Westate Resources Ltd (Westate) is an emerging African resources company focused on the development, resource expansion and re-establishment of gold production at the historic Matala Gold Mine (Project) in south-central Zambia.
The Project is at an advanced stage of development with considerable drilling, resource estimation and Definitive Feasibility Studies having already been completed. The Project is accessible by a sealed bitumen road approximately 120km west-northwest of the Zambian capital of Lusaka.
Westate acquired all the historical mining information over the Project from the liquidators of Cradle Arc PLC (AIM:ALO) in October 2019, who in-turn had acquired the project via an intermediary from Luri Gold Limited (ASX:LGM). The project already hosts a JORC 2012 compliant resource estimate of 674,000 ounces of Au at a grade of 2.6g/t1 . Westate is targeting a >1.5M ounce gold resource, with more than 15 known satellite gold occurrences and highly prospective drill targets already identified on the project.
1 Refer to Volt Resources Ltd (ASX:VRC) titled “Luiri Hill Gold Project Mineral Resource Estimate 851,000 ounces at 2.6 g/t gold” dated 25th June 2020.