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REG - Shanta Gold Limited - NLGM Drilling Update

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RNS Number : 3206Z  Shanta Gold Limited  11 January 2024

11 January 2024

Shanta Gold Limited

("Shanta Gold", "Group" or the "Company")

 

New Luika Drilling Update
 

Shanta Gold (AIM: SHG), the East Africa-focused gold producer, developer and
explorer, is pleased to provide an exploration update at the New Luika Gold
Mine ("New Luika", "NLGM") in Southwestern Tanzania relating to drilling
conducted in 2023.

 

Eric Zurrin, Chief Executive Officer, commented:

"We restarted drilling at New Luika in July 2023 as the team looked to convert
Inferred resources to the Indicated category at various deposits, in addition
to the testing of a maiden target at Jamhuri West close to the NLGM Processing
Plant. Drilling of the deposits at Elizabeth Hill and BC North both
demonstrated encouraging results while work remains ongoing at Luika Deep
underground to identify the down plunge continuity and extension of mine life.

Commencement of drilling at the Jem deposit at Singida in September 2023
marked the resumption of exploration drilling at the mine after a few years. A
drilling update will be provided in due course."

New Luika Gold Mine Drilling Highlights:

·    The 2023 drilling programme commenced in July 2023;

·    This update relates exclusively to drilling within existing mining
licenses and comprises 13,325 metres ("m") of drilling from 106 holes at New
Luika;

·    The primary objective of the drilling programme was targeting
resources outside of the existing reserve based mine plan, converting Inferred
resources to Indicated resources at the deposits and extending the life of
mine. Jamhuri West is a maiden exploration target within the mining licenses;

·    Mineralisation at Elizabeth Hill, Luika, Jamhuri West, and Black Tree
Hill remains open at depth. Intersections include:

 

 Hole No.     Interval (m)  Au (g/t)  From (m)  To (m)
 Elizabeth Hill deposit (440-meter strike)
 CSD354       11.6          39.05     203.0     214.6
    incl.     2.0           199.14    206.9     208.9
 CSD342       11.2          1.74      193.6     204.8
 CSR671       10.0          2.03      156.0     166.0

 BC North orebody: (100m strike)
 CSD359      15.10  7.49   16.10  31.20
    incl.    1.36   42.00  23.21  24.57

 Jamhuri West (new target):

(140m meter drill-tested strike of 700m mineralised structure)
 CSR725       10.0          3.39      98.0      108.0
    incl.     3.0           5.52      100.0     103.0
 CSR700       8.0           6.53      40.0      48.0

    incl.
              3.0           10.66     42.0      45.0

 Black Tree Hill deposit:

(310-meter drill-tested strike of 950m mineralised structure)
 CSR666       5.0           5.19      11.0      16.0

    incl.
              1.0           17.73     14.0      15.0
 CSR668       3.0           2.61      23.0      26.0

    incl.
              1.0           6.04      24.0      25.0
 CSR682       2.0           4.26      21.0      23.0
    incl.     1.0           6.10      22.0      23.0

 

Jamhuri West (new target):

(140m meter drill-tested strike of 700m mineralised structure)

CSR725

10.0

3.39

98.0

108.0

   incl.

3.0

5.52

100.0

103.0

CSR700

   incl.

8.0

6.53

40.0

48.0

3.0

10.66

42.0

45.0

 

Black Tree Hill deposit:

(310-meter drill-tested strike of 950m mineralised structure)

CSR666

   incl.

5.0

5.19

11.0

16.0

1.0

17.73

14.0

15.0

CSR668

   incl.

3.0

2.61

23.0

26.0

1.0

6.04

24.0

25.0

CSR682

2.0

4.26

21.0

23.0

   incl.

