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Stonewall Resources to consolidate shares and change its name to Theta Gold Mines

The re‐branding is in line with the focus on start-up gold mining at the Theta Hill Open‐cut Project.

Theta Hill project area
Theta Hill is a near-term open-pit gold mine opportunity

Stonewall Resources Ltd’s (ASX:SWJ) shareholders will vote at the AGM on November 30, 2018  to consolidate its shares and options on a 10:1 ratio and to change company name to Theta Gold Mines.

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.

READ: Stonewall Resources Theta Hill scoping study supports open cut gold mine

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.

Relative valuation

Quick facts: Theta Gold Mines Ltd

Price: 0.31 AUD

ASX:TGM
Market: ASX
Market Cap: $142.64 m
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Theta Gold Mines' Bill Guy says expedited permitting process for open pit is...

Theta Gold Mines Ltd's (ASX:TGM) Bill Guy speaks to Proactive's Andrew Scott after receiving an indication of support from South Africa's Department of Mineral Resources and Energy (DMRE) for its application to amend Mining Right 83 to also permit open pit mining at the Theta Gold Project.

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