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Latest drilling from Shanta boosts prospects of resource upgrade to support New Luika gold production

Shanta has a long track record of gold production at the New Luika mine

Shanta Gold Limited -
A resource upgrade would extend the mine life

Shanta Gold Ltd (LON:SHG) has returned positive surface exploration drilling results from its ongoing exploration programmes within its existing mining licences at the New Luika gold mine in south western Tanzania.

Exploration drilling at Bauhinia Creek North and Elizabeth Hill North has intersected encouraging mineralisation with sizeable widths, suggesting significant potential for additional resources to add to the mine plan;

A total of 19 drill holes representing 2,762 metres have been completed over three phases.

Among the highlights at Bauhinia Creek were four metres grading 8.38 grams per tonne gold, four metres grading 8.94 grams gold, and three metres grading 5.41 grams.

At Elizabeth Hill the highlights included nine metres grading 6.62 grams and eight metres grading 3.29 grams.

Drilling is continuing at depth and along strike at both targets and additional results are expected in the current quarter.

The results of this drilling campaign and the second drilling campaign in the fourth quarter of 2019 will be combined and analysed, with an updated resource estimate and resultant life of mine extension expected in the next few months.

 "We would expect that these results and the next round of drilling will provide sufficient information for us to declare new resources at these targets in the near future and contribute as another source of ore to feed the NLGM plant," said chief executive Eric Zurrin.

Quick facts: Shanta Gold Limited

Price: 16.75 GBX

Market: AIM
Market Cap: £142.14 m

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