Wia Gold Hits 15.5m at 6.53g/t Beneath Kokoseb Pit, Extending Underground Upside
Key Takeaways
- Hole KDD191 returned 15.5m at 6.53 g/t Au from 499.5m, including 3m at 27.93 g/t Au, the standout among 33 holes and 18,476m reported at Kokoseb.
- The Central Underground Exploration Target was extended 170m northeast, with 300m of continuity confirmed to the southwest.
- Underground drilling sits beneath the planned open pit, adding upside to a project with a 3.78 Moz resource, a 1.95 Moz Probable Reserve and a US$1.2 billion post-tax NPV5%.
- The Underground Exploration Target of 10Mt to 15Mt at 2.0 to 2.5 g/t Au remains conceptual, and it is exclusive of the 0.56 Moz Inferred Resource.
- Next up is 50 x 50m infill drilling with 6 rigs running, alongside Mining Licence and ECC approvals ahead of first gold targeted for Q4 2028.
Kokoseb drilling extends underground growth potential
Wia Gold (ASX: WIA) has reported assays from 33 diamond drill holes totalling 18,476m at its 3.78 Moz Au Kokoseb Gold Project in Namibia, announced on 13 October 2026. The standout result was 15.5m @ 6.53 g/t Au from 499.5m, including 3m @ 27.93 g/t Au, in hole KDD191.
The company outlined four headline outcomes:
- Underground Resource Envelope drilling demonstrated strong grade continuity and validated geological controls.
- The Central Underground Exploration Target was extended 170m to the northeast, with 300m of continuity to the southwest confirmed.
- Intermediate and Deep High-Grade (HG) Exploration Target drilling returned further positive results.
- The Southern Underground Exploration Target was confirmed to continue down-plunge.
Drilling continues with 6 DD rigs.
Henk Diederichs, Managing Director and CEO
“Our underground drilling programme continues to deliver both scale and grade, reinforcing the underground opportunity emerging beneath the planned open pit at Kokoseb. Recent drilling has extended the Central Underground Exploration Target by approximately 470 metres…”
For investors, the point is that the underground opportunity sits beneath the planned open pit. That adds a possible second source of growth to a project that already has a defined resource.
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Standout intercepts across four underground zones
The table below shows selected intercepts from each zone, as reported by the company. Intercepts use a 0.5 g/t cut-off grade and a maximum of 2m consecutive internal low grade.
| Zone | Hole | Intercept | Including | Metres drilled |
|---|---|---|---|---|
| Central Underground Resource Envelope | KDD191 | 15.5m @ 6.53 g/t Au from 499.5m | 3m @ 27.93 g/t Au | 3,059m |
| Central Underground Resource Envelope | KDD181 | 20m @ 2.70 g/t Au from 544m | 3m @ 5.39 g/t Au | 3,059m |
| Central Underground Exploration Target | KDD163 | 20.7m @ 1.75 g/t Au from 779m | 3m @ 6.34 g/t Au | 4,385m |
| Central Underground Exploration Target | KDD165 | 10m @ 3.00 g/t Au from 689m | 4m @ 4.83 g/t Au | 4,385m |
| Intermediate and Deep High-Grade Exploration Target | KDD174 | 29m @ 1.91 g/t Au from 755m | 3m @ 5.89 g/t Au | 3,072m |
| Intermediate and Deep High-Grade Exploration Target | KDD183 | 6m @ 6.06 g/t Au from 623m | Not reported | 3,072m |
| Southern Underground Exploration Target | KDD185 | 18m @ 2.78 g/t Au from 606m | 3m @ 4.64 g/t Au | 2,682m |
| Southern Underground Exploration Target | KDD176 | 9m @ 2.45 g/t Au from 675.7m | 3m @ 6.17 g/t Au | 2,682m |
Intercepts are down-hole lengths. The announcement indicates drill holes are inclined at around 55 to 60 degrees, implying a true thickness of around half the down-hole intercept lengths. Keep that in mind when reading the widths.
