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| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.01 | -0.07% | 14.75 | 14.70 | 14.80 | 14.77 | 14.70 | 14.70 | 393,743 | 08:00:27 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 114.06M | -2.3M | -0.0022 | -67.05 | 155.09M |
From May 2019 to May 2024
TIDMSHG
RNS Number : 2099M
Shanta Gold Limited
20 January 2021
20 January 2021
Shanta Gold Limited
("Shanta Gold", "Shanta" or the "Company")
Shanta Group-wide Reserves and Resources Update
Shanta Gold (AIM: SHG), the East Africa-focused gold producer, developer and explorer, is pleased to announce a group-wide reserves and resources update for its portfolio of gold projects in Tanzania and Kenya as at 31 December 2020.
Highlights:
-- Total group-wide reserves of 625,000 ounces ("oz") grading 3.00 g/t across the Company's two projects in Tanzania;
-- Total resources of 3.2 million oz grading 3.53 g/t across all three projects in Tanzania (JORC compliant) and Kenya (NI 43-101 compliant) (US$1,350 /oz);
-- Exploration drilling at NLGM during 2020 added 173,000 oz to reserves;
-- Net reserves increase of 37,000 oz in 2020, after depletion from production during the year and resource optimization;
Hot Features
Premium
-- Reserves assume a life of mine ("LOM") gold price of US$1,350 /oz;
-- Maiden resource of 64,000 oz grading 2.08 g/t declared at open-pit Porcupine South deposit near NLGM with additional drilling planned for H1 2021;
-- Two rigs have been mobilized at the West Kenya Project with first assay results expected in February; and,
-- Significant upside potential through the conversion of resources across the portfolio.
Eric Zurrin, Chief Executive Officer, commented:
"During 2020 Shanta replaced all mined ounces and added an additional 37,000 oz to the mine plan at New Luika Gold Mine. Regionally, Shanta has now declared a maiden open pit resource of 64,000 oz at Porcupine South with plans to build on that foundation in 2021. On the back of these successes, the exploration budget in Tanzania has been increased by approximately 50% to US$8.0 million which will include a combined total of 41,250 metres of drilling at NLGM and Singida.
Drilling is currently ongoing at all three of Shanta's assets, including at our West Kenya Project where a second rig is now operational. We look forward to sharing interim drilling results from West Kenya in March."
Breakdown of New Reserves Increase in 2020
New reserves by deposit added during 2020(1) are given below:
Deposit Reserves Ounces Ounce Resource Reserves
Dec 2019 Added Depletion Optimisation Dec 2020
(koz) (koz) (koz) (koz) (koz)
Luika 50 92 (4) - 138
---------- -------- ----------- -------------- ----------
Bauhinia Creek 121 28 (86) - 63
---------- -------- ----------- -------------- ----------
Ilunga 56 24 (18) (19) 43
---------- -------- ----------- -------------- ----------
BC North 32 - (1) - 31
---------- -------- ----------- -------------- ----------
Shamba 10 - (4) - 6
---------- -------- ----------- -------------- ----------
Elizabeth
Hill 61 - - - 61
---------- -------- ----------- -------------- ----------
Black tree
hill 12 28 - - 40
---------- -------- ----------- -------------- ----------
BC East 2 1 (3) - -
---------- -------- ----------- -------------- ----------
Total 344 173 (116) (19) 382
---------- -------- ----------- -------------- ----------
NLGM Reserves
The total reserves position for NLGM as of 31 December 2020(1) is given below:
Deposit and classification PROBABLE RESERVES
Ore tonnes Ore grade Contained
(kt) (g/t Au) Ounces (koz)
----------- ---------- --------------
Ore Reserves - Underground 2,325 3.61 270
----------- ---------- --------------
Ore Reserves - Open
Pit 1,655 2.09 111
----------- ---------- --------------
Total Ore Reserve 3,980 2.98 382
----------- ---------- --------------
Note: 1. Reserves are reported in accordance with the JORC Code 2012.
NLGM Underground Reserves (1,2,3)
The underground probable reserve statement is shown below:
Deposit PROBABLE RESERVES
Cut-off Ore tonnes Ore grade Contained
grade (kt) ounces (koz)
("COG")
(g/t) (g/t
Au)
--------- ------------ ----------- --------------
Bauhinia Creek 1.9 402 4.87 63
--------- ------------ ----------- --------------
Luika 1.6 1,429 3.00 138
--------- ------------ ----------- --------------
Ilunga 2.0 297 4.44 42
--------- ------------ ----------- --------------
BC North 1.9 197 4.21 27
--------- ------------ ----------- --------------
Total Ore Reserve
- Underground 2,325 3.61 270
--------- ------------ ----------- --------------
Note: 1. Reserves are reported in accordance with the JORC Code 2012.
Note: 2. Reserve estimates assume application of long-hole open-stoping. Economic evaluations are at a gold price of US$1,350 /oz. An assumed gold recovery of 90% has been applied.
Note: 3. JORC Code disclosures for these reserves are appended to this statement.
NLGM Open Pit Ore Reserves
The open pit probable reserve statement is shown below:
Deposit PROBABLE RESERVES
-------------------
COG Ore tonnes Ore grade Contained
(g/t) (kt) (g/t Au) Ounces
(koz)
------------------- ------- ----------- ---------- ----------
Black Tree Hill 0.6 580 2.12 40
------- ----------- ---------- ----------
Elizabeth Hill 0.6 901 2.11 61
------- ----------- ---------- ----------
Shamba 0.7 101 1.85 6
------- ----------- ---------- ----------
Bauhinia Creek
North 0.6 73 1.96 5
------- ----------- ---------- ----------
Total Ore Reserve
- Open Pit 1,655 2.09 111
------- ----------- ---------- ----------
Note: 1. Reserves are reported in accordance with the JORC Code 2012.
Note: 2. Economic evaluations are at a gold price of US$1,350 /oz. An assumed gold recovery of 90% has been applied.
Note: 3. JORC Code disclosures for these reserves are appended to this statement.
NLGM Deposits - Resources Outside Mine Design (1) as of 31 December 2020 (1.0 Au g/t COG OP, 1.0 Au g/t COG UG)
Resources are reported in accordance with the JORC Code 2012.
