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Shanta Gold Ltd.
Summary
| Project: | New Luika | |
|---|---|---|
| Deposit: | Ilunga | |
| Location: | Tanzania | |
| Commodities: | Gold | |
| Date: | 9/7/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 7-9-2016: Shanta Gold Ltd. announces a Resource Estimation report for its Ilunga deposit at the New Luika project. Updated resource estimate for Ilunga satellite deposit. Shanta Gold (AIM: SHG), the East Africa-focused gold producer, developer and explore | |
| Resources: | (Resource, I+I): 1l76Mt @ 4.55g/t Au for 257965oz Au contained at Ilunga | |
| 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 announce an upgraded JORC Code compliant (2012) resource estimate at the Ilunga satellite deposit at the New Luika Gold Mine ("NLGM" or "the Mine") located in the Lupa Goldfields, southwest Tanzania. Ilunga is located 2.5km northeast of the NLGM central processing facility with access already developed as part of the current open pit mining operation. The updated resource will be fast-tracked for engineering studies with a view to define an underground reserve during Q1 2017. The underground material from Ilunga was not included within the Base Case Mine Plan, reported by Shanta in September 2015, and the Company will work to incorporate these resources into the mine plan in due course. The deposit remains open at depth and along strike to the west. The Ilunga drilling program was conducted between March and July 2016 and comprised 29 new drill holes of which 1 was diamond from surface, 20 were reverse circulation with diamond tails and 8 were reverse circulation. Diamond drilling totalled 1,844 metres and reverse circulation was 3,672 metres for a total of 5,516 metres. | |
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