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Stonewall Resources assays support open cut gold potential at Theta Hill area

Last updated: 15:08 23 Apr 2018 AEST, First published: 11:35 23 Apr 2018 AEST

drilling on site at TGME project
Drilling continues at the Theta North target within the TGME Project

Stonewall Resources Ltd (ASX:SWJ) has received more positive exploration results from drilling and trenching at Theta Hill within its TGME Project in South Africa.

Exploration has been ongoing since late 2017 and latest results from the DG4 area at Theta Hill continue to build the case for an open cut gold mine.

Highlights from trenching include 122 metres at 1.3 g/t gold and drill assays featured 4 metres at 4.3 g/t gold.

700 metres from the fully permitted TGME process plant

Stonewall’s managing director Rob Thomson said: “Slower than expected drilling conditions at Theta Hill are part of the reason such large amounts of high-grade gold reef were left behind by past underground miners who simply could not safely extract these near surface, oxidised, broken up reefs in these areas.

“We are confident with modern open‐cut mining techniques we will be able to recover much of this material left behind.

“We remain committed to rapid delineation of high-grade gold reserves to underpin a re‐start of the TGME plant in the quickest time possible and thank shareholders for their ongoing patience and support of our strategy”.

The DG4 area is only 700 metres from the fully permitted TGME CIL process plant.

READ: Stonewall Resources gets closer to gold production in South Africa

Recent trenching results at the DG4 target area have added further positive results to the Theta Hill open cut area.

The gold mineralisation can potentially provide an early opportunity for open pit mining.

The target gold zone at the DG4 target has a low strip‐ratio and represents the first possible mill‐feed target ahead of pre‐stripping activities being considered at Theta Hill.

JORC 2012 upgrade ongoing

A full JORC review and upgrade of Stonewall’s mineral resources is continuing.

At this stage, the work remains on schedule for the end of April 2018.

This JORC work excludes all the Theta Hill project areas and a maiden resource at Theta will be compiled separately using recent and ongoing drill results. 

Drilling continues at Theta North target, where a reverse circulation (RC)rig has completed phase II and a diamond rig has been commissioned to progress phase III to upgrade the resource.

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