WIA Gold (ASX:WIA) updated the mineral resource estimate for the Kokoseb gold project in Namibia, according to a Wednesday Australian bourse filing.
The estimate rose 38% to 89 million tonnes at 1 gram per tonne grade of gold for 2.93 million ounces, including 1.8 million ounces of gold in the indicated category, accounting for around 62% of the updated resource.
The estimate includes a higher grade component of 46 million tonnes at 1.4 g/t gold for 2.07 million ounces.
Drilling is ongoing at the project with four diamond drilling rigs and one reverse circulation rig.
The firm's shares rose past 4% in recent trading on Wednesday, reaching their highest point since early 2018.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.