1.0

6.10

22.0

23.0

Note: true width estimated at 70 - 90%

 

 

 

 Shanta Gold Limited
 Eric Zurrin (CEO)                                  +44 (0) 14 8172 6034
 Michal Devine (CFO)
 Nominated Adviser and Broker
 Liberum Capital Limited
 Scott Mathieson / Kane Collings / Nikhil Varghese  +44 (0) 20 3100 2000
 Public Relations
 FTI Consulting
 Sara Powell / Nick Hennis / Lucy Wigney            +44 (0) 20 3727 1426

 

 

Competent Person Statement

The technical information contained in this announcement was reviewed by
Evance Rwiza (the Company's Senior Resource Geologist) who is a Member of the
Australasian Institute of Mining and Metallurgy (AusIMM) and Yuri Dobrotin,
P.Geo. Membership No.0702 (Shanta's Group Exploration Manager), who is a
practicing member of the Association of Professional Geoscientists of Ontario,
Canada (PGO).

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, and National
Instrument 43-101 (''NI 43-101)

About Shanta Gold

 

Shanta Gold is an East Africa-focused responsible gold producer, developer and
explorer. The company has an established operational track record, with
defined ore resources on the New Luika and Singida projects in Tanzania, with
reserves of 625 koz grading 2.91 g/t Au, and exploration licences covering
approximately 800 km2 in the country. Alongside New Luika and Singida, Shanta
also owns the West Kenya Project in Kenya and licences with resources of 1.7
million ounces including 722 koz in the Indicated category grading 11.45 g/t
Au. With a strong balance sheet, a growing diversified portfolio and a maiden
dividend paid in 2021, Shanta offers a resilient investment opportunity for
the near and long-term. Shanta is quoted on London's AIM market (AIM: SHG) and
has approximately 1,051 million shares in issue.

 

 

Elizabeth Hill Exploration Drilling

The WNW trending Elizabeth Hill (EH) Main and EW trending Elizabeth Hill North
splay structures are located about 4 km to the east of the NLGM Processing
Plant. Elizabeth Hill is a brittle-ductile 5 km long shear zone hosting robust
quartz veins (locally up to 10 metres wide) within tonalite and diorite. The
intersection zone between EH Main and EH North (splay) displays potential for
a discovery of a higher-grade shoot. Quartz veins occurring within the shear
zone display a high degree of variability in appearance, from smoky vein
quartz to massive, largely undeformed white to milky white quartz veins
occurring in close association with highly brecciated and foliated quartz
veins that display evidence of intense structural deformation. The variability
of quartz veins suggests that the shear zone might have been the focus of
multiple phases of hydrothermal fluid emplacement.

 

The Elizabeth Hill is currently in production by open pit mining and contains
a total resource of 222koz grading 1.84g/t as of 31(st) December 2022.

 

In 2023, exploration drilling involved completion of 20 drill holes totaling
3,809 metres at Elizabeth Hill. The drilling program was designed to test the
orebody continuity at levels below the currently defined indicated resources
envelope.

 

Holes were drilled at between minus 72 and 79 degrees and averaged 202 metres
in depth with a maximum of 287 metres down the hole. These results are over a
strike length of 440 metres with holes spaced using 30 - 40 metre drill
fences. It is estimated that the true widths of the mineralised zones are 80 -
90% of the intersected widths in the holes.

 

Intersections from available assay results for Elizabeth Hill are tabulated
below:

