Stonewall MD Rob Thomson commented, “ 2017 was a pivotal year for Stonewall, with an increase in our resource base by over 700koz, the completion of a Scoping Study on Rietfontein and Beta mines, and commencement of drilling on our open – cut strategy. We expect 2018 to be equally as exciting for shareholders as we progress our near – term production plans through a low – capital, open – cut strategy”.

A total of 12 holes for 496 m has been completed at Columbia Hill, with follow – up drilling planned following receipt of assays and completion of geological interpretation. Further assays are anticipated in coming weeks from the first round of drilling.

Stonewall previously reported assays from the first 11 holes at Theta Hill confirming high – grade, gold – bearing reef at shallow depth. A total of 613m has been drilled (11 RC holes) ranging in depth from 20m – 105m, with an average depth of 55.7m. Drilling aimed to intersect the Bevett’s, Upper Theta, Lower Theta and Beta Reefs.

Intercepts included:

  • 2m @ 16.5g/t Au from 25m in RCBH14 (inc. 1m @ 21.8g/t Au from 25m)
  • 2m @ 4.2g/t Au from 22m in RCBH15
  • 16m @ 2.0g/t Au from 22m in RCBH24
  • 5m @ 6.0/t Au from 11m in RCBH6 (including 2m @ 8.9g/t Au from 12m)

Overall, the results from this first stage drilling campaign are very positive, with numerous holes intersecting the primary Lower Theta reef target at Theta Hill with potential true reef grades of up to 55g/t postulated. At Columbia Hill on the Rho reef, a grade of approximately 9 g/t over an indicative 0.6m reef width was indicated by drill hole CHRC9 at a depth of 22m, and a reef grade of >30g/t Au implied by the 1m @ 20.4g/t Au from 27m in CHRC9b. SWJ believes these flat lying reefs to be amenable to open cut mining.

Drilling of narrow reef targets with RC is not considered optimal and planned diamond drilling will provide a greater confirmation for geological modelling and determining a Mineral Resource estimate.

A number of drill holes were abandoned due to ground conditions, prior to intersecting the target reef zone. This is believed to be due to natural voids within the dolomite in some cases, and diamond drilling may assist in overcoming this problem. Holes CHRC9C, CHRC6 and CHRC8 are believed to have not reached target depth.

A review of the geological model, following assay results, is underway to integrate all the available information and assist with planning the next stage of work. Follow – up drilling to progress towards an updated JORC (2012) Mineral Resource, and ultimately, mine planning and scheduling with a view to potential open – cut mining of shallow high grade resources in the shortest possible timeframe.