Shanta Gold Ltd - East Africa-focused gold miner - After further drilling at New Luika gold mine in South Western Tanzania indicated resources at underground deposit increase by 76,461 ounces grading at 7.97 grammes per tonne. Total JORC resources at Luika deposit increase by 23% to 425,341 ounces and overall resource grade increases by 14% to 3.47 grammes per tonne versus the end of 2020.
Chief Executive Eric Zurrin says: "When we announced our inaugural dividend in March this year we made an ongoing commitment to our shareholders to ensure our work programme unlocks long-term sustainable returns.
"We believe our exploration programme is integral to this and we are delighted with the results of this recent phase of drilling both at New Luika and West Kenya. We have achieved a notable increase to the Indicated resources at Luika and these new ounces are considered to be at a suitable level of confidence to be added to the mine plan. We will be working to expand on this further over the course of 2021 - with a view to positively impacting future annual production - but these results so early in the drilling plan for the year are encouraging."
Current stock price: 14.20 pence, up 5.5% on Monday
Year-to-date change: down 17%
By Paul McGowan; paulmcgowan@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
Shanta Gold (SHG)