| Wed 8 Apr 2009, 14:00 | | WGR - Wits Gold - Completes drilling programmes in the Free State and |
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WGR
WGR
WGR - Wits Gold - Completes drilling programmes in the Free State and
Potchefstroom Goldfields
Witwatersrand Consolidated Gold Resources Limited
(`Wits Gold` or `the Company`)
(Incorporated in the Republic of South Africa)
Registration Number 2002/031365/06
JSE Code: WGR
ISIN: ZAE000079703
TSX Code: WGR
CUSIP Number: S98297104
WITS GOLD COMPLETES DRILLING PROGRAMMES IN THE FREE STATE AND POTCHEFSTROOM
GOLDFIELDS
Wits Gold (JSE: WGR; TSX: WGR; ADR: WIWTY.PK) wishes to announce the completion
of its drilling programme in the shallow De Bron project, immediately south of
the Merriespruit Section of Harmony Gold Mine. A total of 24 boreholes have now
been completed in the De Bron area, of which 19 have intersected Witwatersrand
reefs at depths in the range of 460-1270 metres below surface. The final assay
results for the most recent drilling are reported as follows:
Borehole Depth Width Gold Gold U3O8 U3O8
(m) (cm) (g/t) (cm.g/t) (kg/t) (cm.kg/t)
Beatrix Reef
DWN25 497.2 117.0 9.19 1075 0.020 2.37
DWN26 1139.0 100.1 3.14 314 0.170 17.03
Kalkoenkran
s
DWN26 1141.7 126.9 1.15 145 0.023 2.94
B Reef
DWN25 508.0 210.9 3.75 792 0.102 21.57
DWN26 1144.0 111.2 1.36 152 0.032 3.56
Leader Reef
DWN25 532.3 124.4 18.15 2259 0.562 69.95
DWN26 1158.8 107.6 3.92 422 0.202 21.71
DWN27 drilled behind subcrop
Wits Gold has engaged Snowden Mining Industry Consultants (`Snowden`) to produce
an updated resource estimate for De Bron. This information will provide the
basis for a number of alternative mine designs to be constructed by the Ukwazi
Group followed by an economic pre-feasibility study to be undertaken by
Turnberry Projects. It is anticipated that the results of this study will be
available during the period June-July 2009. The De Bron study will both
incorporate and supplement the results from the pre-feasibility investigation
that the Company is presently undertaking for the adjacent Bloemhoek project
area that is expected to be completed during the April-May, 2009 timeframe.
In the Potchefstroom Goldfield, the Company has also completed two boreholes in
the Kleinfontein project. Based on historic drilling results from the Carbon
Leader and Middelvlei Reefs in this area, Snowden previously estimated an
inferred resource of 47.2Mt at 6.1g/t Au, equivalent to 9.2Moz of gold. This
resource estimate was presented in an National Instrument 43-101 compliant
report entitled `Mineral properties in the Southern Free State, Potchefstroom
and Klerksdorp Goldfields, South Africa` dated November, 2007 that was compiled
by G Gilchrist and S Hackett of Snowden. Wits Gold has subsequently attempted to
expand this resource further northwards where these reefs subcrop against the
Transvaal cover rocks. However, the Carbon Leader and Middelvlei reefs were only
intersected in one of the boreholes due to the presence of faults. The other,
undeformed intersections suggested that the Carbon Leader is only sporadically
developed in this extreme northern area. Consequently, any supplementary
resources are likely to be provided by the Middelvlei Reef only. The relevant
geological and sampling information from the Kleinfontein area are reported as
follows:
Borehole Depth Width Gold Gold U308 U308
(m) (cm) (g/t) 9cm.g/t) (kg/t) 9cm.kg/t)
Black Reef
WVL1 1107.4 28.0 0.97 27 0.418 11.71
WBB1 1050.9 16.8 0.66 11 0.191 3.20
Middlvlei
WVL1 Fault
WBB1 1556.6 136.1 3.57 486 .112 15.21
Carbon
Leader
WVL1 Fault
WBB1 1637.0 30.3 <0.1 Trace <0.001 Trace
Quality Assurance, Quality Control and Qualified Persons
Exploration at both the De Bron and Kleinfontein projects is being conducted
under the supervision of Mr Russell Dell (M.Sc Geology), manager for these
projects. Mr Dell is a geologist with more than 20 years experience in gold
exploration in the Witwatersrand Basin. He is a registered Professional Natural
Scientist ("Pr.Sci.Nat.") with the South African Council for Natural Scientific
Professionals ("SACNASP") and is a member of the Geological Society of South
Africa. Mr Dell is a full time employee of Wits Gold and has assisted in
compiling the information in this release.
