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Theta Gold, Pilgrim’s Rest Project. Source: Theta Gold.
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  • Theta Gold Mines (TGM) is continuing its active site program at the TGME Underground Project as it gears up to re-commence mining
  • TGM recently released a maiden pre-feasibility study (PFS) and mining reserve for the underground projects in South Africa
  • Since then, the company says gravity surveys have been completed at the existing tailings dam and planned extension area
  • TGM also surveyed historical mines not included in the mineral resource, while preparations are underway for construction at the old gold plant
  • Company shares are trading up 4.44 per cent at 23.5 cents per share

Theta Gold Mines (TGM) is continuing its active site program at the TGME Underground Project as it gears up to re-commence mining.

The company recently released a maiden pre-feasibility study (PFS) and mining reserve for the underground projects in South Africa.

Since then, TGM said it had been focused on completing gravity surveys for the existing tailings dam as well as the planned extension area.

It explained the Rietfontein tailings dam has been sampled for gold content on a 50-metre-by-50-metre grid.

If the initial results were positive, Rietfontein could be added to the resource table, as it wasn’t included in the current resource estimate.

Additionally, TGM has surveyed the historical Beta mine, as it works to better understand the old mines in the area that weren’t included in the mineral resource.

Preparations were also getting underway for construction at the old gold plant, with engineers appointed to oversee waste and surface water management.

Finally, TGM said a community forum was being set up, environmental monitoring continuing on site and new safety systems put in place.

Theta Chairman Bill Guy said all of the work was crucial to re-commencing mine activities at TGME.

“The team has been busy following the release of the TGME Underground Project PFS which demonstrates that the extensive flat high-grade narrow reef systems of east Transvaal Goldfield can be mined economically, and modern mechanized mining and metallurgy can deliver strong project economics,” Mr Guy said.

“The team is focused on updating the safety and environmental management system which includes operational readiness workstreams that will lead the mine through the development phase into production.”

Theta Gold Mines’ shares were trading up 4.44 per cent at 23.5 cents per share at 1:58 pm AEST.

TGM by the numbers
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