Thistle boosts Steyn reserves

With development of its Golden Triangle continuing, Thistle Mining (THT-T) has reported an 18% increase in independently prepared reserve calculation at its President Steyn gold mining complex in South Africa’s Free State region.Total Reserves at the Steyn 1 shaft have grown to nearly 3.1 million tonnes grading 5.4 grams gold for 539,000 oz. of contained gold, up from 390,000 oz. in mid-August. Of the new reserve, about 1.7 million tonnes of 5 grams gold are classified as proven material.

At Steyn 2, total reserves now tally to 3.2 million tonnes running 5.1 grams gold for 534,000 oz. of contain gold, up from 500,000 oz. Proven reserves amount to 1.2 million tonnes averaging 9.1 grams gold.

Steyn 3 shaft hosts 3.5 million tonnes of total reserves running 3.5 million tonnes of 6.7 grams gold for 751,000 oz., up from 500,000 oz. Proven reserves amount to 428,000 tonnes of 7.15 grams gold.

Shaft 7 is home to 2.45 million tonnes grading 4.3 grams for 338,000 oz., an increase of 28,000 oz. Proven material totals 608,000 tonnes of 4.21 grams gold.

Shaft 9 rings in with total reserves of 5.3 million tonnes averaging 5.8 grams for 996,000 oz. a 16,000 oz. boost. Proven material runs 453,000 tonnes of 6.6 grams gold.

All told, reserves tip the scales at 17.6 million tonnes grading 5.6 grams gold for just more than 3.15 million oz. Overall resources come in at 76 million tonnes averaging about 8 grams gold, including the reserves.

Most of the new reserves (295,000 oz.) were added at shafts 3, 7, and 9, which Thistle refers to as The Golden Triangle. The triangle measures about 4.5 km across at its widest point and 3 km long on each of the sides.

Thistle says the boost to reserves effectively reduces its hedge position from 63% in mid-February to 24%.

Thistle also reports the discovery of a new exploration target at shaft 3. Dubbed the “Massives” project, the reefs to be accessed via the existing shaft are within the Elsburg or Eldorado sequence. In all, 10 prospective reefs lie at a depth of 1,500 metres, about 300 metres shallower than the existing operations in the Basal Reef. The reefs are contained within a 50-metre wide package dipping at 70.

Thistle plans a program of 54 underground holes for the remainder of the year. More detailed drilling will follow next year.

Any eventual mining would employ contract a miner to minimize capital expenditures.