Open Pit Deposit(1) JH SH EH BTH IL LK BC BCN BCE LS BTHN PS Total
-------------
Ore kt (Measured) - - - 12,213 - - - - - - - - 12,213
-----
Grade (Au
g/t) - - - 1.98 - - - - - - - - 1.98
--------------------------- ---------- -------- ---------- -------- -------- ---------- -------- -------- -------- -------- -------- ----- ----------
Contained
ounces (koz) - - - 776 - - - - - - - - 776
--------------------------- ---------- -------- ---------- -------- -------- ---------- -------- -------- -------- -------- -------- ----- ----------
Ore kt (Indicated) 585,333 9,111 236,207 156,723 137,558 504,013 59,657 46,218 94 118,350 114,012 525 1,967,800
----- ----------
Grade (Au
g/t) 1.76 1.41 1.90 1.66 3.27 3.11 3.03 2.43 3.76 3.65 1.78 2.29 2.39
--------------------------- ---------- -------- ---------- -------- -------- ---------- -------- -------- -------- -------- -------- ----- ----------
Contained
ounces (koz) 33,169 412 14,440 8,345 14,459 50,333 5,819 3,610 11 13,881 6,525 39 151,042
--------------------------- ---------- -------- ---------- -------- -------- ---------- -------- -------- -------- -------- -------- ----- ----------
Ore kt (Inferred) 37,147 89,251 346,014 9,261 15,115 - 68,369 320 1,413 42,579 37,423 437 647,329
--------------------------- ---------- -------- ---------- -------- -------- ---------- -------- -------- -------- -------- -------- ----- ----------
Grade (Au
g/t) 1.45 1.60 1.47 1.34 1.39 - 1.80 5.28 3.39 3.17 1.40 1.81 1.63
--------------------------- ---------- -------- ---------- -------- -------- ---------- -------- -------- -------- -------- -------- ----- ----------
Contained
ounces (koz) 1,736 4,578 16,363 399 677 - 3,957 54 154 4,342 1,684 25 33,970
--------------------------- ---------- -------- ---------- -------- -------- ---------- -------- -------- -------- -------- -------- ----- ----------
Total Open
Pit Ore kt 622,480 98,362 582,221 178,197 152,673 504,013 128,026 46,538 1,506 160,929 151,435 962 2,627,341
------------- ------------- ---------- -------- ---------- -------- -------- ---------- -------- -------- -------- -------- -------- ----- ----------
Grade (Au
g/t) 1.74 1.58 1.65 1.66 3.08 3.11 2.37 2.45 3.41 3.52 1.69 2.08 2.20
--------------------------- ---------- -------- ---------- -------- -------- ---------- -------- -------- -------- -------- -------- ----- ----------
Contained
ounces (koz) 34,905 4,990 30,803 9,520 15,135 50,333 9,776 3,665 165 18,223 8,209 64 185,788
--------------------------- ---------- -------- ---------- -------- -------- ---------- -------- -------- -------- -------- -------- ----- ----------
Underground Deposit JH SH EH BTH IL LK BC BCN BCE LS BTHN PS Total
------------- -----
Ore kt (Measured) - - - 19,261 - - - - - - - - 19,261
-----
Grade (Au
g/t) - - - 2.650 - - - - - - - - 2.65
--------------------------- ---------- -------- ---------- -------- -------- ---------- -------- -------- -------- -------- -------- ----- ----------
Contained
ounces (koz) - - - 1,641 - - - - - - - - 1,641
--------------------------- ---------- -------- ---------- -------- -------- ---------- -------- -------- -------- -------- -------- ----- ----------
Ore kt (Indicated) 22,086 - 499,153 102,809 178,320 502,676 66,417 22,766 - - - - 1,394,226
----- ----------
Grade (Au
g/t) 3.08 - 2.09 2.60 2.50 2.47 1.98 3.24 - - - - 2.34
--------------------------- ---------- -------- ---------- -------- -------- ---------- -------- -------- -------- -------- -------- ----- ----------
Contained
ounces (koz) 2,189 - 33,500 8,582 14,328 39,865 4,229 2,369 - - - - 105,063
--------------------------- ---------- -------- ---------- -------- -------- ---------- -------- -------- -------- -------- -------- ----- ----------
Ore kt (Inferred) 722,699 7,032 282,800 8,326 90,229 736,386 316,035 38,515 - 136,164 - - 2,338,184
--------------------------- ---------- -------- ---------- -------- -------- ---------- -------- -------- -------- -------- -------- ----- ----------
Grade (Au
g/t) 1.63 1.59 1.57 2.04 4.05 2.82 2.34 2.88 - 3.14 - - 2.29
--------------------------- ---------- -------- ---------- -------- -------- ---------- -------- -------- -------- -------- -------- ----- ----------
Contained
ounces (koz) 37,791 360 14,231 546 11,738 66,741 23,783 3,567 - 13,730 - - 172,489
--------------------------- ---------- -------- ---------- -------- -------- ---------- -------- -------- -------- -------- -------- ----- ----------
Total
Underground Ore kt 744,784 7,032 781,953 130,395 268,549 1,239,062 382,452 61,281 - 136,164 - - 3,751,672
------------- ------------- ---------- -------- ---------- -------- -------- ---------- -------- -------- -------- -------- -------- ----- ----------
Grade (Au
g/t) 1.67 1.59 1.90 2.57 3.02 2.68 2.28 3.01 - 3.14 - - 2.31
--------------------------- ---------- -------- ---------- -------- -------- ---------- -------- -------- -------- -------- -------- ----- ----------
Contained
ounces (koz) 39,980 360 47,731 10,770 26,067 106,606 28,012 5,936 - 13,730 - - 279,193
--------------------------- ---------- -------- ---------- -------- -------- ---------- -------- -------- -------- -------- -------- ----- ----------
Open Pit Deposit JH SH EH BTH IL LK BC BCN BCE LS BTHN PS Total
+
Underground
------------- -----
Ore kt (Measured) - - - 31,474 - - - - - - - - 31,474
-----
Grade (Au
g/t) - - - 2.39 - - - - - - - - 2.39
--------------------------- ---------- -------- ---------- -------- -------- ---------- -------- -------- -------- -------- -------- ----- ----------
Contained
ounces (koz) - - - 2,417 - - - - - - - - 2,417
--------------------------- ---------- -------- ---------- -------- -------- ---------- -------- -------- -------- -------- -------- ----- ----------
Ore kt (Indicated) 607,418 9,111 735,360 259,532 315,878 1,006,690 126,075 68,983 93.79 118,350 114,012 525 3,362,026
-----
Grade (Au
g/t) 1.81 1.41 2.03 2.03 2.83 2.79 2.48 2.70 3.76 3.65 1.78 2.29 2.37
--------------------------- ---------- -------- ---------- -------- -------- ---------- -------- -------- -------- -------- -------- ----- ----------
Contained
ounces (koz) 35,358 412 47,939 16,927 28,787 90,199 10,048 5,979 11.349 13,881 6,525 39 256,105
--------------------------- ---------- -------- ---------- -------- -------- ---------- -------- -------- -------- -------- -------- ----- ----------
Ore kt (Inferred) 759,845 96,283 628,814 17,586 105,345 736,386 384,403 38,835 1412.56 178,743 37,423 437 2,985,513
--------------------------- ---------- -------- ---------- -------- -------- ---------- -------- -------- -------- -------- -------- ----- ----------
Grade (Au
g/t) 1.62 1.60 1.51 1.67 3.67 2.82 2.24 2.90 3.39 3.14 1.40 1.81 2.15
--------------------------- ---------- -------- ---------- -------- -------- ---------- -------- -------- -------- -------- -------- ----- ----------
Contained
ounces (koz) 39,527 4,939 30,595 945 12,415 66,741 27,740 3,621 153.875 18,072 1,684 25 206,459
--------------------------- ---------- -------- ---------- -------- -------- ---------- -------- -------- -------- -------- -------- ----- ----------
Total OP+UG Ore kt 1,367,264 105,394 1,364,174 308,592 421,222 1,743,076 510,478 107,819 1506.36 297,093 151,435 962 6,379,014
------------- -----
Grade (Au
g/t) 1.70 1.58 1.79 2.05 3.04 2.80 2.30 2.77 3.41 3.35 1.69 2.08 2.27
--------------------------- ---------- -------- ---------- -------- -------- ---------- -------- -------- -------- -------- -------- ----- ----------
Contained
ounces (koz) 74,885 5,351 78,534 20,290 41,202 156,940 37,787 9,601 165.224 31,953 8,209 64 464,981
--------------------------- ---------- -------- ---------- -------- -------- ---------- -------- -------- -------- -------- -------- ----- ----------
Note: 1. Resources Outside of the Mine Design exclude reserves and exclude resources that do not meet a minimum cut-off grade for economic viability.
