TIDMSHG
RNS Number : 9738D
Shanta Gold Limited
03 May 2017
3 May 2017
Shanta Gold Limited
("Shanta Gold", "Shanta" or the "Company")
Exploration Update, Nkuluwisi, Maiden Resource, Lupa
Goldfields
Shanta Gold (AIM: SHG), the East Africa-focused gold producer,
developer and explorer, is pleased to provide an update from its
ongoing exploration programme, within and surrounding, the New
Luika Gold Mine ("NLGM" or "the Mine"), located in the Lupa
Goldfields, southwest Tanzania.
In March 2017, Shanta released encouraging drilling results from
the Nkuluwisi Mineralised Target ("Nkuluwisi"), located
approximately 12 kilometers ("km") northwest of the NLGM's central
processing hub. Since March, the Company and its independent
resource consultants have worked to produce a JORC Compliant Code
(2012) maiden resource for Nkuluwisi, as detailed below.
Highlights:
At a 0.5g/t Cut-off:
-- Total Resources of 3,973,000 tonnes ("t") at 1.1 grames per
tonne ("g/t") for a total of 140,894 ounces ("oz") of gold
achieved;
-- Measured Resources of 224,000 t at 1.29 g/t for a total of 9,266 oz of gold achieved;
-- Indicated Resources of 2,311,000 t at 1.13 g/t for a total of
83,888 oz of gold achieved; and
-- Inferred Resources of 1,438,000 t at 1.03 g/t for a total of 47,761 oz of gold achieved.
Toby Bradbury, Chief Executive Officer, commented:
"The significant scale of Nkuluwisi opens the door to possible
expansion options at our flagship New Luika Gold Mine to target
lower grade orebodies which could increase production levels and
add to mine life. The NLGM already has resources of 9.47 million
tonnes at 2.24 g/t for 683,000 oz that sit outside the recently
updated Revised Mine Plan and the Nkuluwisi maiden resource adds
significantly to that. Further upside remains along strike at
Nkuluwisi and also at a series of highly prospective and proximate
targets in the Lupa Goldfield identified through our focused
exploration program."
Enquiries:
Shanta Gold Limited
Toby Bradbury (CEO) +255 (0)22 2601
Eric Zurrin (CFO) 829
Nominated Adviser and Broker
Peel Hunt LLP
Matthew Armitt / Ross Allister
/ Chris Burrows +44 (0)20 7418 8900
Financial Public Relations
Tavistock
Jos Simson / Emily Fenton
/ Barney Hayward +44 (0)20 7920 3150
About Shanta Gold
Shanta Gold is an East Africa-focused gold producer, developer
and explorer. It currently has defined ore resources on the New
Luika, Nkuluwisi and Singida projects in Tanzania and holds
exploration licences over a number of additional properties in the
country. Shanta's flagship New Luika Gold Mine commenced production
in 2012 and produced 87,713 ounces in 2016. The Company is admitted
to trading on London's AIM and has approximately 583 million shares
in issue.
For further information please visit: www.shantagold.com.
The technical information contained within this announcement has
been reviewed and approved by Mr. Awie Pretorius MSc.Pri.Sci.Nat.
Mr. Pretorius is a consultant to Shanta and a member of the South
African Council for Natural Scientific Professionals (SACNASP
Membership Number 400060/91).
He has sufficient experience that is relevant to the style of
mineralisation and type of deposit under consideration and to the
activity being undertaken to qualify as a Competent Person as
defined in the 2012 Edition of the 'Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore Reserves' and for
the purposes of the AIM Guidance Note on Mining and Oil & Gas
Companies dated June 2009.
Nkuluwisi Mineralised Target
Nkuluwisi's maiden resource forms part of the regionally
prominent Nkuluwisi Shear Zone, a deformational feature with a
known strike expression approaching 15 km. Nkuluwisi's
mineralisation importantly remains open at depth and along strike.
The near-surface expression of the Nkuluwisi mineralised zone
commonly attains true thicknesses in excess of 30 meters,
potentially lending itself to open pit exploitation.
Within the Nkuluwisi mineralisation feature, there are two zones
characterised by localised gold enrichment. These enriched zones
could be subjected to pit optimisation studies (Figure 1 &
2).
Nkuluwisi is located outside of the NLGM Mining Licence Area.
The Company has secure licence tenure on the area in question and
envisages that satellite deposits identified within reasonable
hauling distance from NLGM may, in future, contribute to the
project's resource baseline.
MEASURED RESOURCE
--------------------------- ------ ------ --------
Cut-Off TONNES AG AU AU oz
--------------- ---------- ------ ------ --------
0.0 254,562 2.353 1.148 9,396
--------------- ---------- ------ ------ --------
0.5 223,937 2.453 1.287 9,266
--------------- ---------- ------ ------ --------
1.0 133,515 2.760 1.607 6,898
--------------- ---------- ------ ------ --------
1.5 63,588 3.235 2.066 4,224
--------------- ---------- ------ ------ --------
2.0 27,106 3.550 2.551 2,223
--------------- ---------- ------ ------ --------
2.5 12,078 3.656 2.993 1,162
--------------- ---------- ------ ------ --------
INDICATED RESOURCE
--------------------------- ------ ------ --------
Cut-Off TONNES AG AU AU oz
--------------- ---------- ------ ------ --------
0.0 2,497,171 2.336 1.063 85,344
--------------- ---------- ------ ------ --------
0.5 2,311,068 2.388 1.129 83,888
--------------- ---------- ------ ------ --------
1.0 1,205,781 2.691 1.431 55,475
--------------- ---------- ------ ------ --------
1.5 400,715 3.050 1.924 24,787
--------------- ---------- ------ ------ --------
2.0 124,589 3.391 2.346 9,397
--------------- ---------- ------ ------ --------
2.5 26,732 3.691 2.910 2,501
--------------- ---------- ------ ------ --------
INFERRED RESOURCE
--------------------------- ------ ------ --------
Cut-Off TONNES AG AU AU oz
--------------- ---------- ------ ------ --------
0.0 1,695,556 2.751 0.914 49,825
--------------- ---------- ------ ------ --------
0.5 1,438,070 2.925 1.033 47,761
--------------- ---------- ------ ------ --------
1.0 522,898 3.300 1.437 24,158
--------------- ---------- ------ ------ --------
1.5 174,213 3.547 1.975 11,062
--------------- ---------- ------ ------ --------
2.0 59,753 4.257 2.466 4,737
--------------- ---------- ------ ------ --------
2.5 22,703 6.842 3.000 2,190
--------------- ---------- ------ ------ --------
TOTAL RESOURCE
--------------- ---------- ------ ------ --------
Cut-Off TONNES AG AU AU oz
--------------- ---------- ------ ------ --------
0.0 4,447,289 2.495 1.011 144,556
--------------- ---------- ------ ------ --------
0.5 3,973,075 2.586 1.103 140,894
--------------- ---------- ------ ------ --------
1.0 1,862,194 2.867 1.446 86,573
--------------- ---------- ------ ------ --------
1.5 638,516 3.204 1.952 40,072
--------------- ---------- ------ ------ --------
2.0 211,448 3.656 2.406 16,356
--------------- ---------- ------ ------ --------
2.5 61,513 4.847 2.959 5,852
--------------- ---------- ------ ------ --------
Table 1: Nkuluwisi Resource Tabulation - May 2017
(1) See link for accompanying plan of drill hole locations and
cross-sections
http://www.rns-pdf.londonstockexchange.com/rns/9738D_-2017-5-2.pdf
This announcement is inside information for the purposes of
Article 7 of Regulation 596/2014.
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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