West Wits Mining Limited (ASX:WWI) is aiming to identify conglomerate-hosted gold targets at its Tambina project in Western Australia, to test whether small-scale mining operations can recommence.
Utilising significant legacy data made available from the vendors, the geology team are due to commence their inaugural field trip to confirm the location of conglomerate hosted gold targets.
This could potentially result in Tambina contributing modest cashflow towards year end.
West Wits chairman Michael Quinert said: “The board has decided to take an opportunistic approach to the Tambina asset and is now actively reviewing plans to recommence small-scale mining operations there, post an upcoming site visit by the geology team to identify conglomerate hosted gold targets”
Gold producer with operations in two conglomerate-hosted gold regions
West Wits is a gold producer with operations in two regions that have conglomerate-hosted gold - Pilbara in Australia and Witwatersrand in South Africa.
The company’s Witwatersrand Basin project (WBP) remains on a self-sustaining trajectory, achieving bi-monthly targets of ore production and net cashflow for the Jan-Feb period.
Quinert added: “Having moved to a bi-monthly reporting structure, the board is pleased to confirm that WBP remains cashflow positive and on a self-sustaining foothold, with cashflow at the upper end of the target range.”
The company is applying for two mining permits to enable a substantial increase in gold production from the WBP.
The recent swearing in of successful mining entrepreneur Cyril Ramaphosa to the presidency points to a favourable turnaround in South Africa’s economic and political environment.