Deposit glossary:
JH - Jamhuri
SH - Shamba
EH - Elizabeth Hill
BTH - Black Tree Hill
IL - Ilunga
LK - Luika
BC - Bauhinia Creek
BCN - Bauhinia Creek North
BCE - Bauhinia Creek East
LS - Luika South
BTHN - Black Tree Hill North
PS - Porcupine South
Singida Deposits - Resources Outside Mine Design (1.0 Au g/t COG)
Open Pit Deposit CORNPATCH CORNPATCH GOLD TREE GUSTAV JEM KAIZER VIVIAN Total
EAST WEST CHIEF
-------------------
Ore kt (Indicated) 85 158 171 196 139 226 44 1,017
Grade (Au g/t) 1.47 1.76 1.61 1.66 2.05 1.59 2.10 1.71
-------------------------------------- ---------- ---------- ---------- ------- ------ ------- ------- ------
Contained ounces
(koz) 4 9 9 10 9 12 3 56
-------------------------------------- ---------- ---------- ---------- ------- ------ ------- ------- ------
Ore kt (Inferred) 17 422 82 70 3 32 39 665
------
Grade (Au g/t) 1.18 2.76 2.24 1.59 1.95 1.87 1.53 2.41
-------------------------------------- ---------- ---------- ---------- ------- ------ ------- ------- ------
Contained ounces
(koz) 1 37 6 4 0 2 2 52
-------------------------------------- ---------- ---------- ---------- ------- ------ ------- ------- ------
Total Open
Pit Ore kt (Ind+Inf) 101 580 252 266 142 258 83 1,682
------------------- ------------------ ---------- ---------- ---------- ------- ------ ------- ------- ------
Grade (Au g/t) 1.42 2.49 1.82 1.64 2.05 1.63 1.83 1.99
-------------------------------------- ---------- ---------- ---------- ------- ------ ------- ------- ------
Contained ounces
(koz) 5 46 15 14 9 14 5 107
-------------------------------------- ---------- ---------- ---------- ------- ------ ------- ------- ------
Underground Deposit CORNPATCH CORNPATCH GOLD TREE GUSTAV JEM KAIZER VIVIAN Total
EAST WEST CHIEF
-------------------
Ore kt (Indicated) 120 9 489 26 401 178 29 1,252
Grade (Au g/t) 2.29 1.64 1.99 1.58 3.25 1.43 2.70 2.35
-------------------------------------- ---------- ---------- ---------- ------- ------ ------- ------- ------
Contained ounces
(koz) 9 1 31 1 42 8 2 95
-------------------------------------- ---------- ---------- ---------- ------- ------ ------- ------- ------
Ore kt (Inferred) 199 790 4,148 245 719 603 143 6,848
------
Grade (Au g/t) 2.53 1.75 2.03 1.66 2.95 1.90 2.66 2.10
-------------------------------------- ---------- ---------- ---------- ------- ------ ------- ------- ------
Contained ounces
(koz) 16 44 271 13 68 37 12 462
-------------------------------------- ---------- ---------- ---------- ------- ------ ------- ------- ------
Ore Tonnes
Total Underground (Ind+Inf) 320 799 4,638 271 1,120 782 171 8,100
------------------- ------------------ ---------- ---------- ---------- ------- ------ ------- ------- ------
Grade (Au g/t) 2.44 1.75 2.03 1.66 3.06 1.79 2.67 2.14
-------------------------------------- ---------- ---------- ---------- ------- ------ ------- ------- ------
Contained ounces
(koz) 25 45 302 14 110 45 15 556
-------------------------------------- ---------- ---------- ---------- ------- ------ ------- ------- ------
Open Pit Deposit
+ underground
-------------------
Ore kt (Indicated) 205 166 660 221 540 405 72 2,269
Grade (Au g/t) 1.95 1.75 1.90 1.65 2.94 1.52 2.34 2.06
-------------------------------------- ---------- ---------- ---------- ------- ------ ------- ------- ------
Contained ounces
(koz) 13 9 40 12 51 20 5 150
-------------------------------------- ---------- ---------- ---------- ------- ------ ------- ------- ------
Ore kt (Inferred) 216 1,212 4,230 315 722 635 182 7,513
Grade (Au g/t) 2.43 2.10 2.03 1.65 2.95 1.90 2.42 2.12
-------------------------------------- ---------- ---------- ---------- ------- ------ ------- ------- ------
Contained ounces
(koz) 17 82 276 17 68 39 14 513
-------------------------------------- ---------- ---------- ---------- ------- ------ ------- ------- ------
Ore Tonnes
Total OP+UG (Ind+Inf) 421 1,379 4,890 537 1,261 1,040 254 9,781
------------------ ---------- ---------- ---------- ------- ------ ------- ------- ------
Grade (Au g/t) 2.19 2.06 2.01 1.65 2.95 1.75 2.39 2.11
-------------------------------------- ---------- ---------- ---------- ------- ------ ------- ------- ------
Contained ounces
(koz) 30 91 317 28 119 59 20 664
-------------------------------------- ---------- ---------- ---------- ------- ------ ------- ------- ------
New Luika Gold Mine
Mineral Resource Estimate (MRE) - 31 December 2020 - COG 1.0 g/t
(December 2020)
JORC 2012 Classification
Deposit Measured Indicated Inferred Total Resource
--------------------------- --------------------------- ---------------------------
Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces
(kt) (Au_g/t) (koz) (kt) (Au_g/t) (koz) (kt) (Au_g/t) (koz) (kt) (Au_g/t) (koz)
------- ------- --------- ------- ------- --------- ------- ------- --------- -------
Jamhuri - - - 613 1.82 36 760 1.62 40 1,373 1.71 75
------- --------- ------- ------- --------- ------- ------- --------- ------- ------- --------- -------
Shamba - - - 97 2.09 7 104 1.61 5 201 1.84 12
------- --------- ------- ------- --------- ------- ------- --------- ------- ------- --------- -------
Elizabeth
Hill 2 1.73 0 1,585 2.25 115 639 1.52 31 2,226 2.04 146
------- --------- ------- ------- --------- ------- ------- --------- ------- ------- --------- -------
Black Tree
Hill 176 2.36 13 1,079 1.94 67 506 1.26 20 1,762 1.79 101
------- --------- ------- ------- --------- ------- ------- --------- ------- ------- --------- -------
Ilunga - - - 701 4.32 97 105 3.66 12 807 4.24 110
------- --------- ------- ------- --------- ------- ------- --------- ------- ------- --------- -------
Luika - - - 2,805 3.09 279 740 2.82 67 3,545 3.04 346
------- --------- ------- ------- --------- ------- ------- --------- ------- ------- --------- -------