 HOLE ID  TARGET      DRILL TYPE  FROM (m)  TO (m)   INTERVAL (m)  Au (g/t)
 CSD337   EH          DD          155.60    158.39   2.79          1.61
          191.26                  194.54             3.28          2.12
          203.00                  203.94             0.94          0.51
 CSD339   EH          DD          117.47    118.32   0.85          0.79
 CSD340   EH          DD          203.55    205.10   1.55          1.57
          213.00                  214.00             1.00          0.65
 CSD342   EH          DD          187.84    190.00   2.16          1.57
                                            Incl
                                            udin
                                            g:
          187.84      188.36      0.52      3.13
          193.63      204.80      11.17     1.74
          Including:
          193.63      194.55      0.92      6.06
          200.10      201.10      1.00      3.92
 CSD345   EH          DD          219.00    221.88   2.88          1.01
          Including:
          219.00                  220.00             1.00          2.20
          228.60                  235.01             6.41          1.24
          Including:
          232.92                  234.22             1.30          2.62
 CSD347   EH          DD          No Significant Intersection
 CSD352   EH          DD          179.90    181.80   1.90          2.28
 CSRD001  EH          RCD         222.93    224.80   1.87          1.07
          Including:
          222.93                  223.80             0.87          1.28
 CSRD002  EH          RCD         223.00    224.00   1.00          0.69
          227.47                  229.00             1.53          1.32
          Including:
          228.00                  229.00             1.00          1.67
          231.37                  232.51             1.14          1.01
 CSR669   EH          RC          45.00     46.00    1.00          0.64
          48.00                   49.00              1.00          1.00
          102.00                  103.00             1.00          1.28
          130.00                  131.00             1.00          0.52
          145.00                  148.00             3.00          7.98
                                            Incl
                                            udin
                                            g:
          146.00      147.00      1.00      20.23
          157.00      159.00      2.00      1.63
          Including:
          157.00      158.00      1.00      2.09
          165.00      168.00      3.00      1.57
          Including:
          167.00      168.00      1.00      2.29
 CSR670   EH          RC          152.00    153.00   1.00          1.25
          157.00                  162.00             5.00          1.56
                                            Incl
                                            udin
                                            g:
          160.00      162.00      2.00      3.06
          169.00      170.00      1.00      0.55
 CSR671   EH          RC          27.00     29.00    2.00          0.73
          145.00                  148.00             3.00          0.56
          156.00                  166.00             10.00         2.03
          Including:
          156.00                  158.00             2.00          6.77
 CSR672   EH          RC          217.00    222.00   5.00          1.05
          Including:
          219.00                  220.00             1.00          2.42
 CSR673   EH          RC          50.00     51.00    1.00          2.36
          83.00                   84.00              1.00          1.38
          103.00                  104.00             1.00          0.60
          191.00                  194.00             3.00          1.46
          Including:
          192.00                  193.00             1.00          3.31
          198.00                  199.00             1.00          0.58
 CSR674   EH          RC          136.00    137.00   1.00          0.94
 CSR675   EH          RC          48.00     49.00    1.00          1.12
          58.00                   60.00              2.00          0.65
          122.00                  123.00             1.00          0.59
          214.00                  218.00             4.00          1.75
          Including:
          215.00                  216.00             1.00          3.77
 CSR676   EH          RC          54.00     56.00    2.00          1.57
          Including:
          55.00                   56.00              1.00          2.36
          81.00                   82.00              1.00          1.03
 CSR677   EH          RC          226.00    227.00   1.00          2.06
          237.00                  240.00             3.00          0.91
 CSR678   EH          RC          44.00     45.00    1.00          0.63
 CSD354   EH          DD          203.00    214.60   11.60         39.05
          Including:
          206.90                  209.00             2.10          199.14
                                  222.58    223.50   0.92          0.71
                                  224.50    226.50   2.00          2.08

The assay results are from the accredited independent commercial laboratory
(SGS Mwanza).

CSR676 is pre-collar to CSD337.

CSR678 is pre-collar to CSD339.

 

The drilling program is ongoing and will continue into Q1 2024.

 

BC North Exploration Drilling

 

The BC North target is located about 1.6 km to the north of the NLGM
Processing Plant and represents a down-dip/down plunge, structurally disturbed
extension of the partially mined-out part of the BC North orebody.

 

The target inferably represents a displaced offset of the Luika orebody by the
late displacement fault (Nose Fault). The mineralised zones are presented by
moderately dipping quartz veins hosted by tonalite and diorite.

