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Shanta Gold Limited

Shanta Gold extends New Luika mine life through to 2025

Exploration at the Bauhinia Creek (BC) Central deposit has converted 127,000 oz of inferred resources into 83,000oz indicated

Drill bit
Shanta has extensive exploration plans in Tanzania

Shanta Gold (LON:SHG) says additional resources booked from drilling at New Luika will extend the life of the Tanzanian gold mine to at least 2025.

Exploration at the Bauhinia Creek (BC) Central deposit has converted 127,000 oz of inferred resources into 83,000oz indicated with a grade of 7.85 g/t.

A further 58,000 ounces were added to inferred resources.

Shanta wants to keep the mine life at between 5-8 years and will next target an upgrade of 220,300 ounces of inferred resources at the deposits at BC, Ilunga, Luika and Elizabeth Hill. 

Eric Zurrin, chief executive, said the recent programme cost US$164,000 and will replace all of the depletion expected from 2019 gold production. 

“This highlights the exceptional nature of the BC orebody and the long-life potential of the high margin New Luika Gold Mine. 

“It is worth remembering that in 2012, New Luika Gold Mine's overall reserve based mine life was just 2.5 years and has grown incrementally since then despite production of approximately 80,000 ounces per year and limited exploration."

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Price: £0.10

Market: AIM
Market Cap: £76.37 m
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