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.
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