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Stonewall Resources starts drilling gold reefs in South Africa

The company is drilling some of the shallowest gold targets in South Africa today.

First assay results anticipated before Christmas

Stonewall Resources Ltd (ASX:SWJ) has commenced drilling at its Theta Hill project in South Africa, targeting multiple level gold reefs.

Theta Hill is part of Stonewall’s TGME project which contains 26.6 million tonnes grading 4.34 g/t gold for 3.7 million ounces of gold.

The company’s focus at TGME is growing the high-grade resource base with forecast gold production from fully permitted mines to begin within 12-18 months of project financing.

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In September, Stonewall revealed an exploration target of 3.4 - 5.6 million tonnes at Theta Hill, including a target for the Lower Theta seam of 1.0 - 1.7 million tonnes at 16.6 - 26.6 g/t gold.

Drilling gold reefs to test for open cut mining potential

Stonewall is initially planning 20 reverse circulation (RC) holes for a total of 1,000 metres on the northern portion of Theta Hill. 

This campaign is expected to be completed by mid‐December, with the first assay results anticipated before Christmas.  

Following this first phase of the drilling campaign, the RC rig is scheduled to move to Columbia Hill to complete another 20 holes.

The first phase of drilling at Theta Hill is targeting shallow, high grade gold reefs, which have not had any drilling conducted on them in several decades.

The drilling will target multiple level gold reefs from surface down to between 50 metres and 150 metres, testing for open cut mining potential

Stonewall’s drilling at Columbia Hill is also designed to investigate open cut potential and expedite further investigation and development should initial results warrant progression. 

Both areas offer some of the shallowest gold targets in South Africa today. 

TGME: well-established portfolio of gold assets

Stonewall has a well-established portfolio of gold assets in South Africa. The TGME assets can be divided as follows:

- Existing CIL plant and facilities;
- Rietfontein gold deposit (905,000 ounces grading 11 g/t gold);
- Beta gold deposit (1.0 million ounces grading 6.6 g/t gold);
- Other gold resources to be further developed (3.7 million ounces of gold);
- Theta / Browns Hills exploration targets; and
- Columbia Hills exploration target.

Consulting geologist Phil Bentley appointed as project manager

Phil Bentley has been engaged as the project manager to oversee the drilling program with assistance from the company’s independent geological consultants Minxcon.

Between 1986 and 1995 Bentley worked with Randgold Resources (LON:RRS) and Rand Mines as chief geologist covering the TGME gold fields.

His most recent role was executive (geology and resources), for Asanko Gold Inc (TSE:AKG), responsible for strategic exploration and resource growth for the 200,000 ounces per annum Asanko open cut gold mine in Ghana.

Quick facts: Theta Gold Mines Ltd

Price: 0.195 AUD

Market: ASX
Market Cap: $85.22 m

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on 12/8/19

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