Quarterly Activities Report
DURING THE QUARTER - Q1 Calendar Year Ended 2022:
- Significant progress made to advance the TGME Underground Definitive Feasibility Study (DFS)
- High grade ore sweeped from newly discovered historical mines and update on new plant construction & removal of the old plant
- TGME underground project permitting progress update:
o Negotiation progressed with the Ministry of Forestry, Fisheries and Environment (DFFE) for continued mining under the declared Forest Nature Reserve
o Environmental scoping report for TGME underground project submitted for public review
- TGM's Off-Market Takeover Offer Bid for Focus Minerals Limited "FML") lapsed during the quarter and the Company currently hold approximately 2.83% of FML shares
POST QUARTER UPDATE:
- Final Scoping Report submitted with the South African Department of Mineral Resources and Energy ('DMRE') on 12 April 2022.
Theta Chairman Mr Bill Guy stated: "The TGME Underground Definitive Feasibility Study remain on time with an expected completion in Q2 - this will be a significant milestone achievement for the Company. The study includes the completion of metallurgical test work and rock engineering modelling and now incorporates the Rietfontein mine alongside the Beta, CDM and Frankfurt mines. The TGME Underground Gold Project is expected to have an early stage Life of Mine of approximately 10 years."
*To view the full quarterly report, please visit:
About Theta Gold Mines Limited
Theta Gold Mines Limited (ASX:TGM) (OTCMKTS:TGMGF) is a gold development company that holds a range of prospective gold assets in a world-renowned South African gold mining region. These assets include several surface and near-surface high-grade gold projects which provide cost advantages relative to other gold producers in the region.
Theta Gold Mines core project is located next to the historical gold mining town of Pilgrim's Rest, in Mpumalanga Province, some 370km northeast of Johannesburg by road or 95km north of Nelspruit (Capital City of Mpumalanga Province). Following small scale production from 2011-2015, the Company is currently focussing on the construction of a new gold processing plant within its approved footprint at the TGME plant, and for the processing of the Theta Open Pit oxide gold ore. Nearby surface and underground mines and prospects are expected to be further evaluated in the future.
The Company aims to build a solid production platform to over 100Kozpa based primarily around shallow, open-cut or adit-entry hard rock mining sources. Theta Gold Mines has access to over 43 historical mines and prospect areas that can be accessed and explored, with over 6.7Moz of historical production recorded.
Theta Gold Mines Limited