Shanta Gold said assays from the latest drilling at its New Luika gold mine in Southwestern Tanzania relating to 2023 drilling showed decent intercepts in the three areas.
Eric Zurrin, chief executive, said: "We restarted drilling at New Luika in July 2023 as the team looked to convert Inferred resources to the Indicated category at various deposits, in addition to the testing of a maiden target at Jamhuri West close to the NLGM Processing Plant.
“Drilling of the deposits at Elizabeth Hill and BC North both demonstrated encouraging results while work remains ongoing at Luika Deep underground to identify the down plunge continuity and extension of mine life.
“Commencement of drilling at the Jem deposit at Singida in September 2023 marked the resumption of exploration drilling at the mine after a few years."
In December, Shanta’s directors accepted a takeover offer worth 13.5p per share from Saturn Resources.