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STONEWALL RESOURCES LIMITED

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RESOURCE DRILLING CONTINUES AT THETA HILL

ASX Announcement 18 June 2018


HIGHLIGHTS 

  • Two diamond rigs continue to delineate resources at Theta Hill, with continuation of encouraging results and new assays on the Lower Theta Reef including 9.3 g/t Au over 0.9m in DDBH63 from 18.6 to 19.5 m; 4.9 g/t over 2m in DG4LT11 from 32 to 34m; 5.3g/t Au over 1m from 6m and 3.3 g/t over 4m in DG4LT12 from 26 to 30m; 4.3g/t over 1m in DG4LT15 from 40 to 41m and 6.5g/t over 3m in DG4LT9 from 39 to 42m 
  • RC rig recently redeployed to accelerate the drilling program, aiming to delineate Indicated Resources (JORC 2012) and ultimately reserves to underpin funding of CIL plant refurbishment 
  • Additional positive trench results at DG4, and over 500 samples at the lab with further assays pending in coming weeks 
  • Following the JORC (2012) resource upgrade on the 1 May 20181 a further resource upgrade is due following completion of the current work program at Theta Hill, currently scheduled for mid‐July.

SUMMARY 

Continued encouragement from the drilling at Theta Hill, and support from our new cornerstone shareholder through the recent A$5m funding announced on 4 May 2018, Stonewall Resources (ASX: SWJ, SWJO) (‘The Company’) recently mobilised a third drilling rig (RC) at Theta Hill to complement recent work to delineate a maiden open‐cut resource in the DG4 area.

The follow‐up resource delineation diamond drilling at Theta Hill has continued to indicate positive results, with a 0.9m @ 9.28 g/t Au being intersected on the Lower Theta Reef in DDBH63 and other results which should aid the resource delineation program.

At DG4, RC infill drilling has yielded 1.0m @ 5.0 g/t Au on the Lower Theta horizon (DG4LT16) from 27m to 28m; 2.0m @ 4.9 g/t Au in DG4LT11 from 32 to 34m; 4m @ 3.3 g/t Au in DG4LT12 from 26 to 30m; 1m @ 4.3g/t Au in DG4LT15 from 40 to 41m; and 3m @ 6.5g/t Au in DG4LT9 from 39 to 42m.

The follow‐on drilling and trenching at DG4 is encouraging, with broad shallow widths of low‐grade gold mineralisation on the Bevett’s Reef horizon encountered which indicate a surficial orebody of reasonable scale which can potentially provide early feed to the CIL plant once reserves are established and the plant refurbished and upgraded.

Managing Director, Rob Thomson comments “The reintroduction of the RC rig with certain modifications is assisting penetration to Lower Theta target depths in the difficult ground conditions.  The drilling continues to deliver positive grades and confirms the thesis of shallow, widespread gold mineralisation at this location, right next to the processing plant. The recent focus on the DG’s, particularly DG4, should add to the ultimate ounces which form part of the Mineral Inventory we are currently targeting to underpin a resumption of gold production at the project as soon as possible”

Additional assays have been received from Diamond drilling at Theta North, and RC drilling and trenching work is being undertaken at DG4 (Figure 1).

Click here to view the full announcement 




EXPLORATION UPDATE

ASX Announcement 22 May 2018 

HIGHLIGHTS 

  • The third drilling rig (RC‐rig) has commenced drilling at Theta Hill, as we push towards resource estimation. Additional assays from drilling are pending. 
  • Dewatering continues at Rietfontein, now below the hanging wall of 4 level adit. 
  • Stonewall Resources (ASX: SWJ, SWJO) announces sponsorship of the South African Gold Panning Championships, to be held on 2‐6 October, 2018 at Pilgrim’s Rest (within the Company’s TGME project area). This makes it the first time Stonewall has participated in this major annual competition.

SUMMARY 

  • Work continues towards re‐starting commercial production at Pilgrim’s Rest with 3 drilling rigs currently working at Theta Hill and nearby areas. 
  • Over 700 participants are expected to compete at the South African National Gold Panning Championships, at Pilgrim’s Rest in October, with a range of prizes on offer, including a return trip to participate in the Global Gold Panning Championships in Finland in August, 2019.
  • Pilgrim’s Rest was the site of the first official gold rush in South Africa in 1873. 
  • The company continues to provide support to the local school and has recently completed renovations and repairs to the school.

Pilgrim’s Rest is considered to be the location of the first official gold rush in South Africa in 1873. At one point over 1,500 panners descended on Pilgrim’s Rest before the hard‐rock reefs were discovered, leading to underground exploitation.

