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Theta Gold Mines drill results exceed expectations at Columbia Hill

A resource update and feasibility study will be released early in the June quarter 2019.

Locality of Opencast Targets and Drilling on MR83
Grades reached 2 metres at 13.52 g/t gold

Theta Gold Mines Ltd (ASX:TGM) has received consistent high-grade gold from its recent drilling at Columbia Hill within the Theta Gold Project in South Africa.

The results have exceeded expectations to the point that drilling at Columbia Hill has been extended into March 2019.

The company is continuing to make good progress with ongoing open pit Indicated resource classification drilling. 

Columbia Hill will be included in the feasibility study and mining reserve estimation which is underway.

READ: Theta Gold Mines on track to complete Theta Hill feasibility study

Follow‐up phase II intersections have confirmed more high-grade shallow gold intersections on the Bevetts and Rho reefs.

Notable results included:

• 3 metres at 5.05 g/t gold from 57 metres;
• 6 metres at 2.11 g/t gold from 38 metres;
• 3 metres at 4.82 g/t gold from 33 metres;
• 4 metres at 1.72g/t gold from 25 metres;
• 3 metres at 7.24 g/t gold from 42 metres; and
• 2 metres at 13.52 g/t gold from 60 metres.

Resource estimate work is well advanced

Theta’s chairman Bill Guy said: “The drilling program at Columbia Hill continues to give positive results, and the deposit is being incorporated into the feasibility study for the start-up mining operation.

“The geological modelling and mineral resource estimation work is well advanced, and we are looking forward to the inclusion of a further open pit to the mine development strategy and releasing a maiden resource soon.

“As part of the feasibility study, the TGM board has now developed clear timelines and work schedules to bring the TGME plant back into production.

“Engineering and environmental studies to support the permitting process for open cut development are also well advanced.”

Focused on delivering the Theta Project feasibility

Theta’s chairman Bill Guy added: “The feasibility study is to demonstrate that Western Australia open pit techniques can be used on this large historical goldfield of the East Transvaal.

“Our intention is to prove project economics with initial mine life, then undertake larger drill programs and development work to convert more of the resource into mining reserves.

“Based on the positive drilling results and initial feedback from consultants, we remain confident of being able to deliver a robust low operating cost project.”

Quick facts: Theta Gold Mines Ltd

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ASX:TGM
Market: ASX
Market Cap: $78.61 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

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