viewTheta Gold Mines Ltd

Theta Gold Mines surpasses 6 million ounces of gold and releases feasibility study

The company has released both a resource upgrade and feasibility study this morning.

diagram showing Growth Trajectory: Towards 100koz+
The feasibility study is a proof of concept open-pit gold mine to be replicated across the project

Theta Gold Mines Ltd (ASX:TGM) has increased its total JORC resource to 6.026 million ounces grading 4.18 g/t gold within its greater TGME Gold Project in South Africa.

The core focus within the TGME project is the Theta Gold Project, which hosts an Ore Reserve and is the subject of a feasibility study released today.

The company aims to build a solid production platform from the Theta Gold Project based primarily around shallow, open‐cut resources.

Theta gold’s chairman Bill Guy said: “Theta Gold is fast‐tracking the company’s very large Mineral Resource into an increased Ore Reserve. 

“The historical mining techniques of the mineral field in which we operate has meant the company has traditionally carried a large percentage of its Mineral Resources in Inferred categories. 

“We have shown in a very short period of time that we have the capacity to deliver an initial Ore Reserve and extra ounces into the Theta Project (Open Cut). 

“The results have been as planned and we are very excited about the potential to follow‐up these results with future reserve conversions.”

Next phase of drilling to be revealed shortly

Guy added: “The drill program at the Theta Project increased the Indicated resources to 358 Koz of contained gold, inclusive of the discovery of two Reefs (Shale & Bevetts).

“Theta Gold Mines is pleased to be breathing life into this large goldfield, delivering reserves and making new discoveries. 

“Following this success, the exploration team is now planning the next phase of our drilling program, which we look forward to announcing to shareholders shortly."

Feasibility study confirms commercial viability for open-pit mine

A feasibility study also released today targeting a small portion of the Theta Hill deposit has forecast a bottom-quartile cost open-pit gold operation.

The starter operation has forecast 200,905 ounces to be produced over 5 years generating free cash flow of US$65.7 million.

Guy said: “Despite only a small part of the resource base being converted into a mining reserve, the Feasibility Study confirms that the project has very favourable economics and viability. 

“The remaining unconverted resource will be subsequently drilled out and I expect that further resources will be converted into reserves. 

“Furthermore, the high-grade ore deposits at Theta appear to extend to the south into MR341 (Figure 1). 

“In the near future we expect to drill MR341 and look forward to potentially adding significant additional reserve/resources to the Theta Project.

“The results of the Feasibility Study have confirmed the economic viability of developing an open cut mine at the Theta Project.”

Quick facts: Theta Gold Mines Ltd

Price: 0.26 AUD

Market: ASX
Market Cap: $118.15 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Theta Gold Mines Ltd named herein, including the promotion by the Company of Theta Gold Mines Ltd in any Content on the Site, the Company...



Theta Gold Mines' Bill Guy discusses appointment of mining contractor and...

Theta Gold Mines Ltd's (ASX:TGM) Bill Guy caught up with Proactive's Andrew Scott after announcing they've selected an experienced and respected mining contractor in Digmin Group to advance trial mining activities at the Starter Theta Project in South Africa. Guy also discusses the recent DTC...

2 weeks, 4 days ago

3 min read