 million ounces to 3.26 million ounces.
The increase is the result of a newly declared resource, the Kimberley Reef East project, which has an estimated resource of 1.88 million ounces of gold.
West Wits holds a 66 per cent interest in the Witwatersrand Basin project in South Africa, a highly prospective region containing six gold-mineralised conglomerate reefs. The 3.26 million ounce figure includes measured, indicated and inferred measurements (measured and indicated results stand at 2.45 million ounces at present).
West Wits chairman Michael Quinert called the resource upgrade exceptional. “Clearly, the newly declared Kimberley Reef East resource is a massive gain for the company,” he said.
“Increasing the JORC 2012 mineral resource to 3.26 million ounces of gold, with approximately 80 per cent in the measured and indicated categories highlights the project’s significant upside potential.”