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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


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ASX Announcement 29 November 2018


  • At Theta Hill the drilling continues towards delineating additional Indicated mineral resources, following the completion of a maiden mineral resource estimate1 and a positive Scoping study2 on the Theta Hill open‐cut mining potential.

Notable intersections at Theta Hill recently received include:

  • 3m @ 3.6g/t Au from 10m in DG4LT26 
  • 3m @ 19.4g/t Au from 2m in DG4B15 
  • 3m @ 4.17g/t Au from 59m in RCBH98B   
  • 2m @ 12.42g/t Au from 3m in RCBH102  
  • 2m @ 3.71g/t Au from 22m in RCBH105

  • A Reverse Circulation (RC) drilling program is also completing resource delineation on other 83MR satellite opencasts targets (within 2 km of the TGME Plant) and will provide additional resources for the updated feasibility study resource estimate planned Q1 2019. 
  • At Columbia Hill Mine follow‐up intersections have confirm high grade shallow gold reefs, with notable results including:

  • 16m @ 3.27g/t Au from 43m, and   
  • 1m @ 8.76g/t Au from 76m in RCBHI12B 
  • 2m @ 4.89g/t Au from 46m, and          
  • 2m @ 3.89g/t Au from 63m in RCBHI26 
  • 3m @ 5.93g/t Au from 28m in RCBHI14 
  • 4m @ 12.53g/t Au from 35m in RCBHI15 
  • 6m @ 5.17g/t Au from 19m in RCBHI21

Chairman, Bill Guy comments “The team is pushing hard before year’s end, as work concentrates on producing Indicated resources for conversion to reserves (expected late first quarter 2019).  

Columbia Hill drilling is just to the west of the TGME Plant and has produced good gold hits and intercept widths from this program and previous drilling, confirming it has potential to add ounces into the mine schedule.    

At Theta Hill, drilling has also delineated thick high grade zones of near surface gold mineralisation. This shallow material has potential to be the first mill feed.  It is clear that the shallow oxide gold potential of the Goldfield has been demonstrated through sustained drilling. The assay results and geological data are a continuous feed into the resource models.  

In each gold cycle in Western Australia, the historical underground mines are tested and mined for shallow open cut oxide gold.  This cycle of exploration and development simply has not occurred in this part of South Africa yet”.


The Company has drilled over 2,500m since the last resource update (26 September 2018 ASX: Theta Hill Open Cut Grows JORC Resources to 5.8 Moz). The team in country continues to use two reserve circulation (RC) drill rigs, scheduled to work up to Christmas 2018.   

The team has deployed one RC drilling rig at Theta Hill and the other on Columbia Hill (Figure 1).  The drilling has been positive for both areas.   Additional assays have been received from this delineation RC drilling being undertaken at Theta Hill (Figures 2 and 3), Columbia Mine (Figure 5) and Day Mine.  Drilling continues to give positive results.  More samples are at the laboratory and assay results keenly awaited.

Theta Hill Indicated Resource Drilling 

Resource drilling at Theta Hill (Figures 2 & 3) has now evaluated Theta N Lower Theta Blocks 1A, 1B, 1C, 3 and 4a and DG4 blocks 22A, 22B, 23A, 24B, and upon which the September resource estimate was based.  A further infill program is being completed at Theta North to bring the Lower Theta (Block 7) and the Beta Reef (Blocks 6 & 10) into an Indicated resource category.

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QUARTERLY REPORT: 1 July to 30 September 2018

ASX Announcement 31 October 2018


  • Group resources increased by a further 600koz to 5.75Moz (39.15Mt @ 4.57g/t Au, 23% Measured and Indicated, 77% Inferred) 1 
  • Maiden JORC Resource declared at Theta Hill (4.48Mt @ 4.14g/t Au for 600koz) 
  • Scoping Study released for Theta Hill indicates a potential low capital, low operating cost project2 
  • Drilling continues with two RC rigs, focused on establishing reserves at Theta Hill, and on regional exploration targets 
  • Bill Guy (ex‐Jupiter Mines), experienced geologist and company director, appointed as Chairman


During the September quarter, progress on the TGME gold project continued, with a further increase in JORC (2012) resources to 5.75Moz (39.15Mt @ 4.57g/t Au1 ).    This was primarily due to the maiden resource declared at Theta Hill (4.48Mt @ 4.14g/t Au for 600koz, Indicated & Inferred).    A Scoping Study2 into the Theta Hill open‐cut gold mine development was also completed. 

This preliminary study showed the potential for annual average gold production of approximately 67kozpa for 7.6yrs (509koz recovered) with LOM All‐In Sustaining Costs (AISC) of US$569/oz and peak capital requirement of US$16m (Table 1).    This development would have a short payback time (approximately 7.4 months) and construction period (approximately 10 months).   

Within the parameters of the Scoping Study limitations (± 25‐30% accuracy) Theta Hill showed a post‐tax NPV7.5 of approximately US$152m (approximately A$214m) and IRR of 132%.

Cautionary Note: The Scoping Study results, Production Targets and Forecast Financial Information contained in this announcement are preliminary in nature as the conclusions are based on low‐level technical and economic assessments, insufficient to support the estimation of Ore Reserves or to provide assurance of an economic development case at this stage. There is a low level of geological confidence associated with Inferred Mineral Resources used in this report and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resource. The stated Production Target is based on the Company’s current expectations of future results or events and should not be relied upon by investors when making investment decisions. Investors should note that there is no certainty of funding for this project, and that any future funding obtained may be dilutive to the value of shares in SWJ, and funding is one of the key risks to project timing

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Name change Stonewall Resources to   “THETA GOLD MINES LIMITED “

ASX Announcement 29 October 2018

The Chairman of Stonewall Resources Limited (ASX: SWJ, SWJO) (“Stonewall” or “Company”) is pleased to announce that the Company is proposing to change its name to THETA GOLD MINES LIMITED.

Shareholders will be asked to approve the change of name at the 2018 Annual General Meeting to be held on 30 November 2018 and to support Stonewall’s new vision and strategies, including:   

  • The change of name to “THETA GOLD MINES LIMITED” (NEW ASX CODE:  “TGM”) 
  • 10:1 Consolidation of share capital   
  • New company constitution   
  • Short term progress Reserve drilling to support Theta Hill early years of production 
  • Long Term Pipeline Strategy (Pipeline Strategy)  to replicate Theta Hill exploration models across the goldfield (620 Km2) to define new oxide open cut resources    

The Board will be requesting as part of this process a name change to THETA GOLD MINES LIMITED (New ASX Code: “TGM”).  The Board believes a re‐branding of the Company is now in order, with the new name derived from the Company’s potential open‐cut Theta Hill Gold Project, so that shareholders and the market can take a fresh look at what the Company’s new team has achieved in the last 12 months:   

  • A positive Scoping Study for Theta Hill Open‐Cut (ASX release 15 October 2018) 
  • A Feasibility Study in progress at Theta Hill Open‐Cut (ASX release 15 October 2018)   
  • 2 Moz increase in gold mineral Resources (ASX release 26 September 2018) 
  • Over 7,000 meters of drilling (ASX release 26 September 2018) 
  • $4.9M of debt reduction, including retirement of Convertible securities (ASX releases 6 Sept and 5 October 2018) 
  • A new Board structure (ASX release 6 September 2018) 
  • Strengthening of the local South African team.  

The Board is keen to drive meaningful change into the Company at all levels, to ensure that Theta Gold Mines Limited becomes an effective exploration and development company with a culture that strives for success.  The rewards of this approach have already been partly realized with a revitalised exploration culture.  The Theta Hill drill program was the Company largest systematic drill program since incorporation.  The Theta Hill Scoping Study and exploration program showed clearly the historical mines have open cut oxide gold fundamentals.  These exploration methods can now be repeated across our entire goldfield (620KM2) (43 Historical Mines).  This will now be known as the Long Term Pipeline Strategy (Pipeline Strategy).  The Pipeline Strategy will be further outlined in the new year

The Board is recommending a 10:1 consolidation of the share capital.  The consolidation will not affect the ownership structure (if a shareholder owned 1% of the Company pre‐consolidation, you will continue to own 1% of the Company post consolidation).  The reduction in the number of shares post‐ consolidation will appeal to professional investors and support future growth and long term investment in the Company.

The new company constitution will replace the old out‐of‐date 2011 constitution.  The new constitution will be in line with current expectations of the investment community and reflects current corporate governance standards and is consistent with the Corporations Act and the ASX Listing Rules.  

The new Theta Gold Mines will turn its attention to converting part of its large 5.8Moz Mineral Resource (Appendix A) into Mining Reserves.  Drilling for indicated resource continues and is scheduled to carry through to December.  We expect that the Theta Hill Reserve declaration scheduled for late 1Q’19 will underpin the first years of production.  

The Board has looked closely at the local African team and has strengthened the local team.  New appointments have been made, with the focus on ensuring that the Theta Hill open‐cut gold mine is approved for development in a timely manner.

Funding discussions have progressed strongly after a field visit by new potential investors and the Company’s major shareholders, supported by their technical staff.  Their enthusiasm has grown following their visit of the historical mines across the goldfield.  The Board is confident of securing the required funding to complete the Theta Hill open‐cut feasibility study.

Click here to view the full announcement


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