We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Shanta Gold Limited | LSE:SHG | London | Ordinary Share | GB00B0CGR828 | ORD 0.01P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 14.76 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSHG
RNS Number : 7540I
Shanta Gold Limited
30 July 2012
30 July 2012
Shanta Gold Limited
("Shanta Gold" or the "Company")
Significant Resource Increase at New Luika Gold Mine
Shanta Gold, the East Africa focused near term gold production & exploration company, is pleased to announce an updated JORC compliant Mineral Resource estimate, complied by Geologix Mineral Resource Consultants (Pty) Ltd, for its New Luika Gold Mine ("New Luika") in south western Tanzania.
Highlights:
-- Total in-situ New Luika resources increased by 52% to 1.48Moz Au with an average grade of 3.22 g/t (1.0 g/t cut-off)
-- New Luika Indicated resources increased by 80% to 0.83Moz Au with an average grade of 3.87 g/t (1.0 g/t cut-off)
-- All nine gold deposits identified at New Luika remain open at depth demonstrating potential for further resource upside
-- Revised New Luika mining plan to be undertaken reflecting the significant increase in total resource
Table 1: July 2012 New Luika In-Situ Resource
Indicated Inferred Total ------- ------------------------- ------------------------- -------------------- Cut-off Tonnes Grade Oz Tonnes Grade Oz Tonnes Grade Oz ------- --------- ----- ------- --------- ----- ------- ------ ----- ----- 11 692 17 015 28 780 1 703 0.0 319 2.39 889 658 817 1.47 805 548 617 1.85 673 12 777 21 434 1 645 0.5 8 584 945 3.16 871 888 468 1.86 765 126 893 2.39 482 14 341 1 484 1.0 6 642 315 3.87 827 133 7 630 967 2.64 648 905 191 3.22 390 ------- --------- ----- ------- --------- ----- ------- ------ ----- -----
* In addition to the above, the 2012 Resource Assessment has identified 8,351 ounces with an average grade of 3.82 g/t (1.0 g/t cut-off) in the Measured category
Walton Imrie, Executive Chairman, commented: "This impressive increase in our resource at New Luika, containing as it does an 80% increase in Indicated category resources, confirms the Board's view of the quality of this project as well as validates its decision to concentrate investment and development in this area of Tanzania. With the production facilities nearly complete and our first gold pour on target for mid-Q3 2012, these are exciting times for Shanta Gold. The coming months will see us further develop our mining plan at New Luika as well as transition from a junior developer to an emerging gold producer".
Highlights from the Resource Assessment Report
After publishing the last resource assessment in May 2011, Shanta Gold continued with exploration and infill drilling at five of the nine known gold deposits located in New Luika Gold Mine. The focus was on the Luika and Bauhinia Creek deposits where both infill drilling and resource upgrade drilling was done to achieve on-strike and down-dip extensions to mineralised envelopes earlier identified. The Jamhuri, Black Tree Hill and Shamba deposits were also targeted with limited infill drilling to improve delineation of the respective ore bodies, which have so far resulted in insignificant resource adjustments. However, the Company is satisfied that the definition of mineralised envelopes achieved at these three deposits will greatly assist with improving scheduling capacity once these deposits are exploited. The increase in resources at New Luika therefore arises overwhelmingly from upgrades at the Bauhinia Creek and Luika deposits which together account for two thirds of the total in-situ resource at New Luika.
Bauhinia Creek Deposit
Spectacular drill intersections achieved at the company's Bauhinia Creek deposit (currently being exploited by means of opencast mining) have resulted in a significantly positive impact on all aspects of current and future mining activities at New Luika. The in-situ resource at Bauhinia Creek has increased to 692Koz at 5.35 g/t (1g/t grade cut-off applied). This represents an improvement of 142% in total contained gold. Mineralised intersections in drill-holes at Bauhinia Creek were achieved to a vertical depth of 200m, resulting in an increase in Indicated category resources of 244% (1 g/t grade cut-off applied). The current Indicated resource at Bauhinia Creek amounts to 429Koz at 7.42 g/t, up from 125Koz ounces at 5.93 g/t in the May 2011 Resource Assessment (1 g/t grade cut-off applied). Bauhinia Creek accounts for more than half of the total Indicated category resources at New Luika of 827,133 ounces of gold at 3.87g/t (1g/t grade cut-off applied).
