Name of the Project
Theta opencut gold project.

Location
Mpumalanga, South Africa.

Project Owner/s
Theta Gold Mines.

Project Description
The project has probable reserves of 2.31-million tonnes grading 2.76 g/t gold. Total mineral resources are estimated at 44.79-million tonnes grading 4.18 g/t gold.

The project includes the Columbia Hill deposit and part of the Theta Hill deposit within Mining Right 83, which is fully authorised for underground mining, with a modification to include openpit mining in progress.

Modified terrace mining has been selected as the mining method and is suited to the mountainous profile of the topography.

The May 2019 feasibility study envisaged a new carbon-in-leach plant, based on about 500 000 t/y of ore, with throughput being restricted by the existing tailings storage facility capacity of 2.5-million tonnes. However, a plant optimisation study completed in January 2020 found that the throughput capacity at the plant could increase from the originally anticipated 500 000 t/y to 600 000 t/y at minimal costs. The increased design parameters incorporate the newly bought 2.5 MW ball mill.

The mine is expected to produce 200 905 oz of gold over the five-year life-of-mine.

Once the mine is in production, a new tailings storage facility will need to be planned and built.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a post-tax net present value, at a 5% discount rate, of $49.6-million and an internal rate of return of 65.1%, with a payback of 1.2 years from the start of production.

Capital Expenditure
The feasibility study has indicated a total capital requirement of $34.26-million.

Planned Start/End Date
The project will take about nine months to construct after the necessary approvals have been received.

Latest Developments
Theta has noted that the 20% increase in the new plant design proposed in the January 2020 optimisation study will be achieved with less than a 1% change to the processing plant capital of $24.85-million, estimated in the feasibility study.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Too early to state.

Contact Details for Project Information
Theta Gold Mines, tel +61 2 8912 2126 or email info@thetagoldmines.com.