Feasibility Study Update and High Grade Ore Sweeped from Gold Mine
Sydney, Mar 4, 2022 AEST (ABN Newswire) - Theta Gold Mines Limited (ASX:TGM) (3LM:FRA) (TGMGF:OTCMKTS) is pleased to announce the progress made with its underground gold project Feasibility study, environmental approvals, and preparation for plant construction. The Beta, Frankfort, CDM, and Rietfontein mines are collectively referred to as TGME Underground Project.
Discoveries made recently, namely Beverly Hills and Desire mines, form part of the 43 historical mines under management. Both have experienced very little modern exploration.
We now know through underground plans and mine surveys, Desire is one of the larger underground mining complexes in the Goldfield with historic underground workings extending kilometers.
The Desire Mine complex is 1.5km on strike and 3.2km on dip, making this one of the largest unexplored old mines under management. The Desire Mine complex exploited the Portuguese Reef, producing approximately 170Koz Au from 563Kt, grading 9.41 g/t Au. The mine area overlaps parts of the farms Graskop 564KT, Desire 563KT (10167 MR), Ponieskrans 543KT (83 MR), and Grootfontein 562KT (341 MR).
Theta's Chairman Bill Guy commented: "The results of the grab samples taken at both Desire and Beverly Hills Mines are very encouraging as the results indicate high grades within these Mines. The Beverly Hills Mine is currently planned and scheduled as part of the Frankfort Mines life of mine.
The Desire Mine host a large flat reef system, the results of the high grade grab samples are consistent with historical mine evaluation plans. The Desire Mine will undergo further sampling and test work as part of the continuous exploration of the 43 Historical Mines under management.
The permanent onsite team will continue with sampling and exploration work. The team is on track to complete the DFS in Q2 2022. The geotechnical investigations were conducted according to plan with encouraging results. Metallurgical test work continued with bulk samples (approx. 1.5 tons per Mine) taken from , Rietfontein and CDM Mines. These samples are currently at the Laboratory.
The team has completed the final permitting scoping phase for Mining Right 83. The final scoping report will now be assessed by the Department of Mineral Resources and Energy and once approved the process will move to the Environmental Impact Assessment phase of the permitting process.
*To view the full update with tables and figures, please visit:
About Theta Gold Mines Limited
Theta Gold Mines Limited (ASX:TGM) (OTCMKTS:TGMGF) is a gold development company that 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.
Theta Gold Mines core project is located next to the historical gold mining town of Pilgrim's Rest, in Mpumalanga Province, some 370km northeast of Johannesburg by road or 95km north of Nelspruit (Capital City of Mpumalanga Province). Following small scale production from 2011-2015, the Company is currently focussing 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 100Kozpa based primarily around shallow, open-cut or adit-entry hard rock mining sources. Theta Gold Mines has access to over 43 historical mines and prospect areas that can be accessed and explored, with over 6.7Moz of historical production recorded.