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(Alliance News) - Shanta Gold Ltd on Monday reported total group-wide resources of 3.67 million ounces grading 3.28 gold per tonne at the end of 2022.
In a reserves and resources update the firm said total 2022 compliant gold reserves of 625,000 ounces grading 2.91 grams per tonne across the company's two projects in Tanzania was down slightly from 645,000 ounces grading 3.04 grams per tonne at the end of 2021 due to limited drilling in 2022 and reserve depletion from mining operations.
Newly defined reserves of 92,500 ounces were added in 2022, before depletion and optimisation, predominantly from the Bauhinia Creek and Luika underground deposits, Black Tree Hill, Elizabeth Hill and Porcupine South open pit deposits, Shanta said.
Chief Executive Eric Zurrin said: "As Singida moves into production in the very near term and transitions from a cost center to a cash generator, our exploration focus will pivot back to mine life extension in order to unlock long-term shareholder value."
Shares in Shanta Gold rose 1.2% to 10.50 pence by the close in London on Monday.
By Jeremy Cutler, Alliance News reporter
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