26th May 2020 16:26
(Alliance News) - Shanta Gold Ltd on Tuesday reported a JORC-compliant mineral resource estimate at its Singida gold project in Tanzania.
The estimate amounts to 243,000 ounces of gold at 3.00 grammes per tonnes.
"This reserve represents a 50% conversion of the project's independently verified measured and indicated resource. An updated mine plan for the project will incorporate this reserve and is expected to be released shortly," Shanta said.
Chief Executive Officer Eric Zurrin said: "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 open pits. Importantly, it is expected that this foundation will allow Singida to generate significant cashflow to, amongst other things, pay for regional exploration which will, over time, illuminate the project's full potential."
Shanta shares were 0.8% lower at 11.66 pence each in London on Tuesday afternoon shortly before market close.
By Eric Cunha; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
SHG.L