Aim-listed Shanta Gold has identified new targets within its existing mining licences at the New Luika gold mine, in Tanzania, following a detailed review of the exploration portfolio over the past 12 months.
Two of the high-potential targets are Bauhinia Creek (BC) North and Elizabeth Hill (EH) North.
Exploration drilling at these targets has intersected “encouraging” mineralisation with sizeable widths, which suggests that there is potential for additional resources to add to the mine plan, says Shanta.
BC North is located 300 m from the BC deposit that is being mined from underground at New Luika.
Intersections from a 19-hole, 2 762 m reverse circulation drilling campaign at BC North included 4 m grading 8.38 g/t gold and 6 m grading 8.62 g/t gold.
EH North is located about 4 km east of the New Luika processing plant. Exploration drilling on 24 holes, totalling 2 316 m from this deposit has intersected 9 m grading 6.62 g/t gold and 9 m grading 5.56 g/t gold.
The company estimates the strike lengths of BC North and EH North to 150 m and 350 m respectively and remain open at depth.
Shanta says drilling is continuing at depth and along strike at both targets and additional results are expected during the fourth quarter.
The existing drilling results, as well as the second drilling campaign’s results during the quarter, will inform an updated mineral resource estimate and resultant life-of-mine extension at New Luika.