The new estimate gives Singida 919,000 ounces, grading 2.25 grams per tonne, which represents an improvement of around 725,000 ounces.
A further independently verified JORC 2012 gold reserve is expected to be declared in March 2020, alongside an updated life-of-mine plan and an enhanced net present value estimate for the project.
Today’s upgrade follows a reassessment of historically modelled mineral resource – remodelled geological structures across individual shear zones to a higher level of detail, consistent with company practice elsewhere.
"We have high confidence in Shanta's re-estimated resources,” said chief executive Eric Zurrin.
“We look forward to declaring a reserve for Singida and publishing an updated mine plan for the project in Q1 2020.
“With significantly improved M&I (measured and indicated) resource grades of 2.63 g/t, up 26%, we expect the open pit mine to be a profitable, new operation for a modest capital outlay.”
Zurrin added: "The previously estimated NPV announced on 5 December 2018 of US$31mln is expected to increase significantly and I look forward to announcing plans to commence construction at Singida later this year."
M&I resources increased by around 8% whilst the number of ounces in the inferred resource category rose by 48%. At the same time, there the M&I Resource grade increased by 26% and Inferred Resource grade increased by 23%.