Theta Gold Mines has added the Rietfontein mine in South Africa to its underground definitive feasibility study following positive results from the initial pre-feasibility study (PFS).
The first PFS, which incorporated the Beta, Frankfort and CDM mines, achieved a conversion factor of 63% from resource to mining reserve in those areas.
The PFS showed strong project economics with a short payback period of 13 months from the first gold and all-in sustaining costs (AISC) of $905 per ounce (oz) at a modest gold price assumption of just $1570/oz.
“It is expected that the addition will increase the production profile and mine-life, along with further improving project economics,” said company chairperson Bill Guy.
“Rietfontein high-grade ore was successfully mined up to 1945 using the shrinkage stoping method, producing 65 000 oz of gold from 227 000 t of ore, recovering more than 8 g/t.”
He said the Rietfontein development will take place within the existing historical footprint, with minimal new surface disturbance.
The workstreams for the Rietfontein PFS were completed, except for the metallurgical test work, due to backlogs currently experienced globally within labs, said Guy.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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