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Stonewall Resources Ltd.
Summary
| Project: | TGME | |
|---|---|---|
| Deposit: | Theta Hill | |
| Location: | South Africa | |
| Commodities: | Gold | |
| Date: | 2/28/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 28-2-2018: Stonewall Resources Ltd. announces an Exploration/Drilling Update report for its Theta Hill deposit at the TGME project. Drilling results incl. 1m @ 11g/t Au from 29m. Stonewall Resources Limited (ASX: SWJ, SWJO) (“The Company”) is pleased to p | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Uwe Engelmann (Minxcon Projects (Pty) Ltd.) | |
| ABSTRACT: | Stonewall Resources Limited (ASX: SWJ, SWJO) (“The Company”) is pleased to provide an update on the TGME gold project in South Africa, including ongoing drilling at the Theta Hill prospect. Stonewall MD Rob Thomson commented, “Based on the confidence we are gaining on the likelihood of declaring open cut reserves later in 2018, we are accelerating development plans for the TGME project, with a number of activities underway including drilling, engineering assessment and progressing of approvals. We are aiming to be in a position, subject to financing, to be able to commence plant refurbishment and submit mine plans for approval in 2H’2018. Our Indaba, Cape Town presentation was well received and generated interest from a number of groups keen to assist us with development plans. In addition to investing significantly in our development plans we have also reduced overall debt levels including steady repayment of the variable convertible loan (Lind) by $130,000 per month (current balance $1million). Given the encouraging developments and progress and the renewed investment interest in South African under new President Cyril Ramaphosa, we believe now is the time to ramp‐up our activities to the next level orientated towards re‐establishing gold production”. | |
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