53 Moz Gold Resources with Additional Unexplored Potential
FreePay’s mining assets consist of the East Rand Proprietary Mine (ERPM) and the Middelvlei mine, both of which are located in the Witwatersrand Basin in South Africa. Mines in this basin have collectively produced more than 1,550 million ounces of gold, greater than 40% of all gold ever mined on earth. The two mines contain an independently verified 53 Moz of gold with significant exploration potential. FreePay expects to expand its resource holding to +100 million ounces over the next 5 years.
Surplus ore treatment capacity
Throughout the Witwatersrand basin there are numerous existing operations which have surplus milling and processing capacity. This provides FreePay a unique opportunity to develop new resource projects without the requirement of processing plant capital expenditure. Additionally, production can be established with shorter lead times with smaller projects allowing FreePay to grow its production without significant capital costs over the next 5 years.
Additional Resource Opportunity
FreePay has extensive additional opportunity to increase its known gold resources. Limited mining of the near surface reefs at the ERPM Gold mine has provides the potential to add significant economic resources, with a reduced capital requirement and faster time to production.