Weltevreden Gold Mine

 mine, gold mine

This is the Mining Right for the Weltevreden Gold Mine which is a suspended underground mine in South Africa. It was originally owned by Gencor who abandoned the mine then it was purchased by Anglo American, later AngloGold Ashanti. Anglo then sold the mine to Simmer & Jack Mines Ltd as part of their purchase of the Tau Lekoa Mine from AngloGold Ashanti which included the two adjacent targets of Weltevreden and Goedgenoeg. Village acquired Simmer & Jack in a reverse R1 billion reverse takeover thus becoming the owner.

The Weltevreden property is the shallow extension of Tau Lekoa lying to the east of the mine. The Ventersdorp Contact Reef (VCR) is very close to the outcrop on the eastern side of Weltevreden and deepens to approximately 1,400m in the extreme western portion of the property. The reef strikes north north-eastwards and dips are generally 23 degrees.

Weltevreden, which has 2.3 million ounces of indicated resources at a grade of 4.17g/t, was initially developed by Gencor Limited during the early 1990s. Despite having spent R229 million on developing the mine, Weltevreden was abandoned for economic reasons during 1992. AngolaGold Ashanti acquired the deposit in 1996 and has conducted various studies and assessments, including a 3-D seismic study and pre-feasability study. Weltevreden offers significant option value in the higher gold price environment given its large shallow VCR Mineral Resource.