Home Financial Markets Penny Stocks Why Did The TGMGF Stock Rise By A Whopping 47900%?

Why Did The TGMGF Stock Rise By A Whopping 47900%?

A huge 47,900% rise was recorded by Theta Gold Mines Limited (OTCQB: TGMGF) to close at $0.24 during the last trading session. A total of 107.9K shares were traded in Theta Gold stock, with an average volume of 41.68K shares over the last 30 days.

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Over the course of the trading session, the TGMGF stock fluctuated between $0.19 and $0.37. A report of newly declared underground mining reserves prompted the TGMGF stock to rise.

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What was the declaration?

Gold mining development company Theta Gold operates a range of prospective gold assets in one of South Africa’s most renowned gold-producing regions. A number of gold assets owned by TGMGF include near-surface and surface deposits with high-grade gold that provide a huge advantage in cost versus other gold producers in the region.

Theta Gold aims to build a production platform that surpasses the capacity of over 160 kozpa from the open pit or adit-entry hard rock mines. TGMGF has access to over 43 historical mines as well as prospect areas that are open for access and exploration, containing over 6.7Moz of historical production.

A last Thursday press release from Theta Gold stated that it has accumulated a Maiden Underground Mine Reserve in excess of 419K oz gold.

  • TGMGF has now amassed a global Mining Reserve of 580,000 oz gold, while its global Mineral Reserve remains well over 6 Moz.
  • In other words, a Prefeasibility Study for the Beta, Frankfort, and CDM mines resulted in the TGMGF’s Maiden Underground Mining Reserve of 419koz.
  • The mines are all located in the Central Northern area, also referred to as the TGME Underground project, as a collective.
  • The initial exploration conducted by the TGMGF on the TGME underground areas concentrated on the easily accessible gold resources estimated at 684 Koz.
  • A conversion ratio of 63% was achieved for the Indicated Resource.
  • Inferred Resources at Theta Gold still amount to around 3.5 Moz, and a portion of these could potentially be converted to Measured and Indicated Resources during additional studies.

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TGMGF’s potential:

In addition to having a large underground Mineral Resource, Theta Gold (TGMGF) concentrates on converting part of it into a Mine Reserve. And through this current development, TGMGF will be able to leverage a cost-effective way to convert its ongoing resource base into reserves.

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