logo-loader
viewTheta Gold Mines Ltd

Stonewall Resources closes in on updated resource at Theta Hill

Drill results support Theta Hill's potential as a high-grade open‐cut gold mine.

RC drill rig
Two reverse circulation (RC) rigs continue to drill at the Theta Hill prospect

Stonewall Resources Ltd (ASX:SWJ) has received more positive results from its resource drilling at the Theta Hill open pit prospect within the TGME Project in South Africa.

Recent results including 16 metres at 7.36 g/t from 38 metres will feed into a JORC resource upgrade expected to be delivered next month.

The JORC resource upgrade will feed into Theta Hill’s scoping study also due in September 2018.

READ: Stonewall Resources closing in on mining its 5+ million ounce gold resources

Stonewall’s managing director Rob Thomson said: “The resource evaluation work at Theta Hill continues to provide evidence of a high-grade open‐cut opportunity.

“The drilling continues to deliver very positive grades and confirms the thesis of shallow, widespread gold mineralisation at this location, adjacent to the existing permitted CIL plant.

“We have been working behind the scenes reassessing the quantum and viability of all our mineral resources, including modelling preliminary opencut mining scenarios.

“This work has given the confidence to drilling to Indicated status at Theta North and DG4.  

“We intend to publish an updated Mineral Resource and Scoping Study in September 2018.”

Recent drilling at DG4 and Theta North

The recent drilling at DG4 has focused on Indicated resource infill drilling for the Lower Theta and Beta Reefs, as well as shallow depth evaluation of the mineralised trenches.

The two reverse circulation (RC) drilling rigs are now infill drilling back at the Theta North prospect to upgrade the resource to the Indicated category.

Quick facts: Theta Gold Mines Ltd

Price: 0.16 AUD

ASX:TGM
Market: ASX
Market Cap: $69.87 m
Follow

Add related topics to MyProactive

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

NO INVESTMENT ADVICE

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...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Theta Gold Mines successfully enters subscription agreements for $8 million

Theta Gold Mines Ltd (ASX:TGM) chairman Bill Guy updates Proactive Investors on the release of a positive feasibility study for the Theta project to support further exploration on the large historical goldfield in South Africa The company also has completed a capital raising with subscription...

on 12/8/19

2 min read