23rd Feb 2016 09:12
LONDON (Alliance News) - Shanta Gold Ltd Tuesday said the first phase of drilling at the New Luika gold mine in Tanzania has found mineralisation in 24 out of the 26 holes that were drilled.
The first phase of the reverse circulation drilling programme comprised of 2,699 metres of drilling over 26 holes at the New Luika gold mine, which is within the Lupa gold field in the south-west of the country.
Shanta Gold said it found mineralisation in 24 holes, and said the second phase of drilling is expected to include step-out and infill drilling after it found the mineralisation was open on strike and at depth.
Both the first and second phases of drilling are focused on the Askari mineralised target, one of the early stage targets that form Shanta's exploration programme, located around 14.0 kilometres from the project's processing facility.
Intercepts from the first phase of drilling include 4.0 metres at 8.6 grammes of gold per tonne of ore from 76.0 metres, 4.0 metres at 31.2 grammes of gold per tonne of ore from 61.0 metres, 8.0 metres at 7.2 grammes of gold per tonne of ore from 108.0 metres and 3.0 metres at 11.6 grammes of gold per tonne of ore from 93.0 metres.
Shanta shares were trading up 0.7% to 7.18 pence per share on Tuesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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