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Stonewall Resources Ltd.
Summary
| Project: | TGME | |
|---|---|---|
| Deposit: | Theta Hill | |
| Location: | South Africa | |
| Commodities: | Gold | |
| Date: | 9/26/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 26-9-2018: Stonewall Resources Ltd. announces a Resource Estimation report for its Theta Hill deposit at the TGME project. Initial mineral resource estimate for Theta Hill. Stonewall Resources (ASX: SWJ, SWJO, The Company) has delivered its second Mineral | |
| Resources: | (Resource, I+I): 4.482Mt @ 4.14g/t Au at Theta Hill | |
| CP/QP: | [Resources]: Uwe Engelmann (Minxcon Pty Ltd.) | |
| ABSTRACT: | Stonewall Resources (ASX: SWJ, SWJO, The Company) has delivered its second Mineral Resource upgrade for the year. The Resource is derived from the Company’s largest systematic drill program to date, involving a total of 7159m of RC and diamond drilling, and over 8208 assay samples (inclusive of QAQC samples). Average depth of drillholes from surface was 36m. A Scoping Study due for publication shortly is based predominantly on the Theta Hill Reef Indicated Mineral Resource of 772Kt @ 3.51g/t Au for 87Koz ounces (JORC Table 1). The Scoping Study will include a month by month, 2 year mine schedule, mining methods, engineering report, and project economics outlining the intended open cut mining at Theta Hill. The Conceptual Exploration target for Theta Hill (ASX release 6/09/2017) has been achieved within the mid range of tonnage predicted at 4.48 Mt (3.4 ‐5.6 Mt conceptual target) with the implied Lower Theta Reef grade at the lower end of the grade range 16.6 ‐26.6 g/t, refer to Appendix B), while the Beta Reef grade was in line with the upper grade range (1.9 – 3.2 g/t, refer to Appendix B). Based on the data review, exploration target and subsequent drilling to confirm a JORC resource, the company is encouraged this methodology can be applied to other exploration target areas in the portfolio. A feasibility study is planned for Theta Hill, to be delivered Q1 2019. The focus is now on upgrading Inferred Mineral Resources to the Indicated category, ahead of planned Mineral Reserves declaration under JORC 2012 in First Q 2019 to support the feasibility study, and subsequent project funding. The historical nature of this mineral field has meant the company has always carried a large percentage of its Mineral Resources in Inferred categories. In the New Year the company will adjust its exploration programs to drive parts of this very large Mineral Resource up the value chain from JORC (2012) Inferred to Reserves, subject to funding. Chairman, Bill Guy comments “We are pleased to announce the maiden JORC resource at Theta Hill, which has been delivered in line with our expectations of a high grade open‐cut opportunity. The Scoping Study is nearing completion and we look forward to articulating to the market how we intend to bring this resource into reserves, and provide early feed for an upgraded CIL plant, planning for which is well underway. When I joined Stonewall earlier this year, I was excited by the resource potential, and having spent a lot of time on the ground since, continue to believe that this large goldfield will deliver new high grade mining opportunities as work continues.” | |
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