Stonewall Resources Ltd (ASX:SWJ) has increased its global JORC resource 39% to 5.15 million ounces within its TGME Project in South Africa.
The resource stands at 34.7 million tonnes grading 4.62 g/t gold for 5.15 million ounces of which 24% is in the Measured and Indicated categories.
Notably, the resource increase excludes the focus of current drilling at Theta Hill, which is expected to further expand the global resource.
The focus is now on upgrading resources to the Indicated category ahead of converting the resources to Reserves status.
READ: Stonewall Resources assays support open cut gold potential at Theta Hill area
Stonewall’s managing director Rob Thomson said: “This latest Mineral Resource upgrade has added a further 1.43 million ounces to our Mineral Resource base, with numerous targets identified for follow-up drilling and evaluation for additional Project Bentley open-cut targets as well as new underground opportunities.
“We expect this Mineral Resource to grow further in coming weeks with the inclusion of maiden Mineral Resources at the high-grade Theta Hill open cut and we continue to progress towards our goal of restarting gold production at the earliest opportunity.”
Drilling is ongoing with up to three rigs at Theta Hill and neighbouring areas.
March quarter focused on Theta Hill
The March quarter saw an increase in activities at the TGME gold project in South Africa, following the successful discovery of high-grade, shallow gold reef at Theta Hill.
Discovery of widespread, oxidised gold‐bearing reef at shallow depth was confirmed at both Theta Hill and Columbia Hill.
READ: Stonewall Resources gets closer to gold production in South Africa
Work on underground refurbishment and access at Rietfontein is ongoing, including dewatering to enable underground resource drilling and metallurgical sampling in due course.
Drilling at Theta Hill continues, with aim of both generating initial resources with the plan to declare open‐cut reserves later in 2018.
Additional open‐cut targets in close proximity to the TGME CIL plant have also been identified and will be articulated in due course.