West Wits Mining’s (ASX:WWI) operating subsidiary West Wits MLI has been granted prospecting right PR 10839 from the South African Department of Minerals and Petroleum Resources.
The new prospecting right is located adjacent to the subsidiary’s mining right at the Witwatersrand Basin Project in Johannesburg, South Africa.
West Wits describes the PR 10839 to support the company’s plan to strategically expand the Qala Shallows Project within the Witwatersrand Basin Project.
The prospecting right extends the Qala Shallows Kimberley Reef ore body under West Wits MLI’s mining right. Existing samples and survey data from the Kimberley Reefs within the PR 10839 area will undergo geological modeling.
West Wits intends to assess the existing resource estimate at the Kimberley Reef to assess a lower cut-off grade at the existing higher gold price environment.
Trading Economics reports the gold price to have risen 71.65% for this year to date at time of writing (29 December), with the price of the precious metal sitting at US$4,496 ($6,695).
West Wits Mining is an explorer, developer, and producer focused primarily on precious and base metals.
Write to Maddison Elliott at Mining.com.au
Images: West Wits Mining
