Embed Size (px)
Citation preview
1
4May2017AustralianSecuritiesExchangeLevel5,20BridgeStreetSYDNEYNSW2000
ASXANNOUNCEMENT
ProjectUpdate
Summary:
• Rietfontein Pre Feasibility Study (PFS) work underway including plant engineering anddesigningofthemetallurgicalworkprogramme
• ResourcedefinitiondrillingtocommenceincomingweeksatRietfontein(2.55Mt@11g/tAuJORC)
• Advanceddrillingcontractornegotiations
• Finalising contractor agreements to commence work on opening the Southern Adit (highgradesections)atRietfontein
• ScopingstudyontheBetamine([email protected]/tAuJORC)underway
Stonewall Resources Ltd (ASX: SWJ) (“Stonewall”) is pleased toupdate shareholders on funding, theRietfonteinPFSanddrillingprogramandscopingstudyforBetaMine.
InitialRietfonteinPFSworkisorientatedtowardspotentialrapidcommencementofminingoperationsandprocessing at the TGMEplant given that these are fully permitted. The initialwork is a targeteddrilling campaign designed to increase confidence levels of the JORC resource. At the same time,detailedmetallurgicalworkwillbeundertaken.Discussionwithgeologicalandengineeringconsultants,contractorsandworkplansareunderwayinordertocommencethisdrilling.Simultaneously,Stonewallwillre-opentheshallow,adit-entryaswellascommenceworkonthenewSouthernadittoaccessthehighgradesectionsatRietfonteinundergroundmine.
The Beta scoping study work is well underway. It has being undertaken to establish the potentialsynergies of developing TGME in a twophase and twominedevelopment approachwithRietfonteinbeingtheleadminedevelopment.Aspreviouslyannouncedit istheintentionofStonewalltodevelopstaged operations targeting 100,000+ ozpa. Work required to enable gold production includesupgrading the TGME processing plant, refurbishment and expanding of underground adit access toenabletruckingoforetosurface,andestablishmentofappropriatepower,ventilationandassociatedinfrastructureatthesites.
Rietfontein contains a JORC resource of 2.55Mt @ 11g/t for 905Koz (Indicated & Inferred). [email protected]/tfor1.00Moz(48%Indicated&52%Inferred).
SWJcompanystrategy is to initially focuson low-cost,high-gradeorewhichcanbeproducedathighmargin. The company has a large resource base (26.6Mt @ 4.3g/t Au for 3.72Moz JORC), which is
For
per
sona
l use
onl
y
2
growing rapidly with the analysis and review of historical information through modern technicalevaluation,including3Dmodellingwhichisongoing.
Workisunderwaytoexamineotherareasintheportfolio,whichfitthestrategyandcriteriaandcanbebrought into production in a short timeframe (within two-three years). We expect to make furtherannouncementsregardingactivitiesandforwardplansincomingmonths,commencingwiththereleaseofthescopingstudyintotheBetaMine(adjacenttotheTGMEplant)incomingweeks.
Figure1:PartofTGMEplantpicture
Figure2:Resourcedrillingtobefocusedinitiallyonareasofhighergradetothesouthoftheproject
200m
ScaleHighGradeTargets
3,000m
For
per
sona
l use
onl
y
3
Figure3:Betagrademodeloverchannelwidthwithundergrounddevelopment
ABOUTSTONEWALLRESOURCESLIMITED
StonewallResourcesLimited(ASX:SWJ)isagoldminingcompanythatholdsarangeofprospectivegoldassetsinaworld-renownedSouthAfricangoldminingregion.Theseassetsincludeseveralsurfaceandnear-surfacehigh-gradegoldprojects,providecostadvantagesrelativetoothergoldproducers intheregion.
Historicalproductionisapproximately7MozandwithaJORCresourceapproaching4Mozthisunderpinsthecompanystrategy.Stonewallhasaccesstoover43historicalminesandprospectareasthatcanbeaccessedandexplored
SWJ’s core project is TGME, located next to the historical gold mining town of Pilgrims Rest, inMpumalangaProvince,some370kmeastofJohannesburgbyroador95kmnorthofNelspruit(CapitalCityofMpumalangaProvince).
Following commercial production from hard rock ore in 2013 and low grade tailings and PMR ( PreMinedResidue ) resourcesat theTGMEplant in2015, theplantandassociated tailings facilityare ingood standing as it remains connected to the national electricity grid. The Company plans to fullrefurbish andupgrade theplant to increase capacity andproduction efficiency. The TGME site is thebase for our South African team. The Company is currently focussing on the refurbishment of theexisting CIL plant and nearby mines with the intention of resuming gold production in 2018. TheCompanyaimstobuildasolidproductionplatformtoover100kozpabasedprimarilyaroundshallow,adit-entryhardrockminingsources.
.
Formoreinformationpleasevisit:www.stonewallresources.com
Scale
200m
For
per
sona
l use
onl
y
4
Forfurtherinformationpleasecontact: GeneralEnquiries InvestorEnquiriesRobThomson,ManagingDirector RichieYang,DirectorStonewallResourcesLimited or StonewallResourcesLimitedM:+61414324960 M:+61404831804E:[email protected] E:[email protected]
For
per
sona
l use
onl
y
