- Theta Gold Mines (TGM) has dropped an initial maiden mining reserve for its flagship South African-based gold project
- The company’s total global mining reserve, including both underground and open pit, has also been declared at 580,000 ounces at 3.89g/t gold
- The estimate follows a pre-feasibility study at Theta’s Beta, Frankfort and CDM mines, which are part of the company’s wider TGME Underground Project
- Meanwhile, TGM’s global mineral resource for the South African project remains at over six million ounces (Moz) of gold
- Theta also has 3.5 Moz of underground inferred resources available for conversion, a portion of which could potentially be converted to mining reserves
- Shares in Theta Gold Mines have come out of a trading halt and are trading at 25.5 cents per share
Theta Gold Mines (TGM) has dropped an initial maiden mining reserve for its flagship South African-based gold project.
The exploration company has posted an initial underground mining reserve of 419,000 ounces at 5.49g/t gold.
TGM’s total global mining reserve, which includes both underground and open pit, has also been declared at 580,000 ounces at 3.89g/t gold.
The new reserves follow a pre-feasibility study being carried out at Theta’s Beta, Frankfort and CDM mines.
These mines all form part of the company’s wider TGME Underground Project.
Meanwhile, Theta’s global mineral resource for the South African project remains at over six million ounces (Moz) of gold.
This includes 4.5 Moz underground and 1.3 Moz open pit resources and 174,000 ounces of tailings & rock dump.
Additionally, the company has 3.5 Moz of underground inferred resources available for conversion into measured and indicated resources, a portion of which could be converted to mining reserve.
“We have shown in a very short period that we can deliver an initial ore reserve, with high grades achieved,” Chairman Bill Guy commented.
“As we go forward with the underground mine development, the life of mine can be extended as more inferred resources are converted into mine reserve as part of the underground development work,” he said.
“Later this year, a Rietfontein scoping study will be upgraded to PFS, allowing for another round of mining reserve upgrade. We are very excited about the potential to follow up these results with future reserve conversions,” he added.
Shares in Theta Gold Mines have come out of a trading halt following this announcement and are trading at 25.5 cents per share at 11:03 am AEST.