Theta Gold Mines (“TGM” or the “Company”) is close to executing the open cut strategy at the 74% owned high grade, low cost TGME Gold Project (“TGME” or the “Project”) as flagged in our March 2018 initiation report. The Company has made significant advances subsequent to the note, culminating in the recent completion of a robust Feasibility Study (“FS”) for the Theta Project, a starter open cut operation mining oxide material in the Theta Hill and Columbia Hill area, close to the existing plant site at Pilgrim’s Rest.
The FS envisages a five year starter operation producing ~200 koz of gold, which should provide more than ample cash flow to fund the expansion plans – these include increasing the open cut mining and milling rate to 1 mtpa targeting ~100,000 ozpa gold production, and then looking at opening up some of the numerous high grade underground opportunities within the Project, including Rietfontein and Beta, which were the subject of a previous robust Scoping Study and which is covered in our March 2018 note.
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