Exploration potential

Resources & Exploration Potential

The latest JORC compliant mineral resource statement was issued on 7 February 2017. Please refer to the announcement, which is summarised in the table below.

Total group resources of 28.7Mt @ 3.7g/t of gold for 3.42Moz have been declared.

These resources are predominantly underground and include the recently announced Rietfontein resource of 2.55Mt @ 11g/t for 905koz.

The company has access to more than 43 historical mines and 62,000ha of tenements. With drilling planned, it expects to continue to increase resources.

Mineral resource category Type of operation Tonnage Gold grade Gold content
Mt g/t kg koz
Measured Underground 0.17 4.77 811 26.1
Surface 0.15 1.59 240 7.7
Tailings 2.29 0.77 1,763 56.9
Total measured 2.62 1.08 2,814 90.7
Indicated Underground 3.94 6.70 26,398 848
Surface 3.17 0.88 2,790 90.4
Tailings 0.01 0.58 6 0.2
Total indicated 7.12 4.10 29,193 939
Inferred Underground 13.73 5.55 76,202 2,452
Surface 0.80 0.80 640 20.7
Tailings 2.12 3.06 6,487 209
Rock dump 0.12 1.59 191 6.2
Plant floats 0.04 0.54 22 7
Beta Main 0.11 0.81 89 2.8
Total inferred 16.92 5.13 83,630 2,698
Grand total 26.66 4.35 115,638 3,727

 

Very little modern exploration has been conducted in the Pilgrim’s Rest and Sabie area in the past 20 years. This is due to a past focus by project owners on trial mining or near-mine exploration.

As prospecting by artisans is prohibited and much of the area is overgrown with vegetation, traditional methods such as soil gridding have not been conducted.

In addition, much of the tenement area is covered by colluvium, basalt cover and deeper soil profiles, requiring deeper scout drilling and other methods to delineate potential mineralisation.

Exploration is potentially relevant to the economics and valuation of the project if resources are delineated with the potential to be used as supplementary feed to the TGME project.