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STONEWALL RESOURCES LIMITED

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DRILLING RECOMMENCED AT THETA HILL
6 February 2018

Stonewall Resources Limited (ASX: SWJ, “The Company”) is pleased to announce that RC drilling has recommenced at the Theta Hill prospect (part of the TGME gold project) in South Africa following the drilling success achieved from the Phase 1 campaign, which was completed in December 2017. 

Summary 

  • Drilling recommenced to follow up high grade gold reef discovered at shallow depth at Theta Hill1   
  • Encouraging preliminary metallurgy previously announced showing an average of 95.7% recovery from Beta Reef and 95.7% recovery from Lower Theta Reef 2
  • The Company plans to conduct both RC and Diamond drilling in coming weeks with the aim of calculating a maiden resource later in 2018 

Stonewall MD Rob Thomson commented, “We look forward to delivering further positive news flow in coming weeks as the drilling campaign progresses at the TGME project. Shallow, oxide gold has been demonstrated at both Theta Hill and Columbia Hill and the next step is to push ahead towards a maiden JORC resource calculation as soon as possible, followed by submission of mine plans”. 

The Company recently announced the results of drilling at Columbia Hill (ASX release, 16 January, 2018) which revealed shallow high grade gold material. Additional assays have been received from this program and are currently being interpreted.   

This second drilling program at Theta Hill aims to complete 20‐30 holes, for approximately 1,500m of RC drilling. The aim is to complete the program by mid‐March 2018.    

First assays are expected to begin arriving towards the end of February. Following this program, further drilling at Columbia Hill is planned, with diamond drilling to confirm reef thickness at both Theta Hill and Columbia Hill also planned. The location of the project is shown in Figure 1, with proposed drill hole locations illustrated in Figure 3.

Click here to view the full announcement




Metallurgical Test Work Indicates 95% Gold Recovery at Theta Hill   
24 January 2018

Stonewall Resources Limited (ASX: SWJ, ‘Company’) is pleased to announce the results from preliminary metallurgical testwork on RC drill samples from the Theta Hill prospect (part of the TGME gold project) in South Africa. 

Summary 

  • Average recovery from bottle‐roll cyanidation tests of 94.9% from eight samples
  • Average of 95.7% recovery from Beta Reef (two samples) and 94.7% recovery from Lower Theta Reef (six samples)
  • The recent discovery of high grade, potential open‐cut gold reef, at both Theta Hill and Columbia Hill combined with these preliminary results supports the plan for near‐term gold production

Stonewall MD Rob Thomson commented, “These preliminary metallurgical tests from the recent RC drilling campaign at Theta Hill show excellent recoveries for conventional milling with cyanide extraction, and fit with our plans to recommence gold production using the existing CIL plant fed with high grade, oxidised ore. We are very encouraged by both the high grade drill results to date, and this early testwork, and look forward to continued drilling and establishment of reserves in 2018, along with expanding our resource base as new discoveries continue to be made”. 

TGME Project and Metallurgical Analysis 

The direct cyanidation tests were carried out by SGS laboratory at Barberton, South Africa, from samples collected in the drilling campaign conducted at Theta Hill in December 2017. These tests are designed to test likely amenability of ores to gold extraction via a conventional cyanide leaching circuit, similar to that owned by SWJ at TGME. 

As part of the exploration campaign planned (Phase 2) at Theta Hill and Columbia Hill, further drilling with RC and Diamond methods will be undertaken, along with further metallurgical analysis as part of plans to declare maiden reserves in 2018. 

The current focus of the Company is to delineate high grade oxide resource, in close proximity to the existing CIL plant, in order for an early low‐capital start‐up option, with most of the capital expected to be invested into plant refurbishment as opposed to underground development.  

Click here to view the full announcement

New High Grade Discovery at Columbia Hill
16 January 2018

Drilling Highlights

  • Shallow gold reef confirmed from first drilling at Columbia Hill.  
  • Assays include 8m @ 4.34g/t Au from 23m, including 1m @ 20.4g/t Au from 27m (CHRC9b), 1m @     9.61g/t from 11m, and 2m @ 4.95g/t from 22m (CHRC9).
  • Stonewall’s open cut strategy confirmed by recent release of Theta Hill drilling and early results from   Columbia Hill. Additional results from Columbia Hill area expected by the end of January. 

Stonewall MD Rob Thomson commented, “2017 was a pivotal year for Stonewall, with an increase in our resource base by over 700koz, the completion of a Scoping Study on Rietfontein and Beta mines, and commencement of drilling on our open‐cut strategy. We expect 2018 to be equally as exciting for shareholders as we progress our near‐term production plans through a low‐capital, open‐cut strategy”. 

A total of 12 holes for 496 m has been completed at Columbia Hill (Figure 1), with follow‐up drilling planned following receipt of assays and completion of geological interpretation. Further assays are anticipated in coming weeks from the first round of drilling.   

