Aim-listed Shanta Gold has announced a Joint Ore Reserves Committee- (Jorc-) compliant reserve and an updated and independently verified Jorc-compliant mineral resource estimate (MRE) for its Singida gold project in central Tanzania.
The project has a gold reserve of 243 000 oz at 3 g/t.
Over 90% of contained gold within the reserve is between 0 m and 120 m from surface, highlighting the potential for reserve expansion at depth.
The project's MRE has also been re-estimated and independently verified by a third-party competent person.
This has resulted in a total MRE of 904 000 oz at 2.38 g/t, including a 17% increase in the measured and indicated (M&I) resources to 484 000 oz at 2.66 g/t.
This externally verified MRE supports Shanta's previously announced internal estimate and has formed the foundation of a Jorc reserve for the project.
An updated life-of-mine plan will be released shortly.
Financing discussions for the development of Singida are also at an advanced stage.
"The Singida reserve allows the company to move forwards towards construction and first production at Singida, confident in the fact that we have a number of high-grade openpits.
"Importantly, it is expected that this foundation will allow Singida to generate significant cash flow to, among other things, pay for regional exploration which will, over time, illuminate the project's full potential.
“The Singida reserve sits within a substantial resource and is located on a 4.9 km strike in a highly prospective greenstone belt. The reserve represents just 26% of the existing total contained resources and is nearly all within only 120 m from surface, highlighting the potential for reserve expansion,” comments Shanta CEO Eric Zurrin.