 

Three DD holes totaling 220 metres have so far been completed in 2023 at BC
North. The holes were collared at an underground platform on level 840 mRL
(180 metres below surface). The drilling programme is designed to test the
continuity of the BC North south-westerly plunging mineralised structure
between "Nose Fault" and "Fault 4" that have been mapped underground. Holes
were inclined at between minus 13 and 61 degrees and averaged 74 metres in
depth with a maximum of 80 metres down the hole.

 

Assay results from only one drill hole are available; the reported significant
intersection is only 16 metres from the existing underground development and
170 metres from surface .

 

The BC North most significant intersections from available assay results are
tabulated below

 

 HOLE ID  TARGET  DRILL TYPE  FROM (m)  TO (m)  INTERVAL (m)  Au (g/t)
 CSD359   BCN     DD          16.10     31.20   15.10         7.49
                                        Incl
                                        udin
                                        g:
          17.00   18.00       1.00      8.16
          23.21   24.57       1.36      42.00
                              27.60     29.70   2.10          9.70

The assay results are from the onsite laboratory at NLGM operated by an
independent third party.

 

Luika Underground Exploration Drilling

Luika is located 1.8 km to the northwest of the NLGM Processing Plant. The
orebody strikes approximately NNE - SSW and dips ~50° to NW. Gold
mineralisation at Luika is closely associated with quartz veining
(silicification and albitization) and low sulphides mineralisation
(predominantly disseminated pyrite ~1-3%).

 

The mineralised zones are presented by moderately to sub-vertical dipping
quartz veins hosted predominantly by tonalite and locally by diorite. The
deposit depicts relatively higher-grade westerly plunging shoots which have
potential to host significant economic mineralisation below the presently
explored area and continue to be the target of future exploration drilling
programs.

 

Luika is currently in production by underground mining and contains a total
resource of 261koz grading 3.57g/t as of 31(st) December 2022.

 

The exploration drill holes at Luika were designed with centre spacing of 30 -
50 m aimed to upgrade a portion of inferred resources to the indicated
resources category up to a level 460 mRL. In total, 11 exploration diamond
drill holes for a total of 2,747 m have so far been completed at Luika in
2023. The holes were collared at an underground platform on level 745 mRL
(275m below surface), inclined between minus 78° and plus 22° with depths
ranging from 72 m to 351 m. It is estimated that the true widths of the
mineralised zones are about 65% - 75% of the intersected widths in the
drillholes.

 

The reported results are over a strike length of 140 metres, out of the
current indicated resource boundary, between levels 500 mRL and 550 mRL (470m
to 520m below surface). The drillholes that were drilled on the eastern part
of the projected mineralised structure did not intercept the expected
structure. Based on the current available results, the western orebody
extension has better mineralisation potential. Analysis and interpretation of
the lithological and structural data is in progress with the aim to determine
a possible structural complexity (common in other areas of New Luka deposits)
to verify and adjust the interpretation following drilling of the target.

 

Intersections from available assay results are tabulated below:

 HOLE ID  TARGET      DRILL TYPE  FROM (m)  TO (m)   INTERVAL (m)  Au (g/t)
 CSD341   LK          DD          No Significant Intersection
 CSD343   LK          DD          No Significant Intersection
 CSD344   LK          DD          216.01    220.05   4.04          1.00
          Including:
          216.01                  217.00             0.99          1.95
 CSD346*  LK          DD          222.00    223.00   1.00          1.12
          225.48                  229.25             3.77          1.10
          Including:
          227.50                  228.10             0.60          2.13
 CSD348   LK          DD          No Significant Intersection
 CSD349   LK          DD          245.30    249.84   4.54          0.71
 CSD350   LK          DD          206.00    208.70   2.70          0.74
 CSD351   LK          DD          No Significant Intersection
 CSD355*  LK          DD          234.40    241.50   7.10          0.92
                                            Incl
                                            udin
                                            g:
          237.00      239.06      2.06      1.35

  Assay results are from an onsite laboratory at NLGM operated by independent
third party.

