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Stonewall Resources Ltd.
Summary
| Project: | TGME | |
|---|---|---|
| Deposit: | Theta Hill | |
| Location: | South Africa | |
| Commodities: | Gold | |
| Date: | 10/15/2018 | |
| Report Code: | JORC | |
| Report Type: | Scoping Study | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 15-10-2018: Stonewall Resources Ltd. announces a Scoping Study report for its Theta Hill deposit at the TGME project. Scoping Study results incl. post-tax NPV of US $152M (7.5%), IRR of 132%, 7.6yr LOM at the project. The Board of Stonewall Resources Limi | |
| Resources: | (Resource, I+I): 4.482Mt @ 4.14g/t Au at Theta Hill | |
| CP/QP: | [Resources]: Uwe Engelmann (Minxcon Pty Ltd.) | |
| ABSTRACT: | The Board of Stonewall Resources Limited (ASX: SWJ, SWJO) (“Stonewall” or “Company”) is pleased to announce the results from the Theta Hill Scoping Study (SWJ 74%). A positive scoping study has been released today as part of the vision of developing a pipe line of open cut targets. The Theta Hill scoping study clearly shows that the historical mines of this goldfield have open cut oxide gold potential. As announced on the 26 September, 2018, Theta Hill contains an open‐cut JORC resource of 4.48Mt @ 4.14g/t Au for 600koz (Indicated & Inferred, Table 2). Stonewall now turns its attention to converting part of its large 5.8Moz Mineral Resource (Appendix A) into a mining reserve. Additional drilling is underway at Theta Hill to improve the JORC confidence category to primarily Indicated ahead of reserve declaration scheduled for 1Q’19. This preliminary study shows the potential for annual average gold production of approximately 67kozpa for 7.6yrs (509koz recovered) with LOM All‐In Sustaining Costs (AISC) of approximately US$569/oz and peak capital requirement of approximately US$16m. This development would have a short payback time (approximately 7.4 months) and construction period (approximately 10 months). Within the parameters of the Scoping Study limitations (± 25‐30% accuracy) Theta Hill shows a post‐tax NPV7.5 of approximately US$152m (approximately A$214m) and IRR of approximately 132%. Much of the infrastructure to restart gold production is already in place including the fully permitted tailings dam, roads, power and water. The preliminary estimate for the TGME CIL plant refurbishment is approximately US$11.1m, including crushing and grinding expansion to 500Ktpa. Other local drilling targets have been identified, offering potential to enhance project economics through addition of ounces to the mine schedule. The next targets for drilling, outside of the immediate Theta Hill area include Vaalhoek Open‐Cut (0.62Mt @ 16.9 g/t Au for 335Koz (82% Inferred, 18% Indicated, refer to ASX release dated 9 March, 2018) and Columbia Hill | |
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