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Shanta Gold Ltd.
Summary
| Project: | Singida | |
|---|---|---|
| Deposit: | Singida | |
| Location: | Tanzania | |
| Commodities: | Gold | |
| Date: | 1/29/2020 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Pre-Feasibility Study | |
| Report details: | 29-1-2020: Shanta Gold Ltd. announces a Resource Estimation report for its Singida deposit at the Singida project. Updated mineral resource estimate - 27% increase. Shanta Gold (AIM: SHG), the East Africa-focused gold producer, announces an updated JORC c | |
| Resources: | (Resource, Total): 12.72Mt @ 2.25g/t Au at Singida | |
| CP/QP: | [Resources]: Juma Kisunda, George Kondela (Internal) | |
| ABSTRACT: | Shanta Gold (AIM: SHG), the East Africa-focused gold producer, announces an updated JORC compliant Mineral Resource Estimate (“MRE” or “Resource”) and project update on the Singida Gold Mining Project (“the Project”) in Central Tanzania. Shanta has recently reassessed the historically modelled mineral resource estimate at the Project that was completed by third party consultants. Shanta has remodeled the geological structures across individual shear zones to a higher level of detail, consistent with Company practice elsewhere, and specifically without extrapolating grade assays across a single ore body as was done previously. Eric Zurrin, Chief Executive Officer, commented: “We have high confidence in Shanta’s re-estimated resources. We look forward to declaring a reserve for Singida and publishing an updated mine plan for the project in Q1 2020. With significantly improved M&I Resource grades of 2.63 g/t, up 26%, we expect the open pit mine to be a profitable, new operation for a modest capital outlay. “The previously estimated NPV announced on 5 December 2018 of US$31 m is expected to increase significantly and I look forward to announcing plans to commence construction at Singida later this year.” | |
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