Theta Gold Mines Ltd (ASX:TGM) (OTCMKTS:TGMGF) (FRA:3LM) has embarked on an array of development activities at its TGME Underground Project in South Africa just months after establishing a maiden underground pre-feasibility study and initial underground mining reserve.
As it gears up to restart mining activity at TGME, which lies within the broader Pilgrims Rest Gold Field, the gold development company has progressed an active site program.
Broadly speaking, the onsite team has been busy completing gravity surveys, historical mine surveys across assets that are not yet included in current mineral resources, sampling across the Rietfontein tailings dumps and progressed other workstreams.
Looking ahead, a phase one definitive feasibility study, incorporating the underground project’s Beta, CDM and Frankfort mines, is slated for completion in the first quarter of next year. Meanwhile, the Rietfontein mine’s scoping study will be upgraded to a pre-feasibility study.
Today, Theta also announced the resignation of its company secretary and chief financial officer, with new personnel appointed to fill these positions from today.
Intensive development season
Speaking to the work across TGME, Theta chairman Bill Guy said: “The team has been busy following the release of the TGME Underground Project Pre-feasibility Study, which demonstrates that the extensive flat high-grade narrow reef systems of east Transvaal Goldfield can be mined economically, and modern mechanised mining and metallurgy can deliver strong project economics.
“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.”
“The local community and onsite team have formed a community forum to petition for the support of the permitting process. The board thanks the local community for their support.”
Development work continues
So far, the explorer has completed a gravity survey over the existing tailings dam, conducted sampling over the Rietfontein tailings dam and completed a mine survey over a historical mine south of Beta to help orient historical mine plans.
The gravity survey, which took place in May this year, is a requirement in terms of the National Standards in South Africa and is a prerequisite before any construction work can begin on the tailings dam.
Meanwhile, surface sampling at the Rietfontein mine forms part of the company’s ore reserve exploration strategy, meaning the Rietfontein tailings dam can be added to Theta’s resource table if initial drilling results are positive.
Surveys across the Beta mine’s southern portion have also helped the Theta team orient historical plans so historical stope samples can be included in any future updated resource statement if validation sampling is successful.
Theta has also prepared for construction activities at the old gold plant with a mine site clean-up.
The company has appointed Eco Elementum/Triage as engineers to oversee waste management facilities and surface water infrastructure.
Ultimately, further metallurgical optimisation work is required before Theta finalises the process design at the gold asset. As a result, the company has vowed to continue metallurgical test work, with the outcomes to be reported in due course.
Finally, the gold development company has doubled down on community engagement by establishing community forums.
So far, community and political leadership have agreed to constitute a stakeholder engagement forum with management to lobby local government on expediting licencing and balancing regional conservation objectives with economic development.
In addition, a meeting has been held with the Department of Mineral Resources & Energy leadership team to provide an update on the development strategy and appeal for reducing regulatory timelines.
Theta has also upgraded its site operation’s safety management systems and continued bio, surface and groundwater monitoring at the site.
Executive changes
In tandem with today’s development update, Theta has announced company secretary and chief financial officer Chin Haw Lim’s retirement.
Heath Roberts will step into the company secretary role while Phillip Rankin has been appointed acting chief financial officer, effective today.
Roberts is a Sydney-based solicitor who has worked as a company secretary or director across a suite of ASX-listed entities for more than 25 years.
Rankin, also located in Sydney, is a practising accountant with extensive experience as a chief financial officer in mining and mining-services operations. Previously, he was chief financial officer of an ASX-listed gold miner and has held directorships in other ASX listed entities.
Speaking to the executive changes, chairman Guy said: “The board extends our sincere thanks to Mr Lim for his service and guidance over the past four years and wishes him well in retirement.
“I would also like to take this opportunity to welcome Mr Roberts and Mr Rankin to the Theta Gold team. As the project development accelerates, things are going to get a lot busier on both the corporate and operational fronts.”