 *Assay results are from the accredited independent commercial laboratory
(SGS Mwanza).

 

 

Jamhuri West Exploration Drilling

Jamhuri West target is located about 0.7 km to the west of the NLGM Processing
Plant. It is a relatively new target that has been discovered through
ground-truthing by trenching of the weak to moderate Au-in-soil anomaly and
encouraging surface mapping results.

 

Jamhuri West mineralization is hosted in a moderately northerly dipping shear
zone that trends NE-SW to ENE-WSW. Mineralisation at Jamhuri West is
associated with quartz veinlet zones  and individual veins up to 1m wide with
associated disseminated pyrite (1 - 3%). The structure is predominantly hosted
within a diorite rock unit.

 

A total of 47 RC holes representing 4,167 metres have so far been drilled at
Jamhuri West in 2023. The holes were collared on surface (approximately 1025
mRL) and inclined at between minus 47° and 86° with depth ranging from 24 m
to a maximum of 156 m down the hole. It is estimated that the true widths of
the mineralised zones are about 80% - 90% of the intersected widths in the
drillholes.

 

The Jamhuri West structure has been defined over a 720 m strike length. The
reported results are over a strike length of 140 metres on the west and 100
metres on the east. The mineralized structure has been tested to levels 930 to
970 mRL (55 to 95m from surface) with holes spaced using 30-metre drill
fences.

 

Intersections from available assay results for Jamhuri West are tabulated
below:

