Wia Gold says the Kokoseb gold deposit’s updated inferred mineral resource estimate is 66 million tonnes (Mt) at 1.0 g/t Au for 2.12 million ounces (Moz).
This is a 63% increase in contained gold compared to the maiden 1.3 Moz MRE (0.50 g/t Au cut-off).
It includes a higher-grade component of 34 Mt at 1.4 g/t Au for 1.53 Moz (0.80 g/t Au cut-off).
The overall discovery cost is less than US$3/oz of mineral resource estimate contained gold.
The data set informing the updated mineral resource estimate includes results from 23 diamond holes, 18 reverse circulation holes, and six reverse circulation pre-collar diamond tail holes, totalling 46.874 metres of drilling.
There is also data from 12 trenches for 1,189 metres, as announced on April 4, 2024.
Kokoseb is in the Okombahe exploration licence under EPL 4818, about 220km from Windhoek.
Wia Gold owns 80% of the project, which was first identified in May 2021, while state-owned Epangelo has 20%.
The Kokoseb deposit boasts one of the lowest discovery costs globally, at approximately US$2/oz of contained gold in the resource.
During May 2023, Wia declared a maiden mineral resource estimate (MRE) for Kokoseb of 1.3 Moz at 1.0 g/t Au (0.5 g/t Au cut-off grade), including a higher-grade component of 0.72 Moz at 1.5 g/t Au (1.0 g/t Au cut-off grade).
Wia Gold delivered the initial mineral resource estimate within 12 months of drilling the initial discovery holes at Kokoseb.
Wia’s chairman, Andrew Pardey, said the Kokoseb journey began with a greenfield discovery in 2021, followed by a disciplined exploration program that has led to rapid resource growth at an extremely low discovery cost per ounce.
“Wia maintains its strong commitment to investing its money ‘in the ground’ and delivering value to shareholders through exploring and developing the exciting Kokoseb deposit and broader gold project portfolio,” Pardey said.
Wia Gold continues drilling at Kokoseb with three rigs, including one diamond rig and two reverse circulation rigs.
One of the rigs focuses on exploration and extension drilling; the other starts infill drilling to allow estimation of indicated resources.
The diamond rig is mobile between areas, completing deep holes to follow up on high-grade plunging shoot interpretations and target-specific zones between the previous reverse circulation drill holes.