Bauhinia
Creek - - - 672 4.61 99 1,009 1.97 64 1,681 3.02 163
------- --------- ------- ------- --------- ------- ------- --------- ------- ------- --------- -------
Bauhinia
Creek
North - - - 356 3.68 42 45 3.14 5 401 3.62 47
------- --------- ------- ------- --------- ------- ------- --------- ------- ------- --------- -------
Bauhinia
Creek
East - - - 0 3.19 0 1 3.12 0 1 3.13 0
------- --------- ------- ------- --------- ------- ------- --------- ------- ------- --------- -------
Luika
South - - - 118 3.67 14 178 3.15 18 296 3.35 32
------- --------- ------- ------- --------- ------- ------- --------- ------- ------- --------- -------
Black Tree
Hill
North - - - 114 1.78 7 37 1.40 2 151 1.69 8
------- --------- ------- ------- --------- ------- ------- --------- ------- ------- --------- -------
Porcupine
South - - - 525 2.29 39 437 1.81 25 962 2.08 64
------- --------- ------- ------- --------- ------- ------- --------- ------- ------- --------- -------
Grand
Total 178 2.35 13 8,665 2.88 801 4,561 1.98 290 13,405 2.56 1,105
------- --------- ------- ------- --------- ------- ------- --------- ------- ------- --------- -------
Singida Reserves and Resources
The total probable reserves position for Singida as of 31 December 2020 is given below:
Singida Gold Project Tanzania
JORC 2012 Reserve(1)
(26 May 2020)
JORC 2012 Classification
Deposit COG PROBABLE RESERVES
(g/t)
-------------------------------------------------
Ore tonnes Ore grade Contained Recoverable
(kt) (g/t Au) Ounces Ounces
(koz) (koz)
----------- ---------- ---------- ------------
Cornpatch 0.79 294 3.46 33 29
------- ----------- ---------- ---------- ------------
Cornpatch West 0.78 294 3.46 33 29
------- ----------- ---------- ---------- ------------
Gold Tree 0.74 1,366 3.37 148 133
------- ----------- ---------- ---------- ------------
Gustav 0.78 129 1.7 7 6
------- ----------- ---------- ---------- ------------
Jem 0.74 324 2.86 30 27
------- ----------- ---------- ---------- ------------
Kaizer Chief 0.78 142 1.65 8 7
------- ----------- ---------- ---------- ------------
Vivian 0.74 125 2.38 10 9
------- ----------- ---------- ---------- ------------
Grand Total 0.75 2,514 3.00 243 218
------- ----------- ---------- ---------- ------------
Singida Gold Project Tanzania
Mineral Resource Estimate (MRE)
(26 May 2020)
JORC 2012 Classification
Deposit MEASURED INDICATED INFERRED TOTAL RESOURCES
------------------------ ------------------------ ------------------------
TONNES GRADE OUNCES TONNES GRADE OUNCES TONNES GRADE OUNCES TONNES GRADE OUNCES
(kt) g/t (koz) (kt) g/t (koz) (kt) g/t (koz) (kt) g/t (koz)
------- ------ ------- ------- ------ ------- ------- ------ ------- ------- ------ -------
CORNPATCH 117 2.00 8 336 1.98 22 517 2.36 39 970 2.18 69
------- ------ ------- ------- ------ ------- ------- ------ ------- ------- ------ -------
CORNPATCH
WEST - - - 824 2.52 67 565 1.87 34 1,389 2.26 101
------- ------ ------- ------- ------ ------- ------- ------ ------- ------- ------ -------
GOLD TREE 1,139 3.66 135 1,294 2.39 100 3,274 2.02 213 5,707 2.43 447
------- ------ ------- ------- ------ ------- ------- ------ ------- ------- ------ -------
GUSTAV - - - 148 1.49 7 783 1.85 47 932 1.79 54
------- ------ ------- ------- ------ ------- ------- ------ ------- ------- ------ -------
JEM 376 2.99 36 542 2.67 46 532 2.92 50 1,451 2.84 133
------- ------ ------- ------- ------ ------- ------- ------ ------- ------- ------ -------
KAIZER
CHIEF - - - 475 1.67 25 354 1.98 22 828 1.80 48
------- ------ ------- ------- ------ ------- ------- ------ ------- ------- ------ -------
VIVIAN - - - 405 2.97 38 125 3.40 14 529 3.07 52
------- ------ ------- ------- ------ ------- ------- ------ ------- ------- ------ -------
TOTAL 1,632 3.39 179 4,024 2.36 305 6,150 2.12 418 11,806 2.38 904
------- ------ ------- ------- ------ ------- ------- ------ ------- ------- ------ -------
West Kenya Mineral Resource Estimate
A maiden NI43-101 compliant Inferred Mineral Resource Estimate (MRE) on the Isulu and Bushiangala prospects was announced in 2017. The latest update of the MRE was completed in May 2018:
Mineral Resource Prospect COG Tonnes Mean Grade Ounces
Category (Au g/t) (t) (Au g/t) (oz)
Inferred Isulu 2.0 2,527,300 13.0 1,060,300
------------- ---------- ---------- ----------- ----------
Inferred Bushiangala 7.0 382,400 9.9 122,000
------------- ---------- ---------- ----------- ----------
Total 2,909,700 12.6 1,182,300
-------------------------------- ---------- ---------- ----------- ----------
Source: Cath Pitman, P. Geo - Adiuvare Geology & Engineering (May 2018)
Isulu deposit (NI43-101): Mineral resource sensitivity to cut-off grades
COG Tonnes Mean grade Ounces
(g/t) (t) (Au g/t) (oz)
0.0 2,859,500 11.6 1,066,800
---------- ----------- ----------
1.0 2,640,800 12.6 1,066,300
---------- ----------- ----------
2.0 2,527,300 13.0 1,060,300
---------- ----------- ----------
3.0 2,350,000 13.8 1,045,800
---------- ----------- ----------
4.0 2,127,300 14.9 1,020,800
---------- ----------- ----------
5.0 1,918,400 16.1 990,500
---------- ----------- ----------
6.0 1,734,200 17.2 958,000
---------- ----------- ----------
7.0 1,550,400 18.4 919,500
---------- ----------- ----------
Source: Cath Pitman, P. Geo - Adiuvare Geology & Engineering (May 2018)
Enquiries:
Shanta Gold Limited
+44 (0) 14 8173
Eric Zurrin (CEO) 2153
Luke Leslie (CFO)
Nominated Adviser and Joint Broker
Liberum Capital Limited
Scott Mathieson / Ed Thomas / Louis Davies +44 (0) 20 3100
/ Nikhil Varghese 2000
Joint Broker
Tamesis Partners LLP
+44 (0) 20 3882
Charlie Bendon / Richard Greenfield 2868
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019.