Stonewall previously reported assays from the first 11 holes at Theta Hill (ASX release dated 21/12/2017) confirming high‐grade, gold‐bearing reef at shallow depth. A total of 613m has been drilled (11 RC holes) ranging in depth from 20m – 105m, with an average depth of 55.7m. Drilling aimed to intersect the Bevett’s, Upper Theta, Lower Theta and Beta Reefs.   

Overall, the results from this first stage drilling campaign are very positive, with numerous holes intersecting the primary Lower Theta reef target at Theta Hill with potential true reef grades of up to 55g/t postulated.   

Click here to view the full announcement

A High Grade Gold Developer & Explorer
Growing Resources & Developing Mines
3.7Moz targeting a Resource Upgrade in 2018

Key Drivers for 2018

  • High Grade Shallow Gold: Follow‐up drilling of high grade drilling results (with implied reef grades up to 55g/t identified) with diamond/RC drilling
  • Maiden Open Cut Resources: Aim to delineate shallow, high grade resources amenable to open‐cut mining (most intercepts are 10‐30m deep with grades of 10‐ 20g/t common in flat‐lying reefs intercepted)
  • Resource Growth: Resource increase in 2016 (2.9Moz), in 2017 Stonewall added an additional 700koz to increase the resource base to 3.7Moz. Targeting further increases at similar rate in 2018
  • Maiden Reserves: Sampling program at Rietfontein to be followed by diamond drilling with the aim of declaring reserves as part of the PFS work underway
  • Mine Plans: Plan to submit mine plans on both Rietfontein and Project Bentley Open Cut in 2018, with a view to development and production in 2019
  • Low Capital Development: Delineate and articulate a low‐capital, early‐start up option based on near‐surface oxide feed to the CIL plant. Targeting plant refurbishment to treat oxide material.

Investment Highlights

  1. Significant Resource Base
    • Global Resources of 26.6 Mt at 4.34g/t Au for 3.7 Moz Au as of March 2017 (JORC)1
  2.  High Grade Exploration Upside
    • Initial Exploration Target established at Theta Hill of 3.4Mt to 5.6Mt including the Lower Theta seam with 1.0Mt to 1.7Mt @ 16.6g/t to 26.6g/t Au2
    • Aiming to increase Global Resources in 2018.
  3. Existing Infrastructure
    • Existing CIL Plant: milling, CIL, elution circuit and gold room
    • Approved tailings dam, water license (processing and mining), and grid power with all weather road access & existing entry to all mine
  4. Near Term Strategy
    • Project Bentley – Drilling out shallow open cut resources
    • Rietfontein PFS commenced, with reserve definition drilling program planned for Q2 2018
    • Engineering study for CIL Plant – To define refurbishment costs
    • Continuous data acquisition in progress to enhance geological model
  5. Low Cost
    • Rietfontein is a high grade, potential low cost asset (2.6Mt at 11g/t)
    • Rietfontein Mine NPV of US$166m with C1 cash cost estimate of

Experienced team, strong in‐country presence
Stonewall has a development team in place that will take the company to production

Robert Thomson (Australia)
Managing Director Stonewall Resources, MD Stonewall Mining and Director of TGME and Sabie BEE compliant companies
35+ years Mining Engineer & Director. Development/Operations as CEO/Exec Director/Project Manager in 8 gold and base metal projects progressed through exploration, BFS , approvals, financing, construction and delivery to operations. Commenced career in underground gold mining in Southern Africa. Successful Project Director/GM – Chatree and Sepon Stage 1, 125,000+ ozpa goldmines. 

George Jenkins (South Africa)
Chief Executive Officer and Director Stonewall Mining, and Director of TGME and Sabie (BEE compliant) companies
26 Years Mining Industry Experience. 22 Years Extraction Metallurgist. 19 Years in various hands‐on management and executive roles in South Africa and Australia. 

Chin Haw Lim (Australia)
Chief Financial Officer
Chartered Accountant with many years mining industry experience. Has worked in various ASX‐listed companies as CFO/Financial Controller and Company Secretary in areas of financing, development and operation. 

Johan Fourie (South Africa)
Environmental & Strategic Planning Stonewall Mining
40 years of mining industry experience. Has managed the successful completion of approvals for the Stonewall redevelopment plans. 

Hanlie Grobler (South Africa)
Finance & Administration Stonewall Mining
30 years Financial Management experience including 7 years as CFO and Financial Director of Multi National as well as 7 years mining. 

Elane Botha (South Africa)
Legal, Environmental Compliance Stonewall Mining
Qualifications in Law and Environmental Management, over 14 years experience and joined SWJ in 2013 and works with Johan on permitting. 

Consultants (South Africa)
Minxcon, Bara, Adrian Singh & Robbie Murray
Group Resource Geologists, Group Mining Engineers, Group Metallurgical Consultants respectively

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