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Stonewall Resources Ltd.
Summary
| Project: | TGME | |
|---|---|---|
| Deposit: | Beta | |
| Location: | South Africa | |
| Commodities: | Gold | |
| Date: | 5/16/2017 | |
| Report Code: | JORC | |
| Report Type: | Scoping Study | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 16-5-2017: Stonewall Resources Ltd. announces a Scoping Study report for its Beta deposit at the TGME project. Scoping study results incl. pre-tax NPV (10%) of $166M for Beta and Rietfontain Projects combined. The Board of Stonewall Resources Limited (ASX | |
| Resources: | (Resource, I+I): 4.72Mt @ 6.6g/t Au for 1Moz Au contained at project | |
| CP/QP: | [Resources]: Uwe Engelmann, Daniel van Heerden (Minxcon Pty Ltd.) | |
| ABSTRACT: | The Board of Stonewall Resources Limited (ASX: SWJ) (“Stonewall or Company”) is pleased to announce the completion of the second part (Beta Mine) of the Scoping Study into the Company’s combined Rietfontein and Beta staged hard‐rock mine development. As with the first part of the Study that focused initially on Rietfontein, this Study was also delivered by international mining and project consultants Bara Consulting, based in Johannesburg, South Africa. The updated Scoping Study was conducted in accordance with the JORC (2012) Reporting Code and other Industry guidelines. The first part of the Scoping Study focused on an initial low capital and operating cost development approach at the fully permitted Rietfontein mine (announced to the ASX on 28 February, 2017). Ore is to be processed at the TGME processing facility at Pilgrims Rest (owned by Stonewall) following planned upgrade and refurbishment. Highlights of this previous study included potential C1 operating costs of US$417/ounce with a production profile of up to 60,000 ozpa. It is a central strategy of Stonewall to develop mining operations with low capital cost and high operating margins and Beta fits this requirement. This recent Beta scoping work is also developed and modelled on a staged basis where the capital cost of the second stage can be funded internally through cash flow from Rietfontein. The study indicates a combined Rietfontein and Beta development can produce up to 100kozpa from both mines, with low capital requirements (US$29M peak drawdown). A base‐case pre‐tax NPV of US$166M (A$220M), and overall C1 cost of US$495/oz is quoted. | |
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