Stonewall is proud to provide sponsorship to the annual South African Gold Panning Championships, which continue to attract hundreds of competitors and spectators providing a welcome boost to tourism in the area.  

This is the 21st year of the annual completion, hosted on Stonewall’s mining leases at TGME.

Those interested in finding out more information about the panning competition can email Sherry Goodwin at [email protected] who will then email applications and entry forms for completion.

The annual event is hosted and supported by a number of key stakeholders, including: 

  • The South African Gold Panning Association (SAGPA) 
  • Dept. Culture, Sport and Recreation   
  • Dept. Public Works, Roads and Transport  
  • Thaba Chweu Local Municipality 
  • Other Government institutions ‐ DEDET, MTPA, SAPS & EMS.   
  • Pilgrim’s Rest Community Stakeholders  ‐  Ward Committee, Business Chamber, and local community.  

We look forward to the event, and working with the key stakeholders in the area, with whom we are currently working with as we progress towards re‐commencement of commercial gold production at Pilgrim’s Rest.

Click here to view the full announcement 

126g/t Au from drilling at Theta Hill

ASX Announcement 10 May 2018


HIGHLIGHTS 

  • Two diamond rigs continue to delineate resources at Theta Hill, with continuation of encouraging results and new high grade assays including 1m @ 126g/t Au in the Bevetts Reef (From 33m, DDBH21) and 1.0m @ 17.9g/t Au in lower Theta (From 10m, RCBH66)
  • Additional positive trench results at DG4, with 38m @ 1.28g/t Au (including 18m @ 1.69g/t Au) in Trench E 
  • RC rig arrives back on site this week to accelerate the drilling program towards Indicated Resources (JORC 2012) and ultimately reserves to underpin funding for recommencement of gold production 
  • Recent A$5m funding package to expedite progress towards maiden reserves and feasibility work1 
  • Following the resource upgrade announced on the 1 May, 2018 a further upgrade is due following completion of the current work program at Theta Hill.

SUMMARY 

Following continued encouragement from the drilling at Theta Hill, and support from our new cornerstone shareholder through the recent A$5m funding1 , Stonewall Resources (ASX: SWJ, SWJO) ‘Company’ is expecting a third drilling rig (RC) to arrive at Theta Hill to complement recent work to delineate a maiden open-cut resource.

The follow-up diamond drilling at Theta Hill has continued to deliver impressive results, with 1.0m @ 126g/t Au (from 33.1m) and 0.43m @ 9.15 g/t Au (from 34.9m) or 2m @ 70g/t Au, intersected on the Bevetts Reef in DDBH21. DDBH21 also yielded 2m @ 5.3g/t Au on the Lower Theta Reef horizon (from 49.1m), and an assay from the previous RC program yielded 1.0m @ 17.9g/t Au from 10m also in the Lower Theta Reef (RCBH66).

The recent drilling and trenching at DG4 is encouraging, with broad shallow widths of low-grade gold mineralisation on the Bevetts Reef horizon encountered which indicate a surficial orebody of reasonable scale which can potentially provide early feed to the refurbished CIL plant once reserves are established and the plant upgraded.

Managing Director, Rob Thomson commented “The resource evaluation work at Theta Hill, whilst being challenging due to difficult ground conditions, continues to deliver very positive grades and confirms the thesis of shallow, widespread gold mineralisation at this location. The recent focus on the DG’s, particularly DG4, should add to the ultimate ounces which form part of the mineral inventory we are currently targeting to underpin a resumption of gold production at the project as soon as possible”

Additional assays have been received from both Diamond and RC drilling at Theta North and trenching work being undertaken at DG4.

Trench E shows a continuation of broad zones of gold mineralisation with a result of 38m @ 1.28g/t Au (including 18m @ 1.69g/t Au)

This continues from previous positive results (refer to ASX release dated 23 April, 2018) including 122m @ 1.3g/t Au in Trench C (including 2m @ 14.8 g/t Au and 2m @ 11.2 g/t Au); 92m @ 0.96g/t Au (including 2m @ 7.86g/t Au) in Trench D, Trench B with 52m @ 0.9g/t Au and Trench A with 26m @ 1.05g/t Au.

A maiden resource on DG4 is pending evaluation of the data, and calculations from drilling planned during May 2018. Further work to bring DG4 into the mine plan (and declare reserves) appears warranted.

