South Africa’s Eastern Gold Fields could be the epicentre of a modern South African renaissance and one ASX junior is looking to capitalise.
As South Africa looks to head back to its resource rich glory days, today’s emerging gold explorer is in with a strong chance of walking the narrow path to gold revenues, having just published high-grade results including the scope for an open-cut mine in South Africa.
The company is looking to ride the coat-tails of a new South African gold rush led by corporate heavyweight Cyril Ramaphosa, the man who has just been elected as leader of the African National Congress – South Africa’s ruling political party.
Mr Ramaphosa is committed to helping Africa’s richest country regain its commodity-sponsored power-base in the region and return it to its former status of being the most prolific gold-producing country on Earth.
Today’s company has two prospects: Theta and Colombia, located in the heart of former gold-producing territory that’s been overlooked by the larger majors.
The company has total group resources of 26.6 million tonnes at 4.34 grams per tonne gold for 3.7 million ounces held predominantly underground. These include the recently announced Rietfontein resource of 2.55 million tonnes at 11 grams per tonne for 905,000 ounces.
These are impressive numbers.
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The company is drilling already and is standing on the doorstep of a PFS.
There is excellent potential here for the company to increase its Resource base and enter commercially-viable production in the near future.