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Theta Gold Mines Ltd

Stonewall Resources granted ASX trading halt ahead of scoping study release

The scoping study considers a two-year open cut mine and estimates project economics.

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TGME is 300 kilometres northeast of the Witwatersrand Basin in South Africa

Stonewall Resources Ltd (ASX:SWJ) has been granted a trading halt by the ASX pending the release of results from the company’s Theta Hill scoping study.

The halt will remain in place until the start of normal trading on Monday, October 15, or when an announcement is released to the market.

READ: Stonewall Resources closes loan facility ahead of resource upgrade

Stonewall is focused on developing underground and open pit mines within its South African TGME project which contains Theta Hill.

The company declared a maiden JORC resource of 4.48 million tonnes grading 4.14 g/t gold for 600,000 ounces gold at Theta Hill last month.

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.

The company aims to upgrade further resources to the indicated category ahead of converting the resources to ore reserve status for mining.

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: $0.17

Market: ASX
Market Cap: $68.14 m
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