Wia Gold Limited Increases Multi-Million Ounce Gold Bounty In Namibia

Wia Gold Limited (ASX: WIA) has increased its gold resource in Namibia to 2.12 million ounces of gold after an uplift from drilling programs.

While known more for large-scale uranium deposits, there are other significant gold projects in Namibia under development.

The discovery cost to date of the resource base at the Damaran Gold Project is very competitive at US$2.8/oz of contained gold.

Aggressive drill program

The journey from “greenfield discovery” to a 2 million-ounce+ gold resource has occurred in the space of 3 years.

By comparison, the Kokoseb deposit at the Damaran Gold Project aligns well in scale with the other gold projects in the country that are under mining or development.

Wia was able to update the maiden resource in May 2023 from aggressive follow-up drilling, with four rigs active.

This included 12 diamond holes and 90 RC holes, totalling 19,496m of drilling.

A further 27,378 m were drilled since, including 90 RC holes, 11 diamond holes, and 6 RC pre-collar/ diamond tail holes, leading to the updated resource.

In a nutshell

  • The resource estimate is 66 million tonnes (Mt) at 1.0 g/t gold for 2.12 million ounces
  • At a cut-off grade of 0.5 g/t Au and constrained within a US$1,800/oz pit shell
  • A 63% increase in contained gold compared to the maiden 1.3 Moz MRE (0.50 g/t Au cut-off).
  • Includes higher grade component of 34 Mt at 1.4 g/t Au for 1.53 Moz (0.80 g/t Au cut-off).
  • Overall discovery cost of less than US$3/oz of MRE contained gold.

Mineralisation remains open in every direction and at depth.

Drilling will continue with a dual focus on further increasing the resource and a classification upgrade.

Wia is angling the new gold resource as a base for the targeted future development of a low-cost open-pit gold mine.

Metallurgical test work

A metallurgical test work program completed in 2023 has concluded gold recoveries of 92%.

A dedicated systematic sampling program for detailed metallurgical assessment is planned to be completed during the next phase of diamond drilling.

Wia held $6.9 million of cash on 31 December 2023.

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