Table 2: Bauhinia Creek Deposit - July 2012 In-situ Resource
Indicated Inferred Total Cut-off Tonnes Grade Oz Tonnes Grade Oz Tonnes Grade Oz 430 2 607 4 577 704 0.0 1 897 439 7.06 838 458 3.16 264 806 378 4.78 112 430 2 505 4 443 702 0.5 1 864 863 7.18 450 804 3.27 263 698 149 4.92 616 428 2 162 4 027 692 1.0 1 796 936 7.42 843 233 3.67 254 970 080 5.35 164
Please note: Minor ounce and tonnage discrepancy is due to Measured category ounces of 8,351 ounces at 3.82 g/t at 1 g/t grade cut-off
Luika Deposit
At the Luika deposit, mineralised down-dip intersections were achieved to a vertical depth of up to 185m. Earlier drilling programmes targeted the orebody to a maximum vertical depth of approximately 150m. Robust mineralised envelopes intersected at depth have resulted in a significant increase of the Luika in-situ resource. The in-situ resource at Luika has increased to 445Koz at 3.01 g/t (1 g/t grade cut-off), which represents an improvement of 27% in total contained gold. Additional infill and upgrade drilling at the Luika deposit has resulted in an increase in Indicated category resources of 36% (1 g/t grade cut-off applied). The current Indicated resource at Luika amounts to 204Koz at 3.13 g/t, from 150Koz at 3.64g/t in the May 2011 Resource Assessment (1 g/t grade cut-off applied).
Table 3: Luika Deposit - July 2012 In-Situ Resource
Indicated Inferred Total Cut-off Tonnes Grade Oz Tonnes Grade Oz Tonnes Grade Oz 2 073 204 2 628 242 4 702 447 0.0 252 3.07 884 957 2.87 678 209 2.96 562 2 073 204 2 625 242 4 699 447 0.5 252 3.07 884 853 2.87 642 105 2.96 527 2 024 203 2 577 241 4 601 444 1.0 559 3.13 608 038 2.91 317 598 3.01 924
The significant increases in the Indicated category resources at both the Luika and Bauhinia Creek deposits will result in the commissioning of studies aimed at the optimisation and re-design of pit shells. It is expected that both Bauhinia Creek and Luika pit designs will be enlarged significantly to include the additional Indicated category resources identified.
New Luika Project Update
Based on the updated Mineral Resource Assessment, the Company is currently optimising the New Luika mine plan and expects this to be completed in Q4 2012.
The Company is also pleased to confirm that commissioning at New Luika remains on track with first gold production expected middle of this quarter and that the Company remains fully funded through the ramp up period into production.
The information in the report to which this statement is attached that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr David Briggs who is a member of the South African Council for Natural Scientific Professions (SACNASP), a Recognised Overseas Professional Organisation ('ROPO') included in a list promulgated by the ASX from time to time. Mr Briggs is a director of Geologix Mineral Resource Consultants (Pty) Ltd and is an independent consultant to Shanta Gold Ltd. Mr Briggs has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Briggs consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Enquiries:
Shanta Gold Limited Tel: +255 (0) 22 2601 829 Walton Imrie / Gareth Taylor Nominated Adviser and Broker Liberum Capital Limited Tel: + 44 (0)20 3100 2000 Michael Rawlinson / Clayton Bush / Christopher Kololian Financial Public Relations FTI Consulting Tel: +44 (0)20 7269 7100 Billy Clegg / Oliver Winters
About Shanta Gold Limited
Shanta Gold is a Tanzania focussed gold explorer and mine developer. It currently has defined ore resources on the New Luika, Singida and Mgusu projects and holds exploration licences over a number of additional properties. The New Luika Gold Mine is currently under construction and is expecting first production in Q3 2012. The Company is admitted to trading on AIM and has approximately 319 million shares in issue.
For further information visit the Company's website: www.shantagold.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLLFFVIDTIAFIF
1 Year Shanta Gold Chart |
1 Month Shanta Gold Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions