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- Theta Gold Mines (TGM) completes a feasibility study for its Transvaal Gold Mining Estate (TGME) Underground Gold Mine Project near Johannesburg, South Africa
- The study delivered a 6.46 million tonne resource at 5.95 grams per tonne (g/t) gold for 1.24 million ounces of contained gold
- Theta says the study confirms a net present value of $432 million at US$1642 (A$2189) per ounce of gold
- Chairman Bill Guy said the study markers a “significant milestone” for Theta
- TGM ends the day 16.7 per cent in the green with shares trading at 6.3 cents
Theta Gold Mines (TGM) has completed a feasibility study for its Transvaal Gold Mining Estate (TGME) Underground Gold Mine Project near Johannesburg, South Africa.
The study delivered a 6.46 million tonne resource at 5.95 grams per tonne (g/t) gold for 1.24 million ounces of contained gold.
Theta said the study confirms a net present value of $432 million at US$1642 (A$2189) per ounce of gold.
The TGME has four mines – Beta, Frankfort, Clewer-Dukes Hill-Morgenzon and Rietfontei (phase one) – with aims to expand the project to seven mines.
Phase one of the initial 12.9 year life of mine plan at the processing rate of 540,000 tonnes per annum is expected first gold production for the second quarter of 2024.
Gold plant production is expected to produce over 100,000 ounces per annum by the third year of production.
Phase two will see the production increase to include seven mines, with an expanded processing plant to 80,000 tonnes per annum producing up to 160,000 ounces every year within five years.
Chairman Bill Guy said the study marker a “significant milestone” for Theta.
“The definitive FS has confirmed the mining method, technical aspects, and the economic viability of the 540 ktpa mining and processing operation,” he said.
“The stand-alone CIL plant is to be constructed in modules using technology that enhances the design efficiency and construction of the metallurgical plant, with the optionality to expand production capacity in the future as additional mines are
brought into production.”
“Once up to seven mines are brought into production, including Vaalhoek, Desire and Glynn’s Mines, an annual production of 160 koz/pa will make Theta one of South Africa’s most significant, mid-tier listed gold doré producing companies.”
TGM has ended the day 16.7 per cent in the green with shares trading at 6.3 cents.
