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Shanta Gold Ltd.
Summary
| Project: | New Luika | |
|---|---|---|
| Deposit: | New Luika | |
| Location: | Tanzania | |
| Commodities: | Gold | |
| Date: | 11/18/2019 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 18-11-2019: Shanta Gold Ltd. announces a Resource Estimation report for its New Luika deposit at the New Luika project. Updated mineral resource and ore reserve. Shanta Gold (AIM: SHG), the East Africa-focused gold producer, developer and explorer, is ple | |
| Resources: | ||
| CP/QP: | [Resources]: Juma Kisunda, George Kondela (Internal) | |
| ABSTRACT: | Shanta Gold (AIM: SHG), the East Africa-focused gold producer, developer and explorer, is pleased to provide a reserve and resource update as at 30 September 2019 at the New Luika Gold Mine (“NLGM”) in South Western Tanzania. Eric Zurrin, Chief Executive Officer, commented: “The Company is pleased to announce a significant increase in reserves and resources at the Newly Drilled Targets, following a short and low-cost campaign that was completed in September. We have high expectations that the targets will continue to grow both in size and number as we look to add to our mine life at New Luika. “We have restated the Reserve at Ilunga, which was insufficiently drilled ahead of declaration in 2017. Grade control undertaken during the period provides for a more accurate representation and increases confidence in Ilunga’s contribution to the plant over the coming years.” Shanta’s exploration strategy at NLGM is focused on the existing Mining Licences totaling 30 sq km and across regional targets in the Lupa Goldfield within 20 km of the processing plant. New reserves and updated resources at the Bauhinia Creek Deep West and East, Elizabeth Hill North, Bauhinia Creek North and Black Tree Hill deposits are all on the existing Mining Licences and are within 4 km of the central processing plant. All of the deposits remain open at depth and along strike. Additional drilling in Q4 2019 and into 2020 is aimed to test the extension of each deposit. Encouraging drilling results have been achieved since 30 September 2019. Minimal capital expenditure is required to bring these deposits into production, which have now been scheduled in the Company’s life of mine plan, based on probable JORC reserves, which has been extended through to 2024. | |
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