Theta Gold Mines Ltd (ASX:TGM) has started development work to ensure the TGME Underground Gold Project is safe for trial mining and underground sampling.
Located in the renowned Eastern Transvaal Gold Fields of South Africa near the historical gold mining town of Pilgrim’s Rest, the historic Frankfort mines’ once robust infrastructure is being upgraded to meet safety standards.
The mine site team is also fully vaccinated (99%) following TGM’s initiative to vaccinate employees within the mine itself. The safety protocol system has been installed for mine compliance.
Preparing for trial mining
“It’s great to see the team hard at work at the old Frankfort mine, beginning to prepare for trial mining,” Theta chairman Bill Guy said.
“The mine safety work will be done at a number of access points to give the ability to sample the Beta south reef as well.
"Now that our team is vaccinated and working underground, shareholders can expect strong news flow in the months ahead.”
SPP finalises funding package
Following the completion of TGM’s SPP on September 23 and Extraordinary General Meeting on September 27, 2021, the company received a total of $1.73 million in funding and commitments from 2Invest AG and existing shareholders, combining a secured bond, three-stage equity funding and SPP for just over $10 million in total funds.
Share and option issues are scheduled to be completed this week.
DFS expected Q2 2022
A work program designed to upgrade maiden underground pre-feasibility studies to a definitive feasibility study was undertaken last month and is expected to be completed for the Beta, Frankfort, CDM and Rietfontein underground mines in the second quarter of 2022.