RNS3 Sep 2020 08:06
03 September 2020
3 September 2020
Shanta Gold Limited
("Shanta Gold" or the "Company")
New Luika Gold Mine Exploration Drilling Update
Shanta Gold (AIM: SHG), the East Africa-focused gold producer, developer and explorer, is pleased to provide an update from the first phase of its Luika Deposit ("Luika") and Black Tree Hill Deposit ("Black Tree Hill") drilling campaigns at the New Luika Gold Mine ("NLGM") in South Western Tanzania, conducted during the second and third quarters of 2020.
Highlights:
· 12 diamond core holes drilled at Luika totalling 4,066 metres, with further drilling ongoing;
· 18 Reverse Circulation ("RC") holes drilled at Black Tree Hill totalling 2,567 metres;
· Drilled holes have returned encouraging intersections, which are currently being modelled;
· Luika drilling highlights:
o Hole CSD168 intersected 8.12 metres grading 5.50 g/t Au;
o Hole CSD154 intersected 6.06 metres grading 6.59 g/t Au;
o Hole CSD179 intersected 5.34 metres grading 6.65 g/t Au;
o Hole CSD153 intersected 7.45 metres grading 2.37 g/t Au;
o Hole CSD176 intersected 7.87 metres grading 2.57 g/t Au, incl. 3.69 metres at 5.19 g/t Au; and,
o Hole CSD182 intersected 3.07 metres grading 3.34 g/t Au, incl. 1.53 metres at 5.95 g/t Au.
· Black Tree Hill drilling highlights:
o Hole CSR590 intersected 4.00 metres grading 5.20 g/t Au, incl. 1.00 metre at 13.90 g/t Au;
o Hole CSR594 intersected 3.00 metres grading 6.64 g/t Au, incl. 1.00 metre at 15.90 g/t Au;
o Hole CSR589 intersected 6.00 metres grading 2.51 g/t Au, incl. 1.00 metre at 7.95 g/t Au; and,
o Hole CSR585 intersected 4.00 metres grading 2.15 g/t Au, incl. 1.00 metre at 5.29 g/t Au; also intersected 4 metres grading 2.54 g/t Au, incl. 1.00 metre at 4.47 g/t Au.
· All of these newly reported drilling intersections are outside the existing mineral reserves and will be incorporated into the mine plan;
· Reported results are over a strike length of 553 metres for Luika and 700 metres for Black Tree Hill;
· Luika is one of NLGM's three actively mined underground deposits and Black Tree Hill is currently scheduled to be a location for future open pit mining; and,
· Mineralization at both Luika and Black Tree Hill remains open at depth.
Eric Zurrin, Chief Executive Officer, commented:
"The positive results of this Phase 1 drilling have contributed to the replacement of mined ounces and an overall increase to our JORC reserves which has also been announced today. The New Luika Gold Mine consists of 7 known deposits which all have the potential to increase in size. High grade mineralisation remains open at depth at Luika underground and will be targeted by phase 2 of the drilling campaign while diamond drilling at depth is being planned for Black Tree Hill."
Drilling Campaign - Phase 1
Luika is located about 1.8 km to the northwest of NLGM Processing Plant. The orebody strikes approx
Sign In
Follow the stocks
