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Shanta Gold Ltd.
Summary
| Project: | New Luika | |
|---|---|---|
| Deposit: | Nkuluwisa | |
| Location: | Tanzania | |
| Commodities: | Gold | |
| Date: | 3/8/2017 | |
| Report Code: | (no Code) | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Active Mining & Production | |
| Report details: | 8-3-2017: Shanta Gold Ltd. announces an Exploration/Drilling Update report for its Nkuluwisa deposit at the New Luika project. Drilling results incl. 13m @ 6.31g/t Au from 60m. Shanta Gold (AIM: SHG), the East Africa-focused gold producer, developer and e | |
| 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 on its ongoing exploration programme, within and surrounding, the New Luika Gold Mine ("NLGM" or "the Mine"), located in the Lupa Goldfields, southwest Tanzania.Reverse Circulation ("RC") drilling at the Nkuluwisi Mineralised Target ("Nkuluwisi"), located approximately 12 kilometers ("km") northwest of the NLGM's central processing hub, has intersected encouraging mineralisation which is open along strike and at depth. A total of 44 RC drill holes comprising 5,833 meters of drilling have been completed at Nkuluwisi, identifying mineralisation down to vertical depths of approximately 120 metres below surface. Exploration to date has covered a strike length of about 900 metres and significant portions of the regionally prominent Nkuluwisi Shear Zone remain untested and exploration work is ongoing.The drilling results are currently being modelled and will be submitted to the Company's independent resource consultants for resource estimation purposes in the near future with a maiden resource for Nkuluwisi anticipated to be delivered in Q2 2017.Toby Bradbury, Chief Executive Officer, commented:"The excellent exploration results from Nkuluwisi once again showcases the geological potential of the Lupa Goldfields. Furthermore, after resource upgrades at Elizabeth Hill in 2015 and Ilunga in 2016, Shanta's exploration team continues to demonstrate its ability to convert its knowledge and experience into value-creation through the drill bit."The grades and thicknesses of the mineralisation at Nkuluwisi are very encouraging. The deposit remains open at depth, and strike, and we are confident that further exploration will add to the forthcoming expected maiden resource at Nkuluwisi due in Q2 2017." | |
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