Source: Theta Gold Mines [Twitter]
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Theta Gold Mines (TGM) has completed trial mining at Frankfort, located within the TGME gold project
  • Theta commenced the trial mining project in September 2021 and focused on rock engineering and mine support systems, drilling, and blasting technics
  • Notably, this project also supports the current definitive feasibility study being prepared by Minxcon for the first quarter of 2022
  • On the market today, Theta is in the grey and trading at 18 cents per share

Theta Gold Mines (TGM) has completed trial mining at Frankfort, located within the TGME gold project.

The Beta, Frankfort and CDM mines are collectively referred to as the company’s TGME underground project.

Trial mining at Frankfort was completed to demonstrate that the mechanised long-hole stoping mining method was suitable to mine the narrow gold reef system.

Theta commenced the trial mining project in September 2021 and focused on rock engineering and mine support systems, drilling, and blasting technics as well as cleaning of broken ore.

Notably, this project also supports the current definitive feasibility study being prepared by Minxcon for the first quarter of 2022.

A total of 34 horizontal blast holes were drilled at various lengths across the span of the trial mining block.

Theta Chairman Bill Guy labelled the trial a major milestone and a critical de-risking event.

“Successful trial mining at TGME is a critical de-risking event and major milestone for Theta as it confirms that long hole mechanised mining methods can effectively mine these large tabular shallow dipping narrow gold reef systems,” Mr Guy said.

“The reef varies greatly in thickness from 0.24 metres to 6 metres. The ability to mine at 0.6 metres or narrower means reduced dilution and delivery of a higher ore grade to the plant.”

“The next two quarters will deliver exciting news as the Rietfontein PFS, TGME underground DFS together with an updated JORC (2012) Resource Statement will be completed.

“Underground sampling, bulk gravity gold sampling and further metallurgical test work continues throughout Christmas and New Year into 2022.”

On the market today, Theta was in the grey and trading at 18 cents per share.

More From The Market Herald
Limeade (ASX:LME) - CEO, Henry Albrecht

" Limeade (ASX:LME) maintains FY21 financial guidance in quarterly report

Limeade (ASX:LME) has maintained its FY21 revenue guidance of $50 million to $53 million, but posted…
Sihayo Gold (ASX:SIH) - Executive Chairman, Colin Moorhead

" Sihayo Gold (ASX:SIH) secures further interim funding

Sihayo Gold (ASX:SIH) has secured interim funding from its shareholder, PT Saratoga Investama Sedaya Tbk.

" Alchemy Resources (ASX:ALY) commences aircore drilling at Karonie

Aircore drilling is underway at Alchemy Resources' (ASX:ALY) Karonie gold project 110 kilometres east of Kalgoorlie,…
Little Green Pharma (ASX:LGP) - Managing Director, Fleta Solomon

" Little Green Pharma (ASX:LGP) seeks to expand to Greece

Little Green Pharma (ASX:LGP) seeks to expand to Greece