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Shanta announces significant resource update at Tanzania gold mine

Mon Nov 18 2019


New probable gold reserves of 135 438 oz for East Africa-focused gold producer and explorer Shanta Gold’s New Luika gold mine, in south-western Tanzania, have been added, following a six-month drilling programme.


The $1-million drilling programme took place from April 1 to September 30 and consisted of 81 holes.

At the newly drilled targets, drilling has resulted in indicated resources of 219 408 oz grading 3.19 g/t and is inclusive of the abovementioned reserves and the 83 543 oz announced earlier this year. This marks a 219% jump from 57 916 oz grading 1.77 g/t as at the end of December 2017.


Additionally, new inferred resources of 94 007 oz grading 2.75 g/t, up 26% from 74 427 oz grading 1.71 g/t, have been estimated at the newly drilled targets. Further drilling is planned to prove this up, the Aim-listed miner said in a statement on Monday.

Meanwhile, at one of Shanta's existing mining areas, the Ilunga underground reserves have decreased by 44 000 oz since the reserves were declared in March 2017 following grade control drilling and a revised resource model design.


Looking ahead, about 4 000 m of exploration drilling is planned for the fourth quarter of this year, Shanta said, adding that an exploration update was expected to be released prior to the year-end, with the consolidated reserves and resources statement expected to be published in the first quarter of 2020.


Commenting on the drilling results, CEO Eric Zurrin said the company had “high expectations that the targets will continue to grow”, both in size and in number, as the company looks to add to the mine life at New Luika.