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Shanta Gold ups resource estimate at New Luika mine in Tanzania
StockMarketWire.com
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Mining group Shanta Gold said it had upped the resource estimate at its New Luika mine in Tanzania by 23% following drilling conducted in February and March.
The total JORC resources estimate at the Luika deposit had risen to 425,341 ounces, with an overall resource grade increases by 14% to 3.47 grams per tonne.
Indicated resources at the Luika underground deposit had risen by 76,461 ounces, grading 7.97 grams per ton.
'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,' Shanta said.
The company also announced the results of drilling at its West Kenya project, including intersecting 1.50 metres grading 13.9 grams per tonne of gold from 92 metres.
Shanta said it was on track to complete about 40% of total planned drilling at West Kenya by the end of 2021, with results received to date representing 9% of total planned drilling.
'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,' chief executive Eric Zurrin said.
'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.'
At 9:08am: (LON:SHG) Shanta Gold Ltd share price was 0p at 15.75p
Story provided by StockMarketWire.com
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