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Shanta Gold Ltd.

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Summary

Project:

Singida

Deposit:Singida
Location:Tanzania
Commodities:Gold
Date:5/26/2020
Report Code:JORC
Report Type:Resource Estimation
Project Stage:Pursuing Resource Increase/Upgrade
Report details:26-5-2020: Shanta Gold Ltd. announces a Resource Estimation report for its Singida deposit at the Singida project. Updated Resource and Reserve Estimates. Shanta Gold (AIM: SHG), the East Africa-focused gold producer, announces a JORC compliant Reserve an
Resources:(Reserve, Prob.): 2.5Mt @ 3.0g/t Au (242koz Au)
CP/QP:[Resource] Ken Lomberg (Pivot Mining Consultants)
ABSTRACT:Shanta Gold (AIM: SHG), the East Africa-focused gold producer, announces a JORC compliant Reserve and an updated and independently verified JORC compliant Mineral Resource Estimate (“MRE” or “Resource”) on the Singida Gold Mining Project (“Singida” or “the Project”) in Central Tanzania. A JORC Reserve for the Singida Project has been declared, amounting to 243,000 oz at 3.00 g/t. This Reserve represents a 50% conversion of the Project’s independently verified Measured and Indicated Resource. An updated mine plan for the Project will incorporate this Reserve and is expected to be released shortly. Singida JORC compliant MRE The Project’s MRE has been re-estimated and independently verified by a third party Competent Person. This has resulted in a total MRE of 904,000 oz at 2.38 g/t, including a 17% increase in M&I Resources to 484,000 oz at 2.66g/t. This externally verified MRE supports Shanta’s previously announced internal estimate and has formed the foundation of a JORC Reserve for the Project.

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