Aim-listed Shanta Gold has provided an exploration update for the Bauhinia Creek (BC) East Area 1 target at the New Luika gold mine (NLGM), in south-western Tanzania, following drilling conducted in the second quarter.
The results from the 22 diamond core and 16 reverse circulation holes drilled further underline the mine’s resource potential, the company says.
Drilling at the BC East Area 1 has generated 39 786 oz of indicated resources of gold grading 4.74 g/t at a cut-off grade of 1 g/t gold.
In aggregate with the additional ounces announced In April, 116 247 oz have been added to indicated resources at NLGM in the first half of this year, grading 6.47 g/t, at a cut-off grade of 1 g/t gold.
Drilling at BC East Area 1 is aimed at testing the continuity of mineralisation below the BC pit, to the east of the Central Fault where there is surface evidence of vein systems or shear zones. Historically, these have only been tested by limited and relatively shallow drill holes.
“We continue to see sustainable, long-term upside through our exploration programme across Tanzania and West Kenya and look forward to coming back to the market with a new five-year plan in the near term.
“We remain committed to transforming Shanta into a midtier gold producer in Africa with a strong exploration and development pipeline to support sustainable, long-term growth,” CEO Eric Zurrin comments.