Stonewall’s Theta Hill gold project progressing well

By Meagan Evans. Published at Apr 23, 2018, in Small Caps

Stonewall Resources Limited (ASX:SWJ) has updated shareholders on its exploration progress at its Theta Hill project, which is part of the TGME gold project in South Africa.

SWJ is confident it can delineate high grade open‐cut oxide ore reserves at Theta Hill this year, and refurbish and upgrade the fully permitted TGME CIL plant, so it can rapidly re‐start gold production in 2019. Costings for plant refurbishment at the TGME processing plant are now being finalised.

Theta Hill continues to develop open cut potential with RC drilling and trenching results on the adjacent DG4 section yielding positive results including:

  • Trench C, 122m at 1.3g/t gold on Bevett’s mineralisation, including

- 2m at 14.8 g/t gold and 2m at 11.2 g/t gold (lateral sampling)

  • RC Drilling (RCBH DG4LT8) 4m at 4.3 g/t on Bevett’s mineralisation, including

- 1m at 12.4 g/t gold (vertical sampling)

  • RC Drilling (RCBH DG4B6) 1m at 5.6 g/t on Beta mineralisation.

Trenching at the DG4 target, which is adjacent to Theta Hill, has yielded positive grades from the Bevett’s seam exposed at surface.

This DG4 area is part of the Project Bentley Theta Hill project and is only 700 metres from the TGME CIL process plant and tailings dam, as can be seen on the map below:

Of course, as with all minerals exploration, success is not guaranteed — consider your own personal circumstances before investing, and seek professional financial advice.

The below is a photo looking west, that shows DG4 trenches and TGME Metallurgical facility in background:

An RC drilling rig is also being mobilised for the first week of May to advance the evaluation of the depth extent of Bevett’s that has been exposed by five trenches, as well as to undertake infill drilling at the DG4 and the underlying Lower Theta and Beta Reef targets.

The target gold zone at the DG4 area has a low strip‐ratio, and represents the first possible mill‐feed target ahead of pre‐stripping activities being considered at Theta Hill.

A second diamond drill rig is on site to assist with Theta North drilling program, following which it will be relocated to the DG4 area to advance the resource drilling for this area. Diamond drilling meterage rates have been below expectations to date with slow progress due to the highly fractured and variable ground conditions including voids in the dolomite and broken ground. This second rig will improve on the daily drill meters achieved so that SWJ can complete the program on schedule.

Theta Hill DG4 trenches with gold grade distribution:

Planning is underway to commence drilling at Vaalhoek during the second quarter of 2018, where a maiden JORC (2012) Inferred Resource of 617Kt at 16.88 g/t gold (for 335koz) was confirmed on 24 March 2018.

SWJ is also reviewing the Columbia Hill area and continues to define new targets for planned drilling, hoping to define additional open cut reserves before open‐cut mining commences in 2019.

Stonewall MD Rob Thomson said: “Slower than expected drilling conditions at Theta Hill are part of the reason such large amounts of high grade gold reef were left behind by past underground miners who simply could not safely extract these near surface, oxidized, broken up reefs in these areas.

“We are confident with modern open‐cut mining techniques we will be able to recover much of this material left behind. We remain committed to rapid delineation of high grade gold reserves to underpin a re‐start of the TGME plant in the quickest time possible and thank shareholders for their ongoing patience and support of our strategy.”

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