West Wits Mining noted that the scoping study identified five distinct reef packages to develop during the mining operation.

The combined mining operations delivered between 80 000 oz/y and 100 000 oz/y of historical production, however, West Wits told shareholders that owing to expected constraints in reopening the old shafts, the scoping study has concluded that the refurbished operation would achieve a moderately lower production rate.

“The scoping study provides a clear pathway to monetize the mineral resource, which is robust in terms of tonnes and grade. The project’s strength is only further enhanced by the current gold price with the South African rand price at record highs,” said West Wits MD Jac van Heerden.

A bankable feasibility study on the Witwatersrand Basin project is now scheduled to start in September this year, and will be completed in six to eight months.

An exploration programme is also planned for the project area.