Wia Gold has increased the pace of exploration and is expanding development activities at its Kokoseb gold project in Namibia.
The company has been exploring the project in the Damara Belt since 2018.
The Damaran Project, which hosts the Kokoseb Deposit, covers a total area of over 2,000 km2 held under a joint venture with the state-owned mining company Epangelo.
Beginning in January 2025, Wia Gold has increased the number of drilling rigs, up to three diamond and three reverse circulation rigs, for exploration/discovery drilling and upgrading the mineral resource estimate to the indicated category.
Reverse circulation drilling will focus on shallow-depth resource conversion, initially targeting infill drilling.
The current two diamond drilling rigs will continue exploration at the high-grade mineralised shoots at depth, mainly in the Central Zone, with an additional diamond rig beginning towards the end of January.
The company is anticipated to continue drilling with six rigs for at least the first six months of 2025.
Wia Gold has engaged consultants in preparation for the initial scoping study to be completed in 2025 and to increase the strength of technical development capabilities on-site.
Geotechnical activities to develop a first-phase geotechnical drilling program to inform pit designs have started.
The company is further advancing metallurgy work, with two samples totalling 302 kg arriving at the laboratory for additional metallurgical testing.
Proposals have been agreed upon and signed for initial pit optimisation and project strategy, mining and production schedule, mining cost estimation, pit waste rock dumps, and road designs.
Also in progress is the expansion of hydrology and environmental work, as well as satellite imagery and topography of the site to do design work on surface water management and consideration for roads, power lines, and water lines.
The company has completed an A$30 million placement issue price of A$0.15 per share, representing a discount of 3.2% to the last closing price before the placement and 1.1% to the 15-day VWAP.
The funds will be applied to accelerate ongoing drilling in Namibia to increase the mineral resource estimate, initiate scoping study work, and advance the project towards definitive feasibility study completion, along with drilling at Côte d’Ivoire working capital and corporate costs.
The funds will also be used to appoint consultants focusing on mine scheduling and design, additional metallurgical test work, environmental studies, hydrology studies, process plant engineering, non-process site infrastructure, tailings disposal, energy and power supply, and capital and operating costs.