About Shanta Gold
Shanta Gold is an East Africa-focused gold producer. It currently has defined ore resources on the New Luika and Singida projects in Tanzania and holds exploration licenses covering approximately 1,100 km(2) in the country. Shanta Gold also owns the West Kenya Project in Kenya with defined ore resources of 1.2Mt grading 12.6 g/t. Shanta's flagship New Luika Gold Mine commenced production in 2012 and produced 84,506 ounces in 2019. The Company has been admitted to trading on London's AIM and has approximately 1,043 m shares in issue. For further information please visit: www.shantagold.com .
Competent Person Statement
The technical information contained within this announcement has been reviewed by Juma Kisunda (the Company's Technical Services Manager) and Paul W. Mbuya (the Company's Exploration Manager), who are Members of The Australasian Institute of Mining and Metallurgy (Aus.I.M.M). They have sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Persons as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' and for the purposes of the AIM Guidance Note on Mining and Oil & Gas Companies dated June 2009.
Glossary
Glossary of Technical Terms
"Au" chemical symbol for gold
"cut off the lowest grade value that is included in a
grade" (COG) resource statement. It must comply with JORC
requirement 19: "reasonable prospects for eventual
economic extraction" the lowest grade, or quality,
of mineralised material that qualifies as economically
mineable and available in a given deposit. It
may be defined on the basis of economic evaluation,
or on physical or chemical attributes that define
an acceptable product specification
"g/t" grammes per tonne, equivalent to parts per million
"Inferred that part of a Mineral Resource for which tonnage,
Resource" grade and mineral content can be estimated with
a low level of confidence. It is inferred from
geological evidence and assumed but not verified
geological and/or grade continuity. It is based
on information gathered through appropriate
techniques from locations such as outcrops,
trenches, pits, workings and drill holes which
may be limited or of uncertain quality and reliability
"Indicated that part of a Mineral Resource for which tonnage,
Resource" densities, shape, physical characteristics,
grade and mineral content can be estimated with
a reasonable level of confidence. It is based
on exploration, sampling and testing information
gathered through appropriate techniques from
locations such as outcrops, trenches, pits,
workings and drill holes. The locations are
too widely or inappropriately spaced to confirm
geological and/or grade continuity but are spaced
closely enough for continuity to be assumed
"JORC" The Australasian Joint Ore Reserves Committee
Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves 2012 (the "JORC Code"
or "the Code"). The Code sets out minimum standards,
recommendations and guidelines for Public Reporting
in Australasia of Exploration Results, Mineral
Resources and Ore Reserves
"koz" thousand troy ounces of gold
"Measured that part of a Mineral Resource for which tonnage,
Resource" densities, shape, physical characteristics,
grade and mineral content can be estimated with
a high level of confidence. It is based on detailed
and reliable exploration, sampling and testing
information gathered through appropriate techniques
from locations such as outcrops, trenches, pits,
workings and drill holes. The locations are
spaced closely enough to confirm geological
and grade continuity
"Mineral a concentration or occurrence of material of
Resource" intrinsic economic interest in or on the Earth's
crust in such form, quality and quantity that
there are reasonable prospects for eventual
economic extraction. The location, quantity,
grade, geological characteristics and continuity
of a Mineral Resource are known, estimated or
interpreted from specific geological evidence
and knowledge. Mineral Resources are sub-divided,
in order of increasing geological confidence,
into Inferred, Indicated and Measured categories
when reporting under JORC
"Mt" million tonnes
"oz" troy ounce (= 31.103477 grammes)
"Reserve" the economically mineable part of a Measured
and/or Indicated Mineral Resource
"t" tonne (= 1 million grammes)
APPIX 1: SAMPLING TECHNIQUES AND DATA
Sampling
techniques * Nature and quality of sampling (eg cut channels, * Diamond drilling 1m samples
random chips, or specific specialised industry
standard measurement tools appropriate to the
minerals under investigation, such as down hole gamma * Reverse circulation (RC) drilling was used to obtain
sondes, or handheld XRF instruments, etc). These 1 m samples from which 3 kg of material was sent for
examples should not be taken as limiting the broad analysis
meaning of sampling.
* Drilling sampled on a maximum of 1 m downhole
* Include reference to measures taken to ensure sample
representivity and the appropriate calibration of any
measurement tools or systems used. * Samples were not composited
* Aspects of the determination of mineralisation that * Samples were submitted to the SGS Laboratory in
are Material to the Public Report. Mwanza for analysis
* In cases where 'industry standard' work has been done * At least 3kg sample pulverized and a 50g charge fire
this would be relatively simple (eg 'reverse assayed with AAS or aqua regia finish for gold
circulation drilling was used to obtain 1 m samples
from which 3 kg was pulverised to produce a 30 g
charge for fire assay'). In other cases more
explanation may be required, such as where there is
coarse gold that has inherent sampling problems.
