Wia Gold (ASX:WIA) has delivered a maiden Mineral Resource Estimate (MRE) for its Kokoseb deposit within its Damaran Gold Project in Namibia.
The company says the MRE has been completed just 11 months after reporting the first diamond drilling results and within 2 years of the surface geochemical discovery. Wia says the MRE reflects its strategy to rapidly advance the evaluation of its ground holding with systematic exploration.
At the Kokoseb deposit, Wia Gold reports the MRE stands at 41 million tonnes (Mt) @ 1.0g/t gold (Au), at a cut-off grade of 0.5g/t Au within a US$1,800/oz pit shell, for 1.3 million ounces (Moz) of gold. Additionally, the MRE includes a ‘higher-grade’ gold portion of 0.72Moz @ 1.5g/t Au using a cut-off grade of 1.0g/t Au.
Wia notes the MRE also demonstrates ‘very good’ continuity in grade and width along the mineralisation from surface. The company says the dataset informing the MRE includes results from 12 diamond holes and 90 reverse circulation (RC) holes totalling 19,496m of drilling, as well as data from 10 trenches for 1,058m.
The company’s share price had increased by 34.615% as of 11am (AEST) on the back of this announcement.
Other data utilised includes results gathered from RC drilling that has extended the Southern Zone by a further 400m towards the south. Key results include hole KRC076, with 11m @ 5.02g/t Au from 125m; and hole KRC084, with 6m @ 6.77g/t Au from 298m.
Additional key results gathered from the Central Zone include hole KRC085, with 7m @ 3.46g/t Au from 212m; and hole KRC080, with 11m @ 1.91g/t Au from 147m. Wia reports these results have continued to extend gold mineralisation in the project area.
The company announces it has moved forward with follow-up drilling to investigate the area’s potential near-term growth.
Speaking on the maiden MRE, Wia Gold Chairman Andrew Pardey says: “We are very proud to deliver this initial Mineral Resource Estimate, which is an important step in Wia’s journey. This resource estimate was delivered only 11 months after the discovery holes and at an outstanding discovery cost of US$2/oz, demonstrating our ability to deliver value through systematic exploration.
Opportunities to grow the resource have been identified, and drilling is continuing at Kokoseb. RC drilling results continue to impress with their consistency, as shown with the results released in this announcement. As we progress our exploration at Kokoseb, its potential becomes increasingly apparent, with the discovery of new mineralised shoots and strike extensions.
“Opportunities to grow the resource have been identified, and drilling is continuing at Kokoseb”
Kokoseb demonstrates excellent continuity in grade and width from surface, which allowed the use of the multiple indicator kriging (MIK) estimation method to produce a robust set of estimates. We are also pleased with the preliminary results from metallurgical testwork conducted on two composited samples, which returned over 91% gold recoveries under standard gravity/leach process. Importantly, these results help to de-risk the development potential at Kokoseb.
We look forward to continuing this exciting journey at Kokoseb as we seek to develop a significant gold project in Namibia, a stable and investment-friendly jurisdiction where B2Gold has the Otijkoto Mine that has been in production since 2014 and Osino Resources is currently completing a study of the Twin Hills gold project.”
With the maiden MRE now delivered, Wia Gold announces it will move forward with a dedicated systematic sampling program for detailed metallurgical assessment that will be completed during the next phase of diamond drilling.
Wia Gold is an ASX-listed gold-focused exploration company with a portfolio of advanced exploration projects in Côte d’Ivoire and a ‘highly-prospective’ land package in Namibia. The company’s Damaran Project is located along key regional structures and hosts the Kokoseb gold discovery.
The project consists of 12 tenements that cover a total land area of 2,700km-square held under a joint venture with state-owned mining company Epangelo, as well as a local Namibian group.
Images: WIA Gold Ltd