 HOLE ID  TARGET  DRILL TYPE  FROM (m)  TO (m)   INTERVAL (m)  Au (g/t)
 CSR690*  JHW     RC          12.00     21.00    9.00          1.63
                                        Incl
                                        udin
                                        g:
          20.00   21.00       1.00      8.76
 CSR691*  JHW     RC          123       132      9             1.41
          14.00               22.00              8.00          1.27
                                        Incl
                                        udin
                                        g:
          21.00   22.00       1.00      3.26
          39.00   40.00       1.00      0.82
 CSR692*  JHW     RC          No Significant Intersection
 CSR693*  JHW     RC          No Significant Intersection
 CSR694*  JHW     RC          40.00     41.00    1.00          0.74
          45.00               46.00              1.00          1.17
 CSR695*  JHW     RC          8.00      9.00     1.00          0.51
          15.00               16.00              1.00          0.56
          28.00               31.00              3.00          1.32
                                        Incl
                                        udin
                                        g:
          28.00   29.00       1.00      2.24
 CSR696*  JHW     RC          26.00     29.00    3.00          1.67
                                        Incl
                                        udin
                                        g:
          27.00   28.00       1.00      3.68
          34.00   35.00       1.00      0.80
 CSR697*  JHW     RC          13.00     18.00    5.00          0.65
                                        Incl
                                        udin
                                        g:
          14.00   15.00       1.00      1.8
 CSR698*  JHW     RC          49.00     55.00    6.00          1.29
          61.00               65.00              4.00          1.17
 CSR699*  JHW     RC          41.00     42.00    1.00          0.57
 CSR700*  JHW     RC          35.00     37.00    2.00          1.91
                                        Incl
                                        udin
                                        g:
          36.00   37.00       1.00      3.31
          40.00   48.00       8.00      6.53
                                        Incl
                                        udin
                                        g:
          42.00   45.00       3.00      10.66
          58.00   68.00       10.00     0.51
          84.00   88.00       4.00      1.17
          103.00  107.00      4.00      0.80
                                        Incl
                                        udin
                                        g:
          105.00  106.00      1.00      1.14
 CSR708*  JHW     RC          41.00     45.00    4.00          1.50
                                        Incl
                                        udin
                                        g:
          43.00   44.00       1.00      2.21
 CSR709*  JHW     RC          58.00     60.00    2.00          2.85
 CSR710*  JHW     RC          44.00     47.00    3.00          0.56
 CSR711*  JHW     RC          22.00     23.00    1.00          0.57
 CSR712*  JHW     RC          No Significant Intersection
 CSR713*  JHW     RC          55.00     57.00    2.00          1.56
                                        Incl
                                        udin
                                        g:
          55.00   56.00       1.00      2.38
          64.00   65.00       1.00      0.89
          70.00   71.00       1.00      0.87
 CSR714*  JHW     RC          37.00     38.00    1.00          0.50
          44.00               45.00              1.00          0.57
          52.00               53.00              1.00          4.76
 CSR715*  JHW     RC          No Significant Intersection
 CSR716*  JHW     RC          76.00     94.00    18.00         1.12
                                        Incl
                                        udin
                                        g:
          78.00   79.00       1.00      6.20
 CSR717*  JHW     RC          79.00     84.00    5.00          1.50
                                        Incl
                                        udin
                                        g:
          83.00   84.00       1.00      4.96
          87.00   88.00       1.00      28.26
 CSR718*  JHW     RC          No Significant Intersection
 CSR719*  JHW     RC          No Significant Intersection
 CSR720*  JHW     RC          108.00    112.00   4.00          2.33
                                        Incl
                                        udin
                                        g:
          110.00  111.00      1.00      4.68
 CSR721*  JHW     RC          92.00     94.00    2.00          1.58
                                        Incl
                                        udin
                                        g:
          92.00   93.00       1.00      2.09
 CSR722*  JHW     RC          103.00    104.00   1.00          3.20
          107.00              108.00             1.00          0.61
 CSR723   JHW     RC          No Significant Intersection
 CSR724*  JHW     RC          19.00     20.00    1.00          0.51
          29.00               31.00              2.00          1.63
 CSR725*  JHW     RC          93.00     94.00    1.00          1.40
          95.00               96.00              1.00          0.83
          98.00               108.00             10.00         3.39
                                        Incl
                                        udin
                                        g:
          100.00  103.00      3.00      5.52
 CSR726*  JHW     RC          No Significant Intersection
 CSR727*  JHW     RC          No Significant Intersection
 CSR728   JHW     RC          49.00     50.00    1.00          0.72
          53.00               54.00              1.00          0.52
 CSR729*  JHW     RC          No Significant Intersection
 CSR730*  JHW     RC          14.00     18.00    4.00          1.16
                                        Incl
                                        udin
                                        g:
          15.00   16.00       1.00      2.54
          23.00   24.00       1.00      0.55
          27.00   28.00       1.00      1.05
 CSR731*  JHW     RC          23.00     24.00    1.00          6.24
          49.00               50.00              1.00          0.83
 CSR732   JHW     RC          No Significant Intersection
 CSR733   JHW     RC          No Significant Intersection
 CSR734   JHW     RC          No Significant Intersection
 CSR735   JHW     RC          No Significant Intersection
 CSR736   JHW     RC          No Significant Intersection

 

Assay results are from an onsite laboratory at NLGM operated by independent
third party.

*Assay results are from the accredited independent commercial laboratory (SGS
Mwanza).

 

The ongoing exploration drilling at Jamhuri West suggests the potential for
the extension of the mineralised structures to the east towards Jamhuri pit.
Presence of the north-south trending faults might be terminating and/or
displacing the mineralised structure in places. The potential for relatively
higher-grade plunging shoots will also be investigated along the main shear
zone.

 

Black Tree Hill Exploration Drilling

Black Tree Hill target is located about 1 km to the west of the NLGM
Processing Plant. The mineralisation is hosted in a brittle-ductile shear zone
that trends WNW - ESE, and dips vertically - sub-vertically to the NNE.

