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Shanta Gold Ltd.
Summary
| Project: | New Luika | |
|---|---|---|
| Deposit: | Ilunga | |
| Location: | Tanzania | |
| Commodities: | Gold | |
| Date: | 7/6/2016 | |
| Report Code: | (no Code) | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Active Mining & Production | |
| Report details: | 6-7-2016: Shanta Gold Ltd. announces an Exploration/Drilling Update report for its Ilunga deposit at the New Luika project. Drilling results incl. 3.2m @ 40.64g/t Au from 277.1m at Ilunga. Shanta Gold (AIM: SHG), the East Africa-focused gold producer, dev | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Awie Pretorius (Not stated) | |
| ABSTRACT: | Shanta Gold (AIM: SHG), the East Africa-focused gold producer, developer and explorer, is pleased to provide an update from its ongoing exploration programme within and surrounding its flagship asset, the New Luika Gold Mine ("NLGM" or "the Mine") located in the Lupa Goldfield, southwest Tanzania. As a follow up to the encouraging Phase 1 drilling programmme announced in April 2016, a second phase drilling programme has been completed at the Ilunga mineralised prospect (“Ilunga”), located within the active Mining Licence approximately 2.5 kilometres northeast of the NLGM central processing facility. Phase 2 has primarily targeted the strike extension of Ilunga to the west, reaching approximately 300 metres (“m”) down-dip, and a vertical depth in excess of 200 m. A prior resource (2015) of 74,000 ounces (“oz”) (Indicated & Inferred) incorporated the top 100 m down-dip from surface. Results from Phase 1 and Phase 2 will be incorporated into the existing model and a new resource estimate produced. Toby Bradbury, Chief Executive Officer, commented: “Our exploration team has a good handle on mineralisation and structure, enabling efficient exploration to take place. Today’s results from Ilunga confirm good tenor and thicknesses and we are looking forward to producing an updated resource estimate. Ilunga shows potential as a high grade underground deposit and we expect the Ilunga ounces to contribute to the ongoing reserve replacement at NLGM. It is also encouraging that mineralisation is still potentially open down-plunge to the west and this will be evaluated in due course” | |
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