Australian miner Stonewall Resources Limited (SWJ) says the intersection of maiden high-grade open-cut gold resource indicates high potential for multiple open-cut mines at its Vaalhoek Mine in South Africa.
In a statement issued on March 9, the company said the target yielded a maiden open-cut resource of 0.62 m tonnes at 16.9 grams per tonne of gold for 335 000 ounces.
The newly discovered underground mineralisation value has since been included in the overall Vaalhoek resource target of 2.68 million tonnes, at 5.3 grams per tonne of gold for 457 000 ounces.
Company managing director Rob Thomson said the current work plan is focused on expanding the Vaalhoek resource portfolio before the resumption of mining operations.
“This maiden, high-grade open-cut resource demonstrates the potential for multiple open cut mines in the area.
With an additional open resource expected within the coming weeks from the Theta Hill drilling currently underway, the company is starting to build towards multiple high-grade, low capital intensity open-cut deposits. We plan to be in a position to begin plant refurbishment and submit mine plans in 2018,” he said.
Prior underground mining at Vaalhoek Mine was done between 1910 and 1956, and extracted 1.3 million tonnes of gold with an estimated head grade of 11.7 grams per tonne for 473 000 ounces.