Central Underground Resource Envelope: strong grade continuity
A further 3,059m of drilling here delivered what the company described as excellent continuity and grade. KDD181 returned 20m @ 2.70 g/t Au, alongside the 15.5m @ 6.53 g/t Au hit in KDD191.
This zone sits within the maiden underground Inferred Resource of 7.9 Mt @ 2.2 g/t for 0.56 Moz Au, announced on 10 August 2026. Additional drilling is planned to expand that resource, which is anticipated primarily in the down-dip and down-plunge direction.
Central Underground Exploration Target
A total of 4,385m was drilled here. KDD163 intersected 20.7m @ 1.75 g/t Au, and KDD165 returned 10m @ 3.00 g/t Au.
A lithological and structural study is in progress. Initial observations indicate gold grades are commonly elevated (>2 g/t) where contrasting lithologies coincide with structural folding and quartz-diopside veining along fold axes.
Intermediate and Deep High-Grade Exploration Targets
A total of 3,072m was drilled to test these targets. KDD174 returned 29m @ 1.91 g/t Au from the Deep HG Exploration Target, and KDD183 returned 6m @ 6.06 g/t Au from the Intermediate HG Exploration Target.
The company said the upper target shows a similar environment of gold accumulation to the Central Underground Resource Envelope.
Southern Underground Exploration Target
A total of 2,682m was drilled here. KDD185 returned 18m @ 2.78 g/t Au, and KDD176 returned 9m @ 2.45 g/t Au.
KDD194 (7m @ 2.16 g/t Au) has similar lithology and structural characteristics, indicating continuity with, and possible connectivity to, the Southern Underground Exploration Target.
What is an exploration target, and why does it matter?
An Exploration Target is a conceptual estimate of the potential size and grade of a mineralised area. It is not a Mineral Resource, which is a formally estimated quantity backed by sufficient drilling.
That distinction matters. The 0.56 Moz Au Inferred Resource is an estimate based on the drilling to date, while the Exploration Target sits beyond it.
Wia said recent results continue to support the potential to attain the previously disclosed Underground Exploration Target of approximately 10Mt to 15Mt at approximately 2.0 g/t Au to 2.5 g/t Au. This is additional to, and exclusive of, the 0.56 Moz Au Inferred Resource.
The potential quantity and grade is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
For you as an investor, the next test is infill drilling. Additional drilling to approximately 50 x 50m spacing is proposed to further test the validity of the Underground Exploration Target.
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Project backdrop and next steps
The drilling follows a series of milestones announced on 10 August 2026:
- Mineral Resource Estimate of 3.78 Moz at 1.0 g/t Au, including an open pit resource of 3.23 Moz (with 2.01 Moz Indicated)
- Maiden Probable Ore Reserve of 1.95 Moz (69.8Mt @ 0.87 g/t Au)
- Definitive Feasibility Study (DFS) showing an initial 14-year mine life, averaging approximately 150,000oz per annum over the first 10 years
- Post-tax NPV5% of US$1.2 billion (A$1.7 billion) at a base case gold price of US$3,600/oz, with a post-tax IRR of 41% and payback of 1.8 years
- Pre-production capital cost of US$475 million, with first gold targeted for the fourth quarter of 2028
In parallel, Wia agreed indicative terms with Sprott Resource Lending Corp. for a US$360 million senior secured debt facility and a US$15 million equity subscription. These are indicative terms only.
What comes next?
Further drilling is planned to achieve 50 x 50m spacing in the Central and Southern zones, with step-out holes to the southwest down-plunge and additional step-outs to test the Intermediate HG Exploration Target. The Deep HG Exploration Target is expected to be most efficiently evaluated from underground drill positions as the Project advances.
The extent and timing of this work will depend on drilling results and ongoing exploration priorities, and is expected to occur within the next six to twelve months. Management also said its focus is on advancing execution readiness activities and progressing the Mining Licence and ECC approval processes.
The Kokoseb exploration licence (EPL 4818) is held through Mandarin Investments (Proprietary) Limited, an 80:20 joint venture between Wia and the state-owned Epangelo Mining Company (Proprietary) Limited.
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