Quarterly Activities Report
Sydney, Oct 31, 2023 AEST (ABN Newswire) - Theta Gold Mines Limited (
ASX:TGM) (3LM:FRA) (TGMGF:OTCMKTS) is pleased to report on its activities for the quarter ended 30 September 2023.
HIGHLIGHTS
- Drill, blast and mining at Frankfort Mine commenced
- Final Environmental Authorisation (EA) received for Mining Right 83 from the Department of Mineral Resource and Energy (DMRE) of South Africa (Subject to 90-day review ).
- A$5 million (US$3.3 million) Private Placement completed with strategic professional and sophisticated investors.
- The Company continues to progress the due diligence process for the A$110 million (US$70 million) non-binding Term Sheet ("TGME Stream") signed with Sprott Streaming and Royalty Corporation ("Sprott Streaming")
POST QUARTER
- Extraordinary General Meeting was held on 13 October 2023 with all 17 Resolutions Unanimously approved by shareholders.
- Annual General Meeting was announced to be held on 28 November 2023
*To view the full Quarterly Report, please visit:https://abnnewswire.net/lnk/62371755
About Theta Gold Mines Limited
Theta Gold Mines Limited (ASX:TGM) (OTCMKTS:TGMGF) 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 Mines 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 Theta Open Pit oxide gold ore. Nearby surface and underground mines and prospects are expected to be further evaluated in the future.
The Company aims to build a solid production platform to over 100Kozpa based primarily around shallow, open-cut or adit-entry hard rock mining sources. Theta Gold Mines has access to over 43 historical mines and prospect areas that can be accessed and explored, with over 6.7Moz of historical production recorded.
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