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Shanta Gold reports ‘promising’ results across assets

Shanta Gold sees potential for upgrading the existing resource estimate at Luika

Shanta Gold (LON:SHG) confirmed encouraging drilling results from 22-hole programmes at the New Luika gold mine in Tanzania, the West Kenya project and the Singida gold project.

Drilling at Luika at hole CSD206 intersected 9.29 m grading 11.27 g/t Au from 441 m, incl. 4.88 m at 20.07 g/t Au. The company is targeting the inferred resource extension of the westerly plunging deposit at Luika with attractive potential for upgrading the existing resource estimate.

Additionally, high-grade intersections were also found in early holes at the West Kenya project, where one hole at Isulu intersected 2.00 metres at 15.9 g/t gold and one at Bushiangala intersected 22.9 metres at 4.81 g/t gold.

The AIM-listed company will continue drilling at the West Kenya project will during 2021 focusing on upgrading the inferred resource at Isulu and Bushiangala to the indicated category. 

At the Singida gold project in Tanzania, drilling identified a potential new hanging wall zone that is richer than the main zone at Cornpatch West.

Eric Zurrin, chief executive at Shanta Gold, commented on the company’s results:

“Early drilling results have been positive across all three assets including one of the best holes drilled at the Luika deposit over 162 holes drilled in its history.”

“At the West Kenya Project, we intersected visible gold at Isulu, while Bushiangala has returned a very wide and high-grade zone over 23 meters.”

“The Singida Project remains underexplored, particularly for a greenstone deposit, and drilling has illustrated a potential new hanging wall zone that is richer than the main zone at Cornpatch West. These drilling results have the potential to increase the size of mineable resource at Cornpatch West.”

“Exploration remains core to delivering future value and growth within our portfolio to support long-term sustainable returns to shareholders. Today’s announcement covers 7% of total drilling metres planned in 2021. I look forward to providing ongoing exploration updates throughout the course of this year.”

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