Unusual commodities or mineralisation types (eg
submarine nodules) may warrant disclosure of detailed
information.
Drilling
techniques * Drill type (eg core, reverse circulation, open-hole * Diamond core drilling; NQ core size
hammer, rotary air blast, auger, Bangka, sonic, etc)
and details (eg core diameter, triple or standard
tube, depth of diamond tails, face-sampling bit or * RC Drilling
other type, whether core is oriented and if so, by
what method, etc).
Drill
sample * Method of recording and assessing core and chip * Core sample recoveries routinely measured and
recovery sample recoveries and results assessed. recorded in spreadsheet database
* Measures taken to maximise sample recovery and ensure * Samples split half core perpendicular to strike of
representative nature of the samples. mineralized zones
* Whether a relationship exists between sample recovery * RC samples recovered from on-site cyclone
and grade and whether sample bias may have occurred
due to preferential loss/gain of fine/coarse
material.
Logging
* Whether core and chip samples have been geologically * Logging of geology, alteration and geotechnical
and geotechnically logged to a level of detail to aspects recorded in drill logs for diamond core
support appropriate Mineral Resource estimation, drilling
mining studies and metallurgical studies.
* Logging is qualitative; All drill core is
* Whether logging is qualitative or quantitative in photographed
nature. Core (or costean, channel, etc) photography.
* Entire intervals that were drilled and/or trenched
* The total length and percentage of the relevant were logged
intersections logged.
Sub-sampling
techniques * If core, whether cut or sawn and whether quarter, * Half core taken; Sawn
and half or all core taken.
sample
preparation * RC samples riffled and sub-sample; Submitted for
* If non-core, whether riffled, tube sampled, rotary analysis
split, etc and whether sampled wet or dry.
* For trench samples, the entire sample for the
* For all sample types, the nature, quality and respective interval aggregated, not riffled or split
appropriateness of the sample preparation technique.
* Aggregated half core; Entire 3kg sample pulverized at
* Quality control procedures adopted for all laboratory prior to fire assay in order to minimize
sub-sampling stages to maximise representivity of bias
samples.
* Drilling and channels planned orthogonal to the
* Measures taken to ensure that the sampling is strike of structures/lithologies in order to maximize
representative of the in situ material collected, representivity
including for instance results for field
duplicate/second-half sampling.
* Field duplicates sampled at appropriate intervals
* Whether sample sizes are appropriate to the grain
size of the material being sampled.
Quality
of * The nature, quality and appropriateness of the * Fire assay is appropriate for the nature of gold
assay assaying and laboratory procedures used and whether mineralization being assayed
data the technique is considered partial or total.
and
laboratory * No geophysical tools used to generate exploration
tests * For geophysical tools, spectrometers, handheld XRF results
instruments, etc, the parameters used in determining
the analysis including instrument make and model,
reading times, calibrations factors applied and their * Registered reference material inserted at the
derivation, etc. interval of 20 samples
* Nature of quality control procedures adopted (eg * Levels of accuracy and precision (detection limit)
standards, blanks, duplicates, external laboratory for gold is 0.01 ppm which is suitable for the level
checks) and whether acceptable levels of accuracy (ie of assays reported
lack of bias) and precision have been established.
Verification
of * The verification of significant intersections by * No twinning of drillholes
sampling either independent or alternative company personnel.
and
assaying * Primary data was logged onto paper and later
* The use of twinned holes. transferred into database, verified by a Senior
Geologist and stored in electronic database that is
regularly backed up
* Documentation of primary data, data entry procedures,
data verification, data storage (physical and
electronic) protocols. * Database is verified and compared with standard
assays stored using established company protocols
* Discuss any adjustment to assay data.
* No adjustments have been made to assay data
Location
of * Accuracy and quality of surveys used to locate drill * Drillholes and trenches were accurately surveyed
data holes (collar and down-hole surveys), trenches, mine using Trimble DGPS survey equipment
points workings and other locations used in Mineral Resource
estimation.
* Drillholes and trenches surveyed in UTM Coordinates
System Arc 1960
* Specification of the grid system used.
* Topographical surveys were done using Aerial Lidar
* Quality and adequacy of topographic control. Survey
Data
spacing * Data spacing for reporting of Exploration Results. * Drillhole spacing was generally at 50m along strike
and of the targets with a vertical spacing of
distribution approximately 40 to 50m
* Whether the data spacing and distribution is
sufficient to establish the degree of geological and
grade continuity appropriate for the Mineral Resource
and Ore Reserve estimation procedure(s) and
classifications applied.
* Whether sample compositing has been applied.
Orientation
of * Whether the orientation of sampling achieves unbiased * Drilling and trenching planned perpendicular to the
data sampling of possible structures and the extent to interpreted strike of lithological units and
in which this is known, considering the deposit type. geological structures
relation
to
geological * If the relationship between the drilling orientation
structure and the orientation of key mineralised structures is
considered to have introduced a sampling bias, this
should be assessed and reported if material.
Sample
security * The measures taken to ensure sample security. * Samples secured by senior personnel on site and
transported directly by company vehicle to the
laboratories (Quality Labs in NLGM and SGS in Mwanza)
Audits
or * The results of any audits or reviews of sampling * Internal reviews are regularly completed but no
reviews techniques and data. external audits were carried out for the currently
reported results
============= ============================================================ ============================================================
APPIX 2: REPORTING OF EXPLORATION RESULTS
Mineral
tenement * Type, reference name/number, location and ownership * ML 408/2010 valid until 20 Sep 2030
and including agreements or material issues with third
land parties such as joint ventures, partnerships,
tenure overriding royalties, native title interests, * ML 518/2014 valid until 30 Jan 2024
status historical sites, wilderness or national park and
environmental settings.
* ML 519/2014 valid until 30 Jan 2024
* The security of the tenure held at the time of
reporting along with any known impediments to * ML 456/2012 valid until 19 Jan 2022
obtaining a licence to operate in the area.
* ML 455/2012 valid until 19 Jan 2022
* ML 457/2012 valid until 19 Jan 2022
Exploration
done * Acknowledgment and appraisal of exploration by other * Historical colonial exploration and mining works
by parties.
other
parties
Geology
* Deposit type, geological setting and style of * Underlain by a complex association of high grade
mineralisation. metamorphic- and intrusive lithologies, commonly
intruded by dykes of variable composition. Modally,
granodioritic and granitic lithologies are most
commonly encountered.
* These granodiorites and granites have been
interpreted as late-orogenic intrusive phases
associated with gold mineralisation in the area.
