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Shanta Gold publishes first resource for Singida in Tanzania

Singida, in the centre of the country, now has an Australian standard JORC resource of 728,000oz
picture of gold pour
Shanta has identified 2mln ounces of gold in Tanzania

Shanta Gold (LON:SHG) has published a first resource at Singida, one of its two main deposits in Tanzania. 

The junior operates the New Luika mine but Singida, in the centre of the country, is at a much earlier stage of development.

WATCH: Shanta Gold publishes first resource for Singida

The Australian standard JORC resource of 728,000oz stems from 12.3mt at a grade of 1.84 g/t. The cut-off grade was 1.0 g/t.

Of that, measured and indicated resources, the most certain resource category, were 5.11 Mt, grading 2.09 g/t gold or 345,000 oz.

Gold Tree 1, at the centre of three mining licences at Singida, contains 111.000 oz at 3.14 g/t gold.

READ: Shanta Gold sees sharp increase in underground production at New Luika

Eric Zurrin, Shanta’s chief executive, said it had also identified a number of other targets at the project that might increase both the potential size and amount of Measured & Indicated resource ounces.

Added to the resources already identified at New Luika, Shanta now has 2mln ounces of gold delineated in Tanzania.

Shanta added it has reduced costs by US$5mln at New Luika (in the south west) through renegotiating contracts with suppliers and lowering staff numbers.

READ: Shanta Gold says new bank still working on due diligence after Tanzania changes

So far, 45% of Shanta's supplier contracts have either been reviewed or replaced

Shanta is also targeting higher recoveries through the installation of an additional pre-leach tank with commissioning scheduled for the end of June 2018.

A change to the underground mining method will lower costs by an estimated US$3.6m in 2018.

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