viewTheta Gold Mines Ltd

Stonewall Resources reveals positive scoping study for Rietfontein Gold

The project contains a resource of 905,000 ounces of gold.

Situated in a historical gold mining area in South Africa

Stonewall Resources (ASX:SWJ) has delivered a financially robust scoping study for its Rietfontein Gold project in South Africa.

The Rietfontein project contains a total JORC resource of 2.55 million tonnes at 11 g/t gold for 905,000 ounces of gold.

The project is situated in the historical gold mining area of Pilgrims Rest in South Africa, which has historically produced over 6 million ounces at 10 g/t gold.

Stonewall has estimated a base case pre-tax net present value of US$114 million for the project, with a payback period of two years.

The initial Production rate of 200,000 tonnes per annum is expected to deliver an average of 60,000 ounces of gold per annum.

It is worth noting that the project could potentially fall within the lowest quartile of operating costs globally, with an estimated operating cost of US$417 per ounce.

Stonewall’s initial peak funding requirement is US$31 million for upgrading and refurbishing the existing processing plant and establishing initial underground development and related infrastructure.

The results of the Rietfontein study provide a strong encouragement for Stonewall to commit to the next stage of exploration and development.

A drilling program is currently being planned with a view to increase the confidence level of the resource by upgrading the quantity of the indicated resource.

Quick facts: Theta Gold Mines Ltd

Price: 0.305 AUD

Market: ASX
Market Cap: $134.71 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Theta Gold Mines Ltd named herein, including the promotion by the Company of Theta Gold Mines Ltd in any Content on the Site, the Company...



Theta Gold Mines advancing development of its flagship gold project in South...

Theta Gold Mines Ltd's (ASX:TGM) Bill Guy updates Proactive's Andrew Scott on development work at its flagship project in South Africa. A 2.5 megawatt ball mill purchased in October 2019 has recently arrived on site. Guy says the official start of construction and mining will be a big...

on 16/4/20

2 min read