Subordinate diorite, porphyroblastic hornblende
gabbro, quartzo-feldspathic felsite and migmatite are
also regularly observed.
* Dyke intrusives include dolerite, pegmatite and
common aplite and alaskite, seemingly randomly
crosscutting major lithologies, and therefore
regarded as younger than the country rock.
Drill
hole * A summary of all information material to the * Relevant tables included summarizing drill holes and
Information understanding of the exploration results including a trenches locations, RL, azimuth, length/depth, and
tabulation of the following information for all significant intersection intervals
Material drill holes:
o
easting
and
northing
of
the
drill
hole
collar
o
elevation
or
RL
(Reduced
Level
-
elevation
above
sea
level
in
metres)
of
the
drill
hole
collar
o
dip
and
azimuth
of
the
hole
o
down
hole
length
and
interception
depth
o
hole
length.
* If the exclusion of this information is justified on
the basis that the information is not Material and
this exclusion does not detract from the
understanding of the report, the Competent Person
should clearly explain why this is the case.
Data
aggregation * In reporting Exploration Results, weighting averaging * Exploration results from drilling and trench sampling
methods techniques, maximum and/or minimum grade truncations have been weighted by interval
(eg cutting of high grades) and cut-off grades are
usually Material and should be stated.
* High-grade caps have been applied
* Where aggregate intercepts incorporate short lengths
of high grade results and longer lengths of low grade * Lower cut-off grade of 0.5 g/t Au has generally been
results, the procedure used for such aggregation applied to significant intersections
should be stated and some typical examples of such
aggregations should be shown in detail.
* Aggregate drilling and trenching intervals do not
incorporate longer lengths of low-grade results
* The assumptions used for any reporting of metal
equivalent values should be clearly stated.
* No metal equivalent reported
Relationship
between * These relationships are particularly important in the * Drill holes and trenches have been drilled/excavated
mineralisation reporting of Exploration Results. as perpendicular as possible to the general strike of
widths the mineralized zones and structures so that the
and intersected lengths are close to true widths
intercept * If the geometry of the mineralisation with respect to
lengths the drill hole angle is known, its nature should be
reported.
* If it is not known and only the down hole lengths are
reported, there should be a clear statement to this
effect (eg 'down hole length, true width not known').
Diagrams
* Appropriate maps and sections (with scales) and * Maps and sections are being generated
tabulations of intercepts should be included for any
significant discovery being reported These should
include, but not be limited to a plan view of drill
hole collar locations and appropriate sectional
views.
Balanced
reporting * Where comprehensive reporting of all Exploration * All significant drilling and trench results have been
Results is not practicable, representative reporting reported
of both low and high grades and/or widths should be
practiced to avoid misleading reporting of
Exploration Results.
Other
substantive * Other exploration data, if meaningful and material, * Metallurgical studies of the ore from potential five
exploration should be reported including (but not limited to): pits were conducted and completed by SGS in South
data geological observations; geophysical survey results; Africa in 2009. The ore minerology variability is
geochemical survey results; bulk samples - size and insignificant but relatively coarse gold grain was
method of treatment; metallurgical test results; bulk observed
density, groundwater, geotechnical and rock
characteristics; potential deleterious or
contaminating substances. * The relatively coarse nature of much of the gold
provides reason for an upfront gravity circuit to
recover coarse gold prior to cyanidation. An overall
gold recovery of 90% can be achieved through gold
dissolution by direct cyanidation and the gravity
concentrator.
Further
work * The nature and scale of planned further work (eg * Drilling to be continued to test along strike and the
tests for lateral extensions or depth extensions or down-dip continuity of the delineated mineralization
large-scale step-out drilling).
* Diagrams clearly highlighting the areas of possible
extensions, including the main geological
interpretations and future drilling areas, provided
this information is not commercially sensitive.
=============== =============================================================== ============================================================
APPIX 3: ESTIMATION AND REPORTING OF MINERAL RESOURCES
Database
integrity * Measures taken to ensure that data has not been * The data capturing Access database is linked to a
corrupted by, for example, transcription or keying superseding Access database on the geological server
errors, between its initial collection and its use
for Mineral Resource estimation purposes.
* Queries allow specially selected information from the
captured data and create core data sheets which
* Data validation procedures used. include Collar, Survey, Lithology and Assay logs.
These Logs are finally displayed in the mining
software
* An independent validation process is run for each log
sheet in Micromine by Shanta. Should there be any
queries, a report file is created and exported to
excel. The report will be mailed to the personnel
responsible for data capturing to correct on the
original data
* Once confirmation is given of the updates, all
databases are refreshed and the validation process in
Micromine repeated with the use of form sets
* Once all data validates, a number for the tear of
validation is indicated in the collar file of the
superseding database
Site
visits * Comment on any site visits undertaken by the * Dr Corné Koegelenberg, assisted by Mr Jonathan
Competent Person and the outcome of those visits. Gloyn-Jones, visited the property from the 14 - 20th
of February 2020 to conduct a drill core
investigation of macrostructural and gold
* If no site visits have been undertaken indicate why mineralization features. Mr Ken Lomberg joined the
this is the case. site visit from the 19 - 20th of February 2020
Geological
interpretation * Confidence in (or conversely, the uncertainty of ) * Diamond drilling was done perpendicular to the strike
the geological interpretation of the mineral deposit. of the ore body at a dip designed to give a true
intersection width of the mineralized body at a
spacing less than 42m
* Nature of the data used and of any assumptions made.
* The downhole survey was done at every 15m
* The effect, if any, of alternative interpretations on
Mineral Resource estimation.
* Core meter marking, geological logging, structural
interpretation, core sampling, Data validation and
* The use of geology in guiding and controlling Mineral QAQC analysis was done by competent and experienced
Resource estimation. geologists
* The factors affecting continuity both of grade and * Only samples submitted to the accredited laboratory
geology. (SGS Mwanza) are used in the estimate
* The limits of the structural features hosting the
mineralized zone was interpreted by overlaying the
assays against geological logging section by section
using section strings
Dimensions
* The extent and variability of the Mineral Resource * Drill hole spacing is generally between 25 to 42m
expressed as length (along strike or otherwise), plan along with a vertical spacing of approximately 20 to
width, and depth below surface to the upper and lower 38m in the upper to mid-level portions of the
limits of the Mineral Resource. mineralized zones. This drilling spacing combined
with the surface exposures and trench sampling, along
with the geophysical data, permits the assumption
that both the mineralized structures are continuous
and persistent, and the mineralization within the
structures has the continuity necessary to consider
these deposits as Mineral Resources
Estimation
and * The nature and appropriateness of the estimation * Compositing data into regular composite intervals was
modelling technique(s) applied and key assumptions, including performed to moderate the presence of extreme short
techniques treatment of extreme grade values, domaining, sample interval grade values in the data, by
interpolation parameters and maximum distance of combining them with adjacent data to form the
extrapolation from data points. If a computer composite
assisted estimation method was chosen include a
description of computer software and parameters used.
