12th Apr 2016 09:11
LONDON (Alliance News) - Shanta Gold Ltd on Tuesday said drilling programmes have been completed at the Ilunga and Black Tree Hill mineralised prospects in Tanzania.
Both Ilunga and Black Tree Hill are located near Shanta Gold's flagship New Luika Gold Mine in the Lupa Goldfield.
Shanta Gold said encouraging mineralisation was intersected at Ilunga, and the existing indicated resource of 40,000 ounces is open at depth and along strike to the west. Preparation for a further drilling phase at Ilunga is ongoing.
Meanwhile, at Black Tree Hill, all drill holes intersected mineralisation but improved definition of colonial mined-out voids as well as generally lower-than-expected gold grades achieved during the most recent down-dip drilling programme resulted in an overall reduction of its resource base, Shanta Gold said. An updated reserve will be declared in due course, it added.
"The grades and thicknesses of the mineralised extensions to the Ilunga deposit are very encouraging. The deposit remains open at depth and strike and we are confident that further ongoing exploration has strong potential to further upgrade and extend the resource base at Ilunga," Chief Executive Toby Bradbury said in a statement.
Shares in Shanta Gold were trading up 2.4% at 7.42 pence on Tuesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
SHG.L