Other Key Projects

Figure 1 Northern Tenement Mines and Resources

Other Significant Mines

Northern Tenements – Pilgrim’s Rest Gold Field

Summary

Theta intends to explore its massive 620 km² ground holding across the Eastern Transvaal Goldfield with 43 historical mine under management to be systematically explored or evaluated. The TGME Phase 1 Underground project only includes three mines – Frankfort, CDM and Beta. Phase 2 of the underground project will include Rietfontein, followed by Vaalhoek and Glynn’s Lydenburg Mine bringing a total of six mines into production over the next 5 years. Resource and Mine reserves are expected to continually grow through investigating/rediscovery of these historic mines and re-evaluating/exploring for their extended orebodies and reef systems.

Summary

Figure 2 Vaalhoek Proposed Mining Area Sketch

Beta Mine (Underground adit development)

Beta Mine was one of the first producing mines in the Pilgrim’s Rest area working almost uninterrupted until 1972. The fortunes of the mine varied between exceedingly rich, with grades of well over 31g/t near the outcrop, to a narrow pinching reef at deeper levels.

The Beta Reef is developed about 20 meters above the Beehive Chert and is well represented in the Pilgrim’s Rest area. It has been mined at Theta Hill and Browns Hill (DG4) but was very extensively mined at the Beta Mine, immediately west of the TGME Plant. It was last mined in 1971.

Recorded mining production at Beta was 818,000 tons of ore milled, averaging 21g/t for 552,285 gold ounces.

The Beta Reef is conformable to the bedding, dipping at 5 to 7 degrees to the west and strike in a north/south direction. The underground average reef width was 24cm, comprising quartz and sulphides with imbricate staking of the reef giving rise to the thicker richer zones. The reef is locally high in copper and sulphur. At depth, the Beta Reef splits into three bands with the middle Beta Reef remaining the economic horizon. Stoping has taken place on a limited scale on the lower Beta Reef as evident on historical stoping plans from the mine.

While Beta is in the first phase TGME Underground Project, the mine will be extended to included 588,000 oz Inferred Mineral Resource (Not included in the current Mine Design).

Currently registered JORC Resource at Beta is 1.09Moz averaging 5.9g/t (46% Indicated, 54% Inferred).

Table 1: JORC Resource table for underground projects 2020

Figure3 : Southern Tenements

Other Significant Mines

Southern Tenements – Sabie Gold Fields

Rietfontein Mine (Shallow underground adit development)

The first underground project which may be developed in the south is Rietfontein (Figure 5), subject to confirmation of reserves. The project is currently undergoing a prefeasibility study expected to be completed late 2021.

Rietfontein quartz reef is near vertical, sitting in a 16 km long structure which has been mined and partly drilled over 3.5 km. Rietfontein sits in Archean Granite below the East Transvaal sediments.

Figure 4: Aerial view of Southern tenements, Rietfontein Mine looking North

Currently Rietfontein has registered JORC Resource of 2.88Mt @ 8.42g/t Au for 780Koz (31% Indicated, 69% Inferred). (Table 2)

Table 2: JORC Resource at Rietfontein as at April 2018

Figure 5: Resource/grade distribution at Rietfontein (cross section)

Glynn’s Lydenburg shallow underground mine

The Glynn’s Lydenburg Mine operated over 55 years to 1958 and produced some 38 t of gold from 4.5 km strike and 500 m downdip underground workings on the Glynn’s Reef. Oxidisation mineralisation was encountered near surface, becoming refractory with depth. (Ward and Wilson, 1998) Glynn’s was the largest historical gold Mine in the region.

The current inferred resource at Glynn’s Lydenburg mine sits at 1.6 Moz Au @ 15.87 g/t with a stope grade of 5.19 g/t Au.

The Glynns Mine is located near the town of Sabie in northeast South Africa. The area is well served by roads and infrastructure.

The mine sits in the stratigraphic succession of the Transvaal Supergroup, a regional sedimentary basin. The Transvaal group consists of, shales, sandstones, conglomerates and the carbonate units of the Malmani Subgroup, which regional is main gold host rock.

Epigenetic gold mineralisation in the Sabie-Pilgrims Rest Goldfield occurs as concordant and discordant (subvertical or cross) veins (or reefs) in a variety of host rocks within the Transvaal Basin. The Glynn’s Lydenburg mineralisation is flat reef system which been linked to emplacement of the Bushveld Complex.

Mineralisation at Glynn’s is stratabound occurs principally in concordant quartz-carbonate veins or reefs in flat, bedding parallel shears located mainly on shale partings within the Malmani Dolomites. These bodies are stratiform, and are generally stratabound. The reefs at Glynn Project Areas dip shallowly westwards at between 3° to 12°.