Announcement Date: 2022-03-09
Announcement Type: Scoping Study
Announcement Code: JORC
Company name: West Wits Mining Ltd.
Project name: Witwatersrand
Location: South Africa
Commodities: Gold
Highlight: Scoping Study results incl. post-tax NPV (7.5%) of US$160M & IRR of 29%
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: The Scoping Study referred to in this announcement is a preliminary technical and economic study of the potential viability of developing the Witwatersrand Basin Project (“WBP”) as a mine and was carried out to enable the Company to make a decision on proceeding to more definitive studies of the WBP. The Scoping Study referred to in this announcement is based on lower-level technical and preliminary economic assessments and is insufficient to support estimation of Ore Reserves or to provide assurance of an economic development case at this stage, or certainty that the conclusions of the Scoping Study will be realised by West Wits Mining Ltd. A Definitive Feasibility Study (“DFS”) was completed on the first stage of WBP’s development, Qala Shallows area and released in a Public Report (ASX Announcement) on 2nd September 2021 with the declaration of an Ore Reserve of 3MT at 2.88g/t for 278,000oz1 . This report incorporates the Qala Shallows DFS as Stage 1 of the WBP Scoping Study. The Company has concluded it has reasonable grounds for disclosing a Production Target, given that the Scoping Study assumes that the Inferred material processed during the first ten years of life-of-mine (LOM) accounts for approximately 27% of total production, increasing to approximately 47% over the 27-year LOM.
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