Australia

Theta Gold Mines confirms high-grade reef system increases potential at South African project

Theta Gold Mines Ltd (ASX:TGM) has confirmed that geological fieldwork completed to date has identified a high-grade reef system which increases the potential of the companys gold tenements.

TGMs current exploration strategy is focused on near-surface oxide gold potential in both horizontal and vertical reef systems across the east Transvaal Goldfields in South Africa.

Future work is set to include detailed mapping, sampling and reverse circulation (RC) and diamond drilling to test potential deposit areas.

“Work has identified a number of new areas”

Chairman Bill Guy said: “The occurrence of high-grade gold is well documented across the 70 kilometres of tenements held by the company and this work provides further encouragement that the next stages of exploration to grow open-cut resources are warranted.

“The Mineral Systems Model developed will assist with exploration and targeting of new gold mineralisation as our understanding of the goldfield grows.

“ASTER satellite data effectively identified certain mineral alteration zones for further exploration.

“Work has identified a number of new areas and ASTER will be part of Theta Golds future regional exploration toolbox as the company looks forward to further discoveries.”

Theta Golds core project is next to the historical gold mining town of Pilgrims Rest, in Mpumalanga Province around 370 kilometres northeast of Johannesburg by road or 95 kilometres north of Nelspruit (Capital City of Mpumalanga Province).

Following small scale production from 2011 – 2015, the company is currently focussing on the construction of a new gold processing plant within its approved footprint at the TGME plant, and for the processing of the Theta Open Pit oxide gold ore.

Nearby surface and underground mines and prospects are expected to be further evaluated in the futurRead More – Source