Shanta Gold Limited (AIM:SHG, OTC:SAAGF) has updated its reserves and resources at its projects in Tanzania.
Total JORC 2012 compliant gold reserves now stand at 645,000 ounces grading 3.04 grams per tonne across the company's two projects in Tanzania, an increase of 20,000 ounces net of depletion.
Total resources now stand at just over two million ounces.
"Shanta has once again replaced all annually mined ounces in 2021 with new reserves, as well as extending the mine life at New Luika gold mine to at least the end of 2026,” said chief executive Eric Zurrin.
“This marks the third consecutive year in which we have replaced mined reserves across our portfolio through successful exploration.”
During 2021, the company invested US$4.4mln in exploration, with the 31,600 metres drilled in Tanzania returning 110,000 ounces of new reserves.
Shanta also expanded regional resources outside of the New Luika mine plan.
A resource update from the West Kenya project in Kenya is due at the end of February.
A total of 80,000 ounces grading 4.31 grams per tonne has been upgraded from probable to proven reserves, following grade control drilling. de-risking the 12-month production outlook;
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