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Theta Gold Mines Ltd

Stonewall Resources Theta Hill scoping study supports open cut gold mine

Additional drilling is underway at Theta Hill to improve the resource confidence.

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A full feasibility study is planned to make a decision to mine in 2019

Stonewall Resources Ltd (ASX:SWJ) has received positive scoping study results from the Theta Hill prospect within the TGME Project in South Africa.

The scoping study indicates a net present value (NPV) for the proposed open-pit gold mine of US$152 million.

The 7.6-year mine life operation has an estimated capital cost of US$16 million and will average 67,000 ounces of gold production per year.

READ: Stonewall Resources reveals maiden resource at Theta Hill

Stonewall’s managing director Rob Thomson comments “Our team in South Africa and Australia has been diligently working on this open‐cut vision, as the first stage of a planned series of open‐cut and underground developments to transform the company into a low‐cost gold producer.

“We look forward to continuing to deliver on our stated commitment of delineating high-grade open‐cut gold deposits which can be brought into production at low cost.”

READ: Stonewall Resources closes loan facility ahead of resource upgrade

The scoping study has determined that the Theta Hill open‐cut development represents a potentially robust mine with low technical risk.

It involves in‐pit waste emplacement and strip‐style mining of three gold‐bearing seams.

The site is situated within two kilometres by road of the existing, fully permitted CIL plant.

Quick facts: Theta Gold Mines Ltd

Price: $0.15

Market: ASX
Market Cap: $61.51 m
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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