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Theta Gold Mines takes another step towards gold production at Theta starter pit

Geotechnical drilling and geophysics surveys are underway and design engineering work is advancing with trial mining expected to begin later this year.

Theta Gold Mines Ltd - Theta Gold Mines takes another step towards gold production at Theta starter pit
Geotechnical drilling activities in the plant area

Theta Gold Mines Ltd (ASX:TGM) (OTCMKTS:TGMGF) has taken another step towards production at the Starter Theta Pit Gold Project in South Africa with geotechnical drilling and a geophysical survey underway.

Design engineering work is also advancing for the starter open pit as the company advances plans to begin trial mining later this year.

On-site works continue

With mining defined as an essential service in South Africa, TGM has been able to continue its on-site works timetable with only limited impact from COVID-19 restrictions.

The company’s on-site team has completed all necessary paperwork and safety protocols and mine site development activities onsite remain on-track.

“Crucial step”

Chairman Bill Guy said, “We are pleased to kick off geotechnical drilling and geophysical survey work.

"This activity is another crucial step in our ongoing project development works which are progressing to plan and are not delayed.

“We can confirm that all of our team is on-site and safely managing this works program."

Track mounted reverse circulation drill rig and compressor at the Starter Theta Pit.

Geotechnical assessment

Theta Gold is undertaking a geotechnical assessment of the areas identified for the Waste Rock Dumps (WRDs) and Pollution Control Dams (PCD) within the plan area.

Design engineering work for mine site infrastructure is progressing well with all these initiatives scheduled for completion by the end of September.

Busy program

Guy said the company had an exceptionally busy program underway at the Starter Theta Pit.

"We are also finalising engineering plans for roads and infrastructure, another critical mine development milestone, and getting prepared for trial mining which is scheduled for late in the year.

“I look forward to keeping shareholders updated on progress as we continue to steadily work our way through these project development initiatives.”

Drilling activities in the plant area.

Range of gold assets

Theta Gold Mines holds a range of prospective gold assets in a world-renowned South African gold mining region.

These assets include several surface and near-surface high-grade gold projects which provide cost advantages relative to other gold producers in the region.

The core project is next to the historical gold mining town of Pilgrim’s Rest, in Mpumalanga Province, 370 kilometres northeast of Johannesburg.

New plant

Following small-scale production from 2011–2015, the company is focusing on the construction of a new gold processing plant within its approved footprint at the TGME plant, and for the processing of the Theta Open Pit oxide gold ore.

Nearby surface and underground mines and prospects are expected to be further evaluated in the future.

The company aims to build a solid production platform to over 150,000 ounces annually based primarily around shallow, open-pit or adit-entry shallow underground hard rock mining sources.

Theta Gold has access to more than 43 historical mines and prospect areas that can be accessed and explored, with in excess of 6.7 million ounces of historical production recorded.

Quick facts: Theta Gold Mines Ltd

Price: 0.265 AUD

ASX:TGM
Market: ASX
Market Cap: $120.42 m
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