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Corporate Spotlight

SWJ most recent resource upgrade shows 5.1moz of gold at grades as high as 126g/tonne and current drilling aims to increase the resource even more, and to establish maiden reserves. Stonewall has identified promising high grade deposits suitable for open-cut mining to initiate low-cost production.
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Stonewall Resources excited by open cut potential

INVESTOR PRESENTATION

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HIGH GRADE GOLD

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HIGH GRADE GOLD ASSAYS AT COLUMBIA HILL

ASX Announcement 4 March 2019 


Theta Gold Mines Limited (“Theta Gold” or “Company”) (ASX: TGM, TGMO) is pleased to announce that the recent drilling programs have delivered strong and consistent thick gold reef intersections at Columbia Hill.  Due to this success, the Columbia Hill drilling campaign has been extended into March 2019.  


The Company is continuing to make good progress with ongoing open pit Indicated resource classification drilling.  The Company will issue a revised resource and reserve statement together with the Theta Project Feasibility Study results in early second quarter 2019.


The Company is pleased to report there was a high level of activity at the project during February 2019, with drilling at Columbia Hill progressing Indicated resource delineation.    The Feasibility Study work during Q1 2019 continued, including site visits from contractors and engineering groups to ensure independence and to support the costing for financial models.


HIGHLIGHTS   

  • The second phase of RC drilling at Columbia Hill has been extended into March 2019.   High grade assays have been returned to date from the Q1 2019 drilling program, with results up to 13.5g/t Au across good widths. 
  • At Columbia Hill, follow‐up Phase 2 intersections have confirmed more high grade shallow gold intersections on the Bevetts and Rho reefs, with notable results including: 
    • 3m @ 5.05 g/t Au from 57m, incl 1m @ 10.40 g/t Au (RCBHI 48, Rho Reef) 
    • 6m @ 2.11 g/t Au from 38m (RCBHI 63, Bevetts) and 1m @ 10.40 g/t Au from 51m (Rho Reef) 
    • 3m @ 4.82 g/t Au from 33m, incl 1m @ 12.60 g/t Au (RCBHI 64, Rho Reef) 
    • 4m @ 1.72g/t Au from 25m, incl 1m @ 4.56g/t Au (RCBHI 66 Bevetts) 
    • 1m @ 3.36 g/t Au from 42m (RCBHI 70, Shale Reef) and 7m @2.75g/t Au from 78m, incl 4m @ 4.00 g/t Au (Rho Reef) 
    • 1m @ 4.19 g/t Au from 23m (RCBHI 75, Rho Reef) 
    • 3m @ 7.24 g/t Au from 42m (RCBHI 82, Rho Reef) and 2m @ 13.52 g/t Au from 60m Upper Theta Reef) 
  • Columbia Hill included in Feasibility Study and Mining Reserve estimation.


Chairman, Bill Guy commented: “The drilling program at Columbia Hill continues to give positive results, and the deposit is being incorporated into the Feasibility Study for the start up mining operation. The geological modelling and mineral resource estimation work is well advanced, and we are looking forward to the inclusion of a further open pit to the mine development strategy and releasing a maiden resource soon.


As part of the Feasibility Study, the TGM Board has now developed clear  timelines and work schedules to bring the TGME plant back into production. Engineering and environmental studies to support the permitting process for open cut development are also well advanced.” Mr Guy said.   


SUMMARY 

To date, in Q1 2019, the Company has drilled 39 RC boreholes for 2,302m.  The team in country continues to use two reverse circulation (RC) drill rigs that have continued into the New Year with Columbia Hill being the focus.  


Columbia Hill Reverse Circulation Drilling   

Both the RC rigs have been progressing investigations on satellite opencast targets on MR83, and are currently focussed on completing Phase 2 at Columbia Hill Mine (see Figures 1 and 2).  To date Q1 2019 a further 39 RC boreholes totaling 2,302 m have been completed at Columbia Hill.  This follows on from previous drilling during Q4 2018 that had encouraging Rho Reef intersections. 


At Columbia Hill (Figure 2), the Iota (Rho Reef) underground workings are located on the eastern extension and the current RC drilling is targeting ground peripheral to these zones.  Since an initial phase in December 2017, a total of 99 RC boreholes have been completed for 5,819m (2017‐2019).  The target mineralisation zones embrace the Bevetts thrust and Lense style reefs plus the underlying Rho Reef (Figures 3 & 4 Columbia Hill cross‐section).


Figure 2: February 24th 2019 distribution of RC drilling at Columbia Hill (Iota Mine workings) 

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