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Shanta boosted by exploration success at New Luika and West Kenya

Shanta has already built up a successful track record of gold production in Tanzania

Shanta Gold Limited -

Shanta Gold Ltd (LON:SHG) completed a further 3,590 metres of drilling at the New Luika gold mine in south western Tanzania and the West Kenya project in Kenya.

As a result, indicated resources at the Luika underground deposit have increased by 76,461 ounces, before the depletion of first quarter mining activities is taken into account.

These additional ounces are considered to be at a suitable level of confidence to be incorporated into the mine plan and an update will be provided in due course.

Total JORC resources at Luika have therefore increased 23% to 425,341 ounces, with the overall grade up 14% to 3.47 grams per tonne.

Meanwhile, two drill rigs are currently active at Isulu, Bushiangala and Rosterman in West Kenya with a third rig expected to be added shortly.

Drilling highlights at West Kenya include 1.5 metres grading 13.9 grams per tonne gold, 1.8 metres grading 20.99 grams, and 15.8 metres grading 4.08 grams.

"When we announced our inaugural dividend in March this year we made an ongoing commitment to our shareholders to ensure our work programme unlocks long-term sustainable returns.” Said Shanta chief executive Eric Zurrin.

“We believe our exploration programme is integral to this and we are delighted with the results of this recent phase of drilling both at New Luika and West Kenya.”

Quick facts: Shanta Gold Limited

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Price: 14.25 GBX

Market Cap: £149.36 m

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