(Alliance News) - Shanta Gold Ltd on Tuesday said encouraging mineralisation was intersected at two existing licences at the New Luika Gold Mine in south western Tanzania.
Drilling at Bauhinia Creek North and Elizabeth Hill North targets intersected mineralisation with sizeable widths, suggesting significant potential for additional resources to add to the mine plan, the company said.
Shanta Gold drilled 19 holes representing 2,762 metres at Bauhinia Creek North target. At Elizabeth Hill North target, the company completed 24 drill holes representing 2,316 metres.
The Africa-focused gold producer said strike lengths of Bauhinia Creek North and Elizabeth Hill North targets are estimated to be 150 metres and 350 metres respectively and remained open at depth.
Shanta Gold plans to continue drilling at both the targets and additional results are expected in the final quarter of 2019.
"We would expect that these results and the next round of drilling will provide sufficient information for us to declare new resources at these targets in the near future and contribute as another source of ore to feed the New Luika Gold Mine plant," said Shanta Gold Chief Executive Officer Eric Zurrin.
Shanta Gold shares were 1.0% higher at 8.34 pence each in London on Tuesday afternoon.
By Tapan Panchal; tapanpanchal@alliancenews.com
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