logo-loader
viewTheta Gold Mines Ltd

Stonewall Resources reveals maiden resource at Theta Hill

Evaluating the Theta Hill open-cut gold mine opportunity is being fast-tracked.

Resource pit at Theta Hill showing the three reefs
The Theta Hill scoping studying is expected shortly

Stonewall Resources Ltd (ASX:SWJ) has declared a maiden JORC resource of 4.48 million tonnes grading 4.14 g/t gold for 600,000 ounces gold at Theta Hill within the TGME Project, South Africa.

Theta Hill is a near-term open-pit gold mine opportunity and the resource has been estimated within the confines of an open pit shell with a maximum depth of 100 metres.

Notably, the new 600,000-ounce gold resource expands the global gold resource to 5.75 million ounces grading 4.57 g/t gold.

READ: Stonewall Resources strengthens balance sheet and appoints new chairman

Stonewall’s chairman Bill Guy said: “We are pleased to announce the maiden JORC resource at Theta Hill, which has been delivered in line with our expectations of a high grade open‐cut opportunity.

“The scoping study is nearing completion and we look forward to articulating to the market how we intend to bring this resource into reserves, and provide early feed for an upgraded CIL plant, planning for which is well underway.

“When I joined Stonewall earlier this year, I was excited by the resource potential, and having spent a lot of time on the ground since, continue to believe that this large goldfield will deliver new high grade mining opportunities as work continues.”

Theta Hill resource does not include recent drill results

Notably, this maiden resource estimate excludes assays and drilling at Theta Hill from 4 September 2018, which is ongoing.

As well as adding extra ounces, the aim of the current drilling at Theta Hill is to grow the Indicated resource to support feasibility studies and planning for a declaration of reserves.   

Scoping study due shortly

A Theta Hill scoping study is expected shortly, which will consider a two-year open cut mine and estimate project economics.

A feasibility study is planned for Theta Hill to be delivered in the March quarter of 2019, which will incorporate a maiden Ore Reserve estimate.

Quick facts: Theta Gold Mines Ltd

Price: 0.175 AUD

ASX:TGM
Market: ASX
Market Cap: $76.42 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