* A combination of several methods was used to decide
what constitutes an appropriate capping value. The
* The availability of check estimates, previous spatial position of outlier values, as well as
estimates and/or mine production records and whether coefficient of variation plots, lognormal probability
the Mineral Resource estimate takes appropriate plots and decile analysis, were used in the
account of such data. determination of capping values
* The assumptions made regarding recovery of * Scatter plots of the gold grade composites versus
by-products. location were generated, to assess any potential
non-stationarity in the data
* Estimation of deleterious elements or other non-grade
variables of economic significance (eg sulphur for * Block models were created to represent the
acid mine drainage characterisation). mineralized body contained within the wireframe
solids for each target. Cell sizes were chosen based
on the average drillhole spacing
* In the case of block model interpolation, the block
size in relation to the average sample spacing and
the search employed. * Geostatistics was performed using Micromine software
to determine the estimation parameters
* Any assumptions behind modelling of selective mining
units. * The mineralized targets were modelled for gold grade
using Ordinary Kriging, with the shell of the
wireframe solid as a hard boundary. Only data within
* Any assumptions about correlation between variables. the solid was used in the estimate
* Description of how the geological interpretation was * The Estimation process used Micromine software for
used to control the resource estimates. all block grade estimates
* Discussion of basis for using or not using grade
cutting or capping.
* The process of validation, the checking process used,
the comparison of model data to drill hole data, and
use of reconciliation data if available.
Moisture
* Whether the tonnages are estimated on a dry basis or * Tonnages are reported on a dry basis
with natural moisture, and the method of
determination of the moisture content.
Cut-off
parameters * The basis of the adopted cut-off grade(s) or quality * A simple financial assessment was undertaken to
parameters applied. ascertain whether they fulfil the criteria of
"reasonable prospects for eventual economic
extraction" using current operating costs
Mining
factors * Assumptions made regarding possible mining methods, * The mineral resource was deemed amenable to
or minimum mining dimensions and internal (or, if extraction by open pit mining method and were
assumptions applicable, external) mining dilution. It is always declared at a cut-off of 1.0g/t
necessary as part of the process of determining
reasonable prospects for eventual economic extraction
to consider potential mining methods, but the
assumptions made regarding mining methods and
parameters when estimating Mineral Resources may not
always be rigorous. Where this is the case, this
should be reported with an explanation of the basis
of the mining assumptions made.
Metallurgical
factors * The basis for assumptions or predictions regarding * Shanta commissioned the first of a series of gold
or metallurgical amenability. It is always necessary as deportment and metallurgical studies on mineralized
assumptions part of the process of determining reasonable material from potential pits in 2009. Reverse
prospects for eventual economic extraction to circulation drill chips from five mineralised targets
consider potential metallurgical methods, but the were submitted for gold deportment studies in order
assumptions regarding metallurgical treatment to understand the mode of gold occurrence, and to
processes and parameters made when reporting Mineral ascertain possible cost effective and practical
Resources may not always be rigorous. Where this is process routes.
the case, this should be reported with an explanation
of the basis of the metallurgical assumptions made.
* Further metallurgical studies commissioned on
mineralized material from the Gold Tree (Tree Top and
Tree Bottom) deposit in 2011 support initial gold
deportment findings. A report from Mintek summarized
that the ore contains coarse gold which should be
recovered prior to the leaching process with an
overall gold recovery 90% - Mintek External Report
No: 5887 of February 2011).
Environmental
factors * Assumptions made regarding possible waste and process * Shanta Mining Company Limited is fully permitted
or residue disposal options. It is always necessary as mining operation under Tanzanian law with the
assumptions part of the process of determining reasonable prerequisite Environmental Impact Assessments (EIA)
prospects for eventual economic extraction to issued in 2019.
consider the potential environmental impacts of the
mining and processing operation. While at this stage
the determination of potential environmental impacts,
particularly for a greenfields project, may not
always be well advanced, the status of early
consideration of these potential environmental
impacts should be reported. Where these aspects have
not been considered this should be reported with an
explanation of the environmental assumptions made.
Bulk
density * Whether assumed or determined. If assumed, the basis * Density determinations have been carried out on the
for the assumptions. If determined, the method used, diamond cores.
whether wet or dry, the frequency of the measurements
,
the nature, size and representativeness of the
samples.
* The bulk density for bulk material must have been
measured by methods that adequately account for void
spaces (vugs, porosity, etc), moisture and
differences between rock and alteration zones within
the deposit.
* Discuss assumptions for bulk density estimates used
in the evaluation process of the different materials.
Classification
* The basis for the classification of the Mineral * The resources have been classified as Measured,
Resources into varying confidence categories. Indicated and Inferred based primarily on sample
spacing as determined by drilling density and
proximity to informing data as well as the grade
* Whether appropriate account has been taken of all distribution of the supporting data including
relevant factors (ie relative confidence in geology. For the resource classification, a solid
tonnage/grade estimations, reliability of input data, shape was constructed around the parts of the
confidence in continuity of geology and metal values, mineralised body where most estimates were informed
quality, quantity and distribution of the data). by data not more than 30m from the estimated block,
are estimated within the primary search volume, and
where the estimates have been interpolated rather
* Whether the result appropriately reflects the than extrapolated. All blocks located within these
Competent Person's view of the deposit. areas were classified as Measured and Indicated
resources. All blocks located outside of these areas,
around the periphery of the drilling were classified
as Inferred resources
Audits
or * The results of any audits or reviews of Mineral * Only internal audit completed
reviews Resource estimates.
Discussion
of * Where appropriate a statement of the relative * Refer Estimation and modelling techniques comments
relative accuracy and confidence level in the Mineral Resource above
accuracy/ estimate using an approach or procedure deemed
confidence appropriate by the Competent Person. For example, the
application of statistical or geostatistical
procedures to quantify the relative accuracy of the
resource within stated confidence limits, or, if such
an approach is not deemed appropriate, a qualitative
discussion of the factors that could affect the
relative accuracy and confidence of the estimate.
* The statement should specify whether it relates to
global or local estimates, and, if local, state the
relevant tonnages, which should be relevant to
technical and economic evaluation. Documentation
should include assumptions made and the procedures
used.
* These statements of relative accuracy and confidence
of the estimate should be compared with production
data, where available.
=============== ============================================================ ============================================================
ENDS
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