LONDON (Dow Jones)--Shanta Gold (SHG.LN) said Wednesday has received further promising results from surface exploration activities conducted during the first quarter of 2010 at the Chunya project in southern Tanzania.
-The work tested extensions to known prospects and new targets identified by mapping in 2009, and further extended these and identified additional new targets.
-Surface trenching tested MK and Black Tree Hill West and mapping has identified three new targets MK West, Kali and V-Vein, also trenched in this period. All returned encouraging gold values.
-The total potential strike at Chunya has been extended by 3,000 meters to 6,000 meters.
-An RC drilling rig has been mobilized to the project and will test the new targets at depth and evaluate the extensions of the known prospects along 3,000 meters of additional strike.
-Hydrogeological drillholes to provide future process water requirements and environmental monitoring drill holes are also planned during this drilling campaign.
-Once on site, Shanta Gold plans to utilize the drill rig to drill hydrogeological and environmental boreholes in support of the planned mining operation.
-The decision to start the mine is dependent on the final feasibility study results (the study should be received in the near future) and mining license approval which it is understood is in the final procedural phases.
-Shares at 0722 GMT unchanged at 17.0 pence.
-By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; firstname.lastname@example.org
Shares in AIM-listed Shanta Gold advanced on Monday morning after the East Africa focused gold producing company published its unaudited final results for the year ended December 31st showing strong gold production levels in the final quarter. [15 Apr '13]
East African-focused mining company Shanta Gold is back on track to hit its 2013 production target of 70,000 ounces of gold in the New Luika Gold Mine in Tanzania, according to a trading update published this morning. [14 Jan '13]
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