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.
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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.”
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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.