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Shanta Gold Ltd.
Summary
| Project: | New Luika | |
|---|---|---|
| Deposit: | New Luika | |
| Location: | Tanzania | |
| Commodities: | Gold | |
| Date: | 10/1/2019 | |
| Report Code: | (no Code) | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Active Mining & Production | |
| Report details: | 1-10-2019: Shanta Gold Ltd. announces an Exploration/Drilling Update report for its New Luika deposit at the New Luika project. Drilling results incl. 9m @ 6.62g/t Au from 80m. Shanta Gold (AIM: SHG), the East Africa-focused gold producer, developer and e | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: George Kondela, Paul W. Mbuya (Internal) | |
| ABSTRACT: | Shanta Gold (AIM: SHG), the East Africa-focused gold producer, developer and explorer, is pleased to report positive surface exploration drilling results from its ongoing exploration programmes within its existing mining licences at the New Luika Gold Mine (“NLGM”) in South Western Tanzania. Drilling is continuing at depth and along strike at both targets and additional results are expected in Q4 2019. The results of this drilling campaign and the second drilling campaign in Q4 2019 will be combined and analysed, with an updated Mineral Resource Estimate and resultant life of mine extension expected in the next few months. Eric Zurrin, Chief Executive Officer, commented: “With mine life extension at New Luika a continuing priority for Shanta, it is exciting to see these latest results from our focused drilling programmes. By prioritising exploration targets that can potentially be converted quickly and cheaply into mine plan ounces, our exploration budget is being spent with our production pipeline and mine life in mind. “We would expect that these results and the next round of drilling will provide sufficient information for us to declare new resources at these targets in the near future and contribute as another source of ore to feed the NLGM plant.” | |
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