The re‐branding is in line with Stonewall’s strategy to focus on start-up gold mining at its Theta Hill Open‐cut Project in South Africa.
Stonewall recently received positive scoping study results from Theta Hill which has a shallow, high-grade resource of 4.5 million tonnes at 4.14 g/t gold for 600,000 ounces.
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.
The scoping study indicates a net present value (NPV) of US$152 million, 7.6-year mine life operation, capital cost of US$16 million and gold production of 67,000 ounces per year.
The company is now drilling for reserves to get the impetus for production.
Stonewall expects to complete funding and to take a decision to mine in 2019.