Click here to view the full announcement 

SUBSCRIPTION AGREEMENT TO RAISE A$5M

ASX Announcement 4 May 2018 

Stonewall Resources Limited (ASX: SWJ, SWJO) advises that it has entered into a Subscription Agreement with a global investment house to raise A$5,000,000 for exploration expenditure and general working capital on the following terms and conditions 

  1. Tranche 1 share placement of $2,000,000 by the issue of 181,818,181 fully paid ordinary shares in the Company (“Shares”), in whole or in parts, at an issue price of $0.011 per share within 30 days of the Agreement; 
  2. Tranche 2 share placement of $3,000,000 to be issued at a share price equal to the 20 days VWAP (Volume Weighted Average Price) immediately before the allotment of all or part of the Tranche 2 Shares; 
  3. Tranche 2 share placement is subject to shareholder approval and is to be completed within 60 days of shareholder approval (“Completion Date”); 
  4. The investor has agreed that all Shares will be escrowed for 12 months from the Completion Date. 

A shareholders meeting, is planned to be held in June 2018, to seek shareholders’ approval for, amongst other, the Tranche 2 share placement above. 

The exploration programs will be fully funded to complete the reserve drilling at Theta Hill and Vaalhoek. Further funds will be allocated to environmental/ engineering studies. A second resource upgrade is expected in coming months when the Theta Hill drilling is completed, adding to the 5.1Moz JORC 2012 Global Resource recently released (1/05/2018, Table1). 

MD Rob Thomson said “With this very favourable placement coupled with the new multi million ounce global resource, the Company now is well positioned to complete resource/reserve drilling for Theta Hill and other surrounding opencut targets, complete feasibility studies and secure the required funding for commencement of gold production”.


Click here to view the full announcement 

Group Gold Mineral Resources increase 39% to 5.1Moz

ASX Announcement 1 May 2018 


HIGHLIGHTS 

  • An annual review of Group JORC (2012) Mineral Resources for Stonewall Resources (ASX: SWJ, SWJO) has seen a 39% increase (+1.43Moz) in total gold Mineral Resources to 5.15Moz (34.7Mt @ 4.62g/t Au, 24% Measured and Indicated, 76% Inferred) 
  • This major technical exercise has been delivered on schedule by the company’s independent geological consultants, Minxcon 
  • Driven by a 146% increase (+975koz) in Mineral Resources at Glynns‐Lydenburg (to 9.8Mt @ 5.2g/t Au for 1.64Moz, 100% inferred) and inclusion of the Vaalhoek Mineral Resource (+581koz) 1
  • This Mineral Resource excludes the focus of current drilling at Theta Hill, hence is expected to grow further once the current drilling campaign is completed and a maiden JORC (2012) Mineral Resource estimated 
  • The largest contributor to this increase in the Mineral Resource is due to the process of collating, capturing and digitising historical datasets and re‐investigating the historical mining potential through modern modelling and estimation techniques. The largest contribution is from the Vaalhoek and Glynns‐Lydenburg mines which have not had a complete Mineral Resource estimated until now 
  • The focus is now on upgrading Inferred Mineral Resources to the Indicated category, ahead of planned Mineral Reserves declaration under JORC 2012

SUMMARY 

Following the comprehensive review of historical information initiated in 2017, SWJ in conjunction with geological consultants Minxcon, have established a new digital data‐set which has enabled a substantial upgrade of Mineral Resources to over 5.0Moz. This Mineral Resource is expected to continue to grow, with further reviews of other mines within the Company’s portfolio, as well as current drilling ongoing with up to 3 rigs at Theta Hill and neighbouring areas. 

Thousands of data‐points including drilling data, underground face sampling and other data has been incorporated into the database, the result of staff and consultant dedication over the last year or more. 

Managing Director, Rob Thomson comments “We are very pleased with the progress made over the last year in re‐evaluating all of the historical data accumulated through over 130 years of mining in the vicinity of the TGME project. We thank our independent geologists Minxcon of South Africa for completing this work on schedule for the end of April, 2018. This latest Mineral Resource upgrade has added a further 1.43Moz to our Mineral Resource base, with numerous targets identified for follow‐up drilling and evaluation for additional Project Bentley open‐cut targets as well as new underground opportunities. We expect this Mineral Resource to grow further in coming weeks with the inclusion of maiden Mineral Resources at the high grade Theta Hill open cut and we continue to progress towards our goal of restarting gold production at the earliest opportunity”

Data Processing & Review 

The last group Mineral Resource of 26.66Mt @ 4.34g/t Au (3.72Moz) was published in March, 2017. This consisted of the June 2014 Mineral Resource, with the additions of Rietfontein and Beta upgrades. The April, 2018 Mineral Resource was based on a total review of the historical Mineral Resources, excluding Theta Hill, where drilling is continuing. A summary is shown below:

Click here to view the full announcement 

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