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Shanta Gold eyes Singida mine development as it confirms gold reserves

Shanta also told investors that financing talks for the development of Singida are at an advanced stage

Shanta Gold Limited - Shanta Gold eyes Singida mine development as it confirms gold reserves

Shanta Gold Limited (LON:SHG) has published an updated assessment of the reserves and resources at the Singida gold mining project in Tanzania.

It confirmed a JORC compliant reserve of 243,000 ounces of gold, with the mineralisation grading 3 grams per tonne gold.

The company noted that more than 90% of the project’s contained gold reserve is located between surface to 120 metres, leaving further potential for additional reserves at depth.

READ: Shanta boosts first quarter gold production

Resources totalled 904,000 ounces of gold, with 11.8mln tonnes grading 2.28 grams. That includes 484,000 ounces of measured and indicated resources, with 5.7mln tonnes at 2.66 grams per tonne.

Shanta, meanwhile, told investors that financing talks for the development of Singida are at an advanced stage.

"The Singida reserve allows the company to move forwards towards construction and first production at Singida, confident in the fact that we have a number of high-grade open pits,” Eric Zurrin, Shanta chief executive said in a statement.

“Importantly, it is expected that this foundation will allow Singida to generate significant cashflow to, amongst other things, pay for regional exploration which will, over time, illuminate the Project's full potential.”

Zurrin added: “The Singida reserve sits within a substantial resource and is located on a 4.9 km strike in a highly prospective greenstone belt. The reserve represents just 26% of the existing total contained resources and is nearly all within only 120 meters from surface, highlighting the potential for reserve expansion.”

Quick facts: Shanta Gold Limited

Price: 14 GBX

AIM:SHG
Market: AIM
Market Cap: £111.15 m
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