 

To the west, the mineralised structure appears to splay resulting in two
mineralised shear zones. The mineralisation is open to the west and at depth.
The Black Tree Hill shear zone is located within tonalite and diorite
lithological units although the mineralised structure does not appear to be
controlled partially by the tonalite - diorite contact. The mineralised shear
zone is associated with quartz veining of variable intensity. The vein quartz
is of variable appearance suggesting a multi-phase emplacement of the quartz
vein.

 

The Black Tree Hill structure has been defined over a 950 m strike length. The
2023 exploration drilling program focused on shallow (approximately 50 m
vertical depth from surface) drill-testing of the western extension of the
Black Tree Hill structure. The reported results are over a strike length of
310 metres.

 

A total of 24 RC holes for 2,247 m completed at Black Tree Hill in 2023 form
the scope of this update. The holes were collared on surface (approximately
1,020 mRL) and inclined at between minus 54° and 67° with depth ranging from
40 m to a maximum of 356.50 m down the hole. It is estimated that the true
widths of the mineralised zones are about 80% - 90% of the intersected widths
in the drillholes.

 

Intersections from available assay results for Black Tree Hill are tabulated
below:

 HOLE ID  TARGET  DRILL TYPE  FROM (m)  TO (m)   INTERVAL (m)  Au (g/t)
 CSR662*  BTH     RC          No Significant Intersection
 CSR663*  BTH     RC          41.00     42.00    1.00          0.58
 CSR664*  BTH     RC          No Significant Intersection
 CSR665*  BTH     RC          No Significant Intersection
 CSR666*  BTH     RC          11.00     16.00    5.00          5.19
                                        Incl
                                        udin
                                        g:
          14.00   15.00       1.00      17.73
 CSR667*  BTH     RC          No Significant Intersection
 CSR668*  BTH     RC          23.00     26.00    3.00          2.61
                                        Incl
                                        udin
                                        g:
          24.00   25.00       1.00      6.04
 CSR679*  BTH     RC          59.00     60.00    1.00          0.88
 CSR680*  BTH     RC          22.00     24.00    2.00          1.16
 CSR681*  BTH     RC          No Significant Intersection
 CSR682*  BTH     RC          21.00     23.00    2.00          4.26
                                        Incl
                                        udin
                                        g:
          22.00   23.00       1.00      6.10
 CSR683*  BTH     RC          No Significant Intersection
 CSR684*  BTH     RC          16.00     21.00    5.00          0.77
                                        Incl
                                        udin
                                        g:
          17.00   18.00       1.00      1.65
 CSR685*  BTH     RC          No Significant Intersection
 CSR686*  BTH     RC          11.00     12.00    1.00          1.93
          43.00               44.00              1.00          6.93
          108.00              113.00             5.00          1.59
                                        Incl
                                        udin
                                        g:
          108.00  109.00      1.00      5.31
 CSR687*  BTH     RC          No Significant Intersection
 CSR701*  BTH     RC          0         2.00     2.00          1.70
          53.00               54.00              1.00          4.18
 CSR702*  BTH     RC          No Significant Intersection
 CSR703*  BTH     RC          53.00     54.00    1.00          1.66
 CSR704*  BTH     RC          55.00     56.00    1.00          0.55
 CSR705*  BTH     RC          56.00     57.00    1.00          0.69
          61.00               62.00              1.00          1.48
 CSR706*  BTH     RC          No Significant Intersection
 CSR707*  BTH     RC          46.00     47.00    1.00          1.33

Assay results are from an onsite laboratory at NLGM operated by independent
third party.

 

*Assay results are from the accredited independent commercial laboratory (SGS
Mwanza).

 

Drilling confirmed the continuity of the Black Tree mineralised structure, and
hence the potential extension to the west towards the conceptual higher-grade
shoot potentially controlled by the intersection of two structures i.e., Black
Tree and Black Tree North splay. Additional drilling is designed to further
test these targets and improve and extend the previous resources of the Black
Tree orebody.

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