THE BOURSE WHISPERER: Stonewall Resources (ASX: SWJ) announced to the market that its subsidiary company Transvaal Gold Mining Estates Ltd (TGME) has been granted a mining right (MP MR 433) for Glynn’s Lydenburg by the Department of Mineral Resources in South Africa.
TGME has now been granted a total of six prospecting rights and eight mining rights amongst its subsidiaries.
Location of TGME project area. Source: Company announcement
“The granting of this right is another example of Stonewall’s rapid growth,” Stonewall Resources chief executive office Lloyd Birrell said in the company’s announcement to the Australian Securities Exchange.
“The processing of the Glynn’s tailings dam allows us to execute our preferred strategy, which is to commence operations with tailings and/or surface material.
“As a result of this initiative, we will be able to generate short term profits, establish an operational footprint, team and plant, perfect the process flow, and understand the metallurgy.
“This will serve as the ideal platform to ramp up to full scale underground mining in the Sabie region, all achieved at low capex levels.”
Stonewall said the granting of the New Order Mining Right gives it the opportunity to develop a cornerstone project in Sabie.
The Glynn’s project will be managed by the Stonewall management team out of Sabie Mines’ new offices located in the town of Sabie.
The Mining Right area comprises the farms, Grootfontein and Olifantsgeraamte.