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Posted: November 20, 2017
RNS Number : 9049W
Shanta Gold Limited
20 November 2017
20 November 2017
Shanta Gold Limited
("Shanta Gold", "Shanta" or the "Company")
Singida JORC Resource Estimate and NLGM Operations Update
Shanta Gold (AIM: SHG), the East Africa-focused gold producer, announces a JORC compliant Mineral Resource Estimate ("MRE" or "Resource") on the Singida Gold Mining Project ("Singida" or "the Project") in Central Tanzania and provides an operational update for its New Luika Gold Mine ("NLGM"), in Southwest Tanzania.
Highlights
Singida
· JORC compliant Resource at Singida totaling 12.3 Mt, grading 1.84 g/t and containing 728koz of gold using a cut-off grade of 1.0 g/t consisting of:
o Measured and Indicated Mineral Resource totaling 5.11 Mt, grading 2.09 g/t gold and containing 345 koz of gold, and;
o Inferred Resource of 7.17 Mt, grading 1.66 g/t gold and containing 383 koz of gold.
· The MRE incorporates three mining licenses and seven mineralised zones with a combined strike length of 4.9 km, with widths ranging from 5-15m and mineralisation extending approximately 500m below the topographical surface;
· Gold Tree 1, which is at the centre of the three mining licenses, contains measured and indicated resources of 1.1 Mt, grading 3.14 g/t gold and containing 111 koz of gold at a cut-off grade of 1.0 g/t is located near to surface (