Theta Gold Mines Limited (TGM.AX) Feasibility Study Update for TGME Underground Gold Project

Theta Gold Mines Limited

Theta Gold Mines Limited (TGM.AX) Feasibility Study Update for TGME Underground Gold Project

Sydney, Australia, April 6, 2022 – (ABN Newswire) – Theta Gold Mines Limited (ASX:TGM) (HAM:3LM) (OTCMKTS:TGMGF) is pleased to provide an update on the progress made for the study of Feasibility (‘FS’) underway on the Company‘s TGME Underground (UG) project, which includes the Beta, Frankfort, CDM and Rietfontein mines.

Begun in September 2021, the Feasibility Study is now approximately 85% complete following significant progress on a number of key areas including completion of block models, mine planning, geotechnical studies, ventilation and engineering and metallurgical test work (see Table 1*) .

The feasibility study is expected to be finalized in the second quarter of 2022, which will allow the Company to progress towards financing the construction of the mine and the development of the project. After DFS, the company will continue discussions with multiple parties regarding broader CAPEX financing options. The DFS will comprise four mines and a shared metallurgical facility, designed according to multiple detailed studies and test work which are now drawing to their final conclusion.

Metallurgical test completed for Rietfontein mine

Metallurgical testwork undertaken at the Rietfontein mine resulted in an encouraging gold recovery of 89.5% from simple leaching tests (Free Milling Ore). Representative ore samples of 1.5 tonnes were taken from various points along the 3.2 km length of the ore body, with five roughly equal samples taken by channel sampling across the gold reef system.

Samples were taken from the high and low grade gold zones of the mine to obtain a representative sample. The bulk sample was sent to the “Ready Lead Assay Laboratory” for the Bottle Roll Leach Test. Testing confirming free mill ore with a head grade of 4.41 g/t and an overall ore recovery factor of 89.5%.

Rock Engineering Modeling

Rock engineering modeling has also been completed on the vertical gold reef system at Rietfontein. Modeling was undertaken to assess the optimum rock support system, indicating the size of the rib, crown and sill pillars. Results from the Rock Mechanics Laboratory revealed that a 2.5m ribbed pillar, 5.0m crown and sill pillar will be stable and conditions will be acceptable for pullout mining at Rietfontein.

Additionally, the uniaxial, tensile and compressive strength and deformation modulus of the reef and surrounding rock were tested. Both the hanging wall and the bottom wall are more capable rocks than the reef with higher uniaxial compressive strength (UCS) and elastic modulus. The implication is that the reef can be blasted without causing excessive damage to the hanging wall and wall. It also implies that correctly sized pillars will intentionally crush without damaging the host rock.

Chairman, Mr. Bill Guy said, “Completion of metallurgical testwork and rock engineering modeling brings the feasibility study closer to completion. With Rietfontein now included in the TGME DFS underground project alongside the Beta, CDM and Frankfurt mines, the council hopes to extend the life of the mine to around 10 years.

“With feasibility now in its final stage, we will continue to scale initiatives to stay on track for completion in the second quarter. I look forward to updating shareholders as initiatives are finalized. completed and milestones achieved.”

*To view tables and figures, 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 South Africa’s world-renowned gold mining region. These assets include several high-grade, near-surface and surface gold projects that offer cost advantages over other gold producers in the region.

Theta Gold Mines main project is located adjacent to the historic gold mining town of Pilgrim’s Rest in Mpumalanga Province, approximately 370 km northeast of Johannesburg by road or 95 km north of Nelspruit (capital of the province of Mpumalanga). After small-scale production from 2011 to 2015, the Company is currently focusing on the construction of a new gold processing plant within its approved footprint at the TGME plant, and for the processing of oxidized gold ore Theta Open Pit. Surface and underground mines and nearby prospects are expected to be further assessed in the future.

The company aims to build a solid production platform of more than 100 Kozpa based primarily on shallow, open-pit or gallery-entry hard rock mining sources. Theta Gold Mines has access to over 43 accessible and explorable historical mines and prospecting areas, with over 6.7 Moz of recorded historical production.


Bill Guy, President
Theta Gold Mines Limited
Phone. : + 61 2 8046 7584

Theta Gold Mines Limited

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