The Company`s Exploration Manager, Mr Dirk Muntingh, the Company`s Qualified
Person for both projects, as defined under National Instrument 43-101, is
responsible for the technical material in this release. Mr Muntingh (M.Sc.
Geology) is a registered Professional Natural Scientist ("Pr.Sci.Nat.") with the
South African Council for Natural Scientific Professionals ("SACNASP") and has
17 years of experience in gold exploration. The content of this release has
been compiled by Mr Muntingh.
Drill holes were drilled predominantly at NQ size (47.6 mm), while some of the
Leader Reef intersections were drilled using a triple-tube core barrel (45 mm
diameter core) in order to optimize the recovery of frail carbon material within
this reef. All drill-core is logged by qualified geologists, who identify
mineralized intervals which are then sampled. Sample intervals of between 20 cm
and 50 cm are demarcated on the basis of lithological changes and the core is
then split by means of a diamond saw. Geological logging and sampling was
carried out under the supervision of Mr Muntingh.
Batches of samples are submitted to Anglo Research Laboratory in Johannesburg
where they are prepared and analyzed for gold, silver and uranium. Anglo
Research Laboratory is an ISO/IEC 17025 accredited laboratory. Gold and silver
analyses were carried out using a fire assay technique with an ICP finish.
Uranium is analyzed by XRF on a fused pellet. Quality control ("QC") procedures
include the submission of at least one blank and one certified standard sample
per reef or per 20 samples. Results of the standards are analyzed on a batch by
batch basis, as is all internal Quality Assurance ("QA"/QC included by the
laboratory which includes laboratory repeats, standards and blanks. Further
details of the Wits Gold QA/QC procedures have been described in the Wits Gold
Independent Technical Report.
Information concerning the geology, mineral occurrences, nature of
mineralization, rock types and geological controls has previously been
communicated in the Company`s filed National Instrument 43-101 compliant
Independent Technical Report dated November 2007, which can be viewed at
www.sedar.com.
Forward-Looking Information
Certain statements in this news release may constitute forward-looking
information within the meaning of securities laws. In some cases, forward
looking information can be identified by use of terms such as "may", "will",
"should", "expect", "believe", "plan", "scheduled", "intend", "estimate",
"forecast", "predict", "potential", "continue", "anticipate" or other similar
expressions concerning matters that are not historical facts. Forward-looking
information may relate to management`s future outlook and anticipated events or
results, and may include statements or information regarding the future plans or
prospects of the Company. Without limitation, statements about the expected
timing of revised resource estimates are forward-looking information.
Forward looking information involves known and unknown risks, uncertainties and
other important factors that could cause the actual results, performance or
achievements of the Company to be materially different from the future results,
performance or achievements expressed or implied by such forward looking
information. Such risks, uncertainties and other important factors include among
others: economic, business and political conditions in South Africa; decreases
in the market price of gold; hazards associated with underground and surface
gold mining; the ability to attract and retain qualified personnel; labor
disruptions; changes in laws and government regulations, particularly
environmental regulations and mineral rights legislation including risks
relating to the acquisition of the necessary licences and permits; changes in
exchange rates; currency devaluations and inflation and other macro-economic
factors; risk of changes in capital and operating costs, financing,
capitalization and liquidity risks, including the risk that the financing
required to fund all currently planned exploration and related activities may
not be available on satisfactory terms, or at all; the ability to maximize the
value of any economic resources. These forward-looking statements speak only as
of the date of this document.
You should not place undue importance on forward-looking information and should
not rely upon this information as of any other date. The Company undertakes no
obligation to update publicly or release any revisions to these forward-looking
statements to reflect events or circumstances after the date of this document or
to reflect the occurrence of unanticipated events except where required by
applicable laws.
For further information please contact:
Marc Watchorn
Chief Executive Officer
Tel: +27 11 832 1749
Hethen Hira
Investor Relations
Tel: +27 11 832 1749
Johannesburg
8 April 2009
Date: 08/04/2009 14:00:02 Produced by the JSE SENS Department.
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