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Shanta Gold eyes New Luika life extension as high grades continue at depth

Drilling below the existing reserves suggested the underground mining operation can go down for at last another three levels
Gold mine
Bauhinia Creek is one of three main deposits at the mine

Shanta Gold Limited (LON:SHG) says exploration at the Bauhinia Creek deposit at the New Luika gold mine in Tanzania has indicated the mine life can be extended further at depth.

Drilling below the existing reserves suggested the underground mining operation can go down for at last another three levels, with the mineralisation remaining open at depth.

Three holes drilled saw grades between 4.77 g/t and 6.57 g/t. A further three will be drilled as part of the resource upgrade programme.

Eric Zurrin, chief executive, described the results as highly encouraging and point to a long mine life at Bauhinia Creek, one of the three producing deposits at New Luika.

“A mine life extension would require only minimal capex, limited predominantly to underground development to access new ore.

"Positive indications point to the existing underground decline being pushed down by at least three levels and new ounces added to our mine plan.”

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