Theta Gold: Starting Underground Mine Development Work and Funding Update
HIGHLIGHTS
- South Africa mine site team making safe several access points for the sampling program and trial mining.
- Mine site team now fully vaccinated against COVID 19
- Safety protocol system installed for mine compliance
- SPP, SPP shortfalls and 2Invest AG funding to be completed this week
Figure 1: Team installing new supports and marking out Frankfort Mine in preparation for Trial mining
Video 1: Click Here for Twitter post of short video of Frankfort underground new support work.
Overview
Theta Gold Mines Limited (“Theta Gold” or “Company”) (ASX: TGM | OTC: TGMGF | FSE: 3LM) is pleased to provide an update on the development work at the TGME Underground Gold Project.
The team has begun underground mine development work to make the mine safe for trial mining and underground sampling. The South African mine site team has also now been fully vaccinated against COVID 19 and is hard at work.
Figure 2: Gold reefs being Mark up to for trial mining
Figure 3: Underground safety station briefing
Making Safe
A rock engineer was engaged to give input with regards to the support design and the integrity of the existing support units in the underground workings and the main roadway into the Frankfort Mine. Support units that were found to be damaged or structurally compromised are currently in the process of being removed and replaced. Areas were identified in the main roadway, specifically at intersections where the span was found to be excessive and would require additional support in the form of interlocking packs. The support design recommended by the rock engineer will be used to support the area before the commencement of rock drilling activities.
Additional personnel that will be utilised for the duration of the trial mining was sourced from the community in Pilgrim’s Rest. Over and above the mandatory medical screening, individuals were required to provide proof of vaccination for Covid-19. The individuals were then put through the mine’s recruitment process which includes initial training covering the Company’s policies, the Mine Health and Safety Act and its requirements, basic strata control and general hygiene and environmental training.
In support of the Government’s COVID-19 vaccination roll-out, the Company arranged for employees to get vaccinated at the mine (see Figure 4). The employees embraced this initiative with 99% of all employees now vaccinated.
Figure 4: Workers at the TGME plant & mines receiving Covid-19 vaccinations
Commenting on the recent work, Theta Chairman Mr. Bill Guy said: “It’s great to see the team hard at work at the old Frankfort mine, beginning to prepare for trail mining. 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 and Funding Wrap Up
Following the completion of Share Purchase Plan (“SPP”) on 23 September and Extraordinary General Meeting held on 27 September 2021, the Company has received a total of $1.73 million funds and commitments from 2Invest AG and existing shareholders to finalise its funding package announced on 2 August 2021, combining a secured bond, a 3-stages equity funding and a SPP for a total just over $10 million. The share and option issues are scheduled to be issued this week.
This announcement was authorised for release by Theta Gold Mines Board.
For more information:
Bill Guy, Chairman
Theta Gold Mines Limited
T: + 61 2 8046 7584
Investor Relations
Australia: Ben Jarvis, Six Degrees Investor Relations: +61 (0) 431 271 538
Webpage:
https://twitter.com/ThetaGoldMines
https://www.linkedin.com/company/thetagoldmines/
ABOUT THETA GOLD MINES LIMITED
Theta Gold Mines Limited (ASX: TGM | OTC: TGMGF | FSE: 3LM) is a gold development company that holds a range of prospective gold assets in a world-renowned South African gold mining region. These assets include several surface and near-surface high-grade gold projects which provide cost advantages relative to other gold producers in the region.
Theta Gold’s core project is located next to the historical gold mining town of Pilgrim’s Rest, in Mpumalanga Province, some 370km northeast of Johannesburg by road or 95km 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 initial ore reserves.
The Company aims to build a solid production platform to over 160kozpa based primarily around shallow, open-pit or adit-entry shallow underground hard rock mining sources. Theta Gold has access to over 43 historical mines and prospect areas that can be accessed and explored, with over 6.7Moz of historical production recorded.
Theta Gold holds 100% issued capital of its South African subsidiary, Theta Gold (SA) Pty Ltd (“TGSA”). TGSA holds a 74% shareholding in both Transvaal Gold Mining Estates Limited (“TGME”) and Sabie Mines (Pty) Ltd (“Sabie Mines”). The balance of shareholding is held by Black Economic Empowerment (“BEE”) entities as part of the country’s ESG initiatives. The BEE shareholding in TGME and Sabie Mines is comprised of a combination of local community trusts, an employee trust and a strategic entrepreneurial partner.