Shanta Gold Limited (LON:SHG) has confirmed 625,000 ounces of group wide gold reserves and 3.2mln ounces of resources.
The reserves are defined across two projects in Tanzania whilst the resource inventory is made up across all three projects in Tanzania and Kenya.
Last year’s exploration drilling at the NLGM project contributed some 173,000 ounces to reserves whilst the Porcupine South deposit contributed during the year with a 64,000 maiden resource.
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Further drilling is slated with further programmes due to start in the first half of 2021, and, a pair of rigs have also been mobilised to the West Kenya project where, additionally, first assay results are expected in February.
“On the back of these successes, the exploration budget in Tanzania has been increased by approximately 50% to US$8mln which will include a combined total of 41,250 metres of drilling at NLGM and Singida,” said Eric Zurrin, chief executive in a statement.
“Drilling is currently ongoing at all three of Shanta's assets, including at our West Kenya Project where a second rig is now operational. We look forward to sharing interim drilling results from West Kenya in March."