Proactive Investors - Run By Investors For Investors

Stonewall Resources receives more positive drill results from Theta Hill

Theta Hill represents a near-term potential open pit gold mine.
RC drill rig on site at TGME Project
More assays are pending, two RC drill rigs will continue working up until Christmas

Stonewall Resources Ltd (ASX:SWJ) has received assays from ongoing reverse circulation (RC) drilling at Theta Hill within the TGME Project in South Africa.

Drilling continues towards delineating additional Indicated resources, following the recent maiden resource estimate and a positive scoping study on Theta Hill.

Latest results include 3 metres at 19.4 g/t from 2 metres and 3 metres at 3.6 g/t from 10 metres.

Drilling is also being complete at nearby potential satellite deposits Columbia Hill Mine and Day Mine with results including 16 metres at 3.27 g/t gold from 43 metres.

READ: Stonewall Resources on track for open-cut production from Theta Hill gold project in South Africa

Stonewall’s chairman Bill Guy said: “The team is pushing hard before year’s end, as work concentrates on producing Indicated resources for conversion to reserves (expected late first quarter 2019). 

“Columbia Hill drilling is just to the west of the TGME Plant and has produced good gold hits and intercept widths from this program and previous drilling, confirming it has potential to add ounces into the mine schedule.

Theta Hill and other potential satellite deposits nearby to the TGME plant

“At Theta Hill, drilling has also delineated thick high-grade zones of near-surface gold mineralisation.

“This shallow material has potential to be the first mill feed.  It is clear that the shallow oxide gold potential of the Goldfield has been demonstrated through sustained drilling.

Drilling results to be fed into resource models

“The assay results and geological data are a continuous feed into the resource models. 

“In each gold cycle in Western Australia, the historical underground mines are tested and mined for shallow open cut oxide gold. 

“This cycle of exploration and development simply has not occurred in this part of South Africa yet.”

Fineway Creation Limited becomes major shareholder

As a result of the recent private placement, Fineway Creation Limited has become a substantial shareholder in the company with a 19.92% stake.

Notably, All 665.15 million of Fineway’s shares are subject to voluntary escrow until 23 November 2019.

View full TGM profile View Profile

Theta Gold Mines Ltd Timeline

Related Articles

Dr James Searle speaks to Proactive Investors
May 03 2019
The study is expected in the June half of 2020 and will be based on another resource update.
1554206107_Jupiter-Mines---Tshipi-ore.jpg
April 02 2019
The Tshipi manganese has a 100-year mine life, and a track record of delivering cash flow and profits
A vessel is loaded up, ready to leave Esperance port with Bald Hill lithium concentrate bound for China
January 17 2019
The merged companies had been equal partners on WA’s Bald Hill spodumene mine.

© Proactive Investors 2019

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use