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Shanta returns high grade gold in exploration drilling around the New Luika mine

The New Luika mine has already built up a track record of production

Shanta Gold Limited -

Shanta Gold Ltd (LON:SHG) has revealed results from its latest round of exploration drilling at the producing New Luika Gold Mine in South Western Tanzania.

 A total of 66 reverse circulation and diamond core holes were drilled, amounting to over 7,410 metres, at a cost of approximately US$700,000.

The drilling was focused on the Bauhinia Creek North and BC East deposits, Elizabeth Hill (Main and North) Open Pits and BC Deep West targets, all located within the company's mining licenses. 

The drilling has encountered high grade mineralisation at encouraging widths. Among the highlights were 11 metres grading 8.55 grams per tonne gold, 10 metres grading 10.93 grams gold, and six metres grading 11.41 grams.

The results of this drilling campaign will be incorporated into an updated reserve and resource estimate which will likely be released in early 2020.

"Exploration at New Luika remains a high priority focus for Shanta, given the impact that increasing ounces has on shareholder value,” said Eric Zurrin, chief executive of Shanta.

“The ongoing results are highly encouraging as we can see that they show high grades, at good widths that suggest ongoing life of mine extension."


Quick facts: Shanta Gold Limited

Price: 16.5 GBX

Market: AIM
Market Cap: £172.17 m

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