West Wits Mining Receives Exploration Licence For Mt Cecelia Project

  • May 29, 2019 AEST
  • Team Kalkine
 West Wits Mining Receives Exploration Licence For Mt Cecelia Project

An exploration and development company, West Wits Mining Limited (ASX: WWI) witnessed an improvement of 14.286% in its share price during the intraday trade.

In an announcement made on 29th May 2019, the company reported that it has been granted Exploration Licence (EL 45/5045) for its Mt Cecelia project. The Mt Cecelia project is located on the boundary between the world-class copper-gold rich Paterson Province and the Pilbara Craton, providing an exciting exploration opportunity for the company.

Mt Cecelia and neighboring tenements (Source: ASX announcement on 29 May)

Granting of the exploration licence will allow WWI to advance the Mt Cecelia project. The license was granted by The Department of Mines, Industry Regulation and Safety on 28th May 2019 with a following notable condition:

“No access to the areas designated FNA 13553 or FNA 14592, prior to the holder entering into an access agreement with the proponents of the proposed Solar and Wind Farm Project”.

FNA 13553 (NW) and FNA 14592 (NE) areas shaded red are subject to a Proposed Solar & Wind Farm project (Source: Company’s Report)

The company is going to conduct exploration activity on the remaining 200km2, whilst working with the FNA proponent on agreeing to suitable access agreements on the affected area.

What Now?

In March 2019, the company commissioned a third-party desktop review, which is on the verge of completion. After completion, the Exploration Team will review the findings, identify the initial target areas and finalise the exploration program.

Recent Updates

In South Africa, the company is progressing with the development of the Witwatersrand Basin Project. During the 2019 March quarter, the company’s Scoping Document received approval from South African Regulator to advance the Mining Right Application for the Witwatersrand Basin Project. With this approval, the company has achieved a significant milestone in the Mining Right application process and moved its project closer to mine development. The Environmental Impact Assessment of the project is also well advanced and expected to be submitted by early June May 2019, triggering the final Mining Right application review process.

During the 2019 March quarter, the company also entered into a Farm-In Agreement with First Au Ltd (ASX: FAU), allowing WWI to unlock value from the Tambina Project while the company focuses its resources on developing 3.65Moz Witwatersrand Basin Project into a significant underground operation.

Board Changes

Recently, in March 2019, the company announced an appointment of Mr Simon Whyte as Joint Company Secretary and CFO, making a significant addition to the company’s Board. Mr Simon Whyte is an experienced Chartered Accountant, who has served at various compliance, commercial and operational roles in big companies.

Stock Performance

At the market close on 29th May 2019, the stock of WWI was trading at a price of $0.008, up by 14.286% during the day’s trade with a market capitalisation of $5.55 million. Its 52 weeks high price stands at $0.021 and 52 weeks low price at $0.007, with an average volume of ~968,583.


Disclaimer

This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.

 

All pictures are copyright to their respective owner(s).Kalkinemedia.com does not claim ownership of any of the pictures displayed on this website unless stated otherwise. Some of the images used on this website are taken from the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image.

 

There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.

Are you wondering if the year 2020 might not have taken the right start? Dividend stocks could be the answer to that question.

As interest rates in Australia are already at record low levels, find out which dividend stocks are viewed as the most attractive investment opportunity in the current scenario in our report.

CLICK HERE FOR YOUR FREE REPORT!
   
x
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK