Stonewall Resources (ASX:SWJ) has reported an updated JORC resource of 905,000 ounces of gold at the Rietfontein Gold project in South Africa.
This includes a measured and indicated resource of 233,000 ounces of gold grading 10.06 g/t gold and an inferred resource of 672,000 ounces of gold grading 11.40 g/t gold.
The resource was re-estimated using historical data and demonstrates the value of re-examining the old gold mines across Stonewall’s multiple tenements in South Africa.
Stonewall’s interest in South Africa includes the TGME plant along with 43 historic mines and 62,000 hectares of mining and prospecting rights.
In January, Stonewall secured $5.4 million from Lind Partners to complete the next stage of project development studies on the Rietfontein and other gold deposits in South Africa.
A scoping Study has commenced to assess the viability of re-establishing commercial gold operations at the TGME process plant using high grade ore mined initially from Rietfontein and trucked to TGME.
Stonewall is planning to drill test the depth extensions of the Rietfontein mine to both increase the resource confidence and examine the possibility for resource expansion.
The latest update has enhanced the total combined resource for Stonewall’s operations to 3.43 million ounces of gold at 3.71 g/t gold, from 2.99 million ounces of gold at 3.32 g/t gold earlier.
Stonewall’s shares were last trading about 13% higher intra-day, at $0.017.
Source: ProActive Investors Australia