REG - Shanta Gold Limited - Tanzania Exploration Drilling Update
09/04/2024 07:00
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RNS Number : 7638J Shanta Gold Limited 09 April 2024
This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union Withdrawal Act 2018 ("MAR"), and is disclosed
in accordance with the Company's obligations under Article 17 of MAR
9 April 2024
Shanta Gold Limited
("Shanta Gold", "Group" or the "Company")
Tanzania Exploration Drilling Update
Shanta Gold (AIM: SHG), the East Africa-focused gold producer, developer and
explorer, is pleased to announce an exploration drilling update for its New
Luika Gold Mine ("New Luika") for the period December 2023 to end February
2024 and Singida Gold Mine ("Singida") being for the period September 2023 to
early March 2024.
Eric Zurrin, Chief Executive Officer, commented:
"At New Luika, we continued the exploration drilling program that commenced in
July 2023, which is aiming to convert Inferred resources to the Indicated
category at various deposits, in addition to the initial testing of a maiden
target at Jamhuri West. Drilling of the deposits at Elizabeth Hill, Bauhinia
Creek North ("BCN"), and Jamhuri Main demonstrated encouraging results while
work remains ongoing at Luika Deep underground to identify the down plunge
continuity.
"At Singida, commencement of drilling in September 2023 marked the resumption
of exploration drilling at the Jem, Gold Tree, and Vivian deposits since 2018.
The drilling is also aimed at converting Inferred resources into the Indicated
category and testing lateral extents of mineralised zones at the Jem, Gold
Tree, and Vivian deposits. Despite having to add a third contractor to catch
up on drill plans, drilling of the deposits has so far demonstrated positive
results."
New Luika Drilling Highlights:
· This update relates exclusively to drilling within existing mining
licences and comprises 5,855 metres ("m") of drilling from 38 holes.
· 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 license.
· Mineralisation at Elizabeth Hill, Black Tree Hill, BCN, Jamhuri West
and Jamhuri Main remains open at depth. Intersections include:
Hole No Interval (m) Au (g/t) From (m) To (m)
Elizabeth Hill deposit (440-metre strike)
CSD361 4.04 1.15 213.75 217.80
6.31 3.49 220.61 226.90
Incl
udin
g
2.43 6.84 223.83 226.30
CSD368 3.30 2.08 252.30 255.60
Incl
udin
g
0.83 4.21 252.30 253.10
CSD373 11.23 1.23 227.15 238.40
Incl
udin
g
0.58 2.26 231.92 232.50
0.59 10.92 235.21 235.80
CSD376 1.60 4.14 63.65 65.25
Incl
udin
g
0.50 6.78 64.25 64.75
Black Tree Hill deposit
CSD356 5.44 1.26 376.00 381.40
Incl
udin
g
0.50 4.95 376.00 376.50
Jamhuri West (new target)
CSR740 7.00 1.37 31.00 38.00
Jamhuri Main (western extension)
CSR748 10.00 2.47 74.00 84.00
Incl
udin
g
6.00 3.68 75.00 81.00
CSR752 4.00 4.00 49.00 53.00
Incl
udin
g
1.00 6.24 50.00 51.00
CSR753 5.00 4.25 84.00 89.00
Incl
udin
g
1.00 16.78 85.00 86.00
Note: true width estimated at 70 - 90%
· The drilling programme is ongoing.
Singida Drilling Highlights:
· The drilling program commenced in September 2023.
· This update relates exclusively to drilling within existing mining
licenses and comprises 4,008 m of drilling from 37 holes.
· The primary objective of the drilling program was targeting resources
outside of the existing reserve based mine plan, converting Inferred resources
to Indicated resources at the deposits, testing lateral extent of mineralised
zones and extending the life of mine.
· Mineralisation at Jem, Gold Tree and Vivian remains open at depth.
Mineralisation at Gold Tree and Vivian remains open to the west and east
respectively. Best intersections include:
Hole No Interval (m) Au (g/t) From (m) To (m)
Jem Deposit (250m strike-length drill tested of 500m mineralised structure)
SDD0004 1.50 8.63 251.50 253.00
Including
0.50 21.10 251.50 252.00
SDD0009 0.5 94.26 81 81.5
SDD0011 2.3 9.98 114.7 117
Including
0.5 30.4 116 116.5
Gold Tree (200m strike-length drill tested to the west of the 600m mineralised
structure)
SDD0017 8.00 2.63 83.00 91.00
Including
1.70 5.42 83.00 84.70
SDD0020 17.50 2.79 119.50 137.00
Including
8.50 4.39 120.70 129.20
SRC0004 4 3.59 47 51
Including
2 6.13 48 50
SRC0005 4 3.16 38 42
Including
2 5.78 38 40
SRC0007 4 3.41 50 54
Including
2 4.45 51 53
SRC0009 11 1.63 59 70
SRC0011 6 1.53 35 41
SRC0014 5 2.97 19 24
Including
1 5.99 21 22
Vivian (50m Strike-length drill tested to the east of the 200m mineralised
structure)
SDD0019 4.50 4.27 40.50 45.00
Including
2.00 6.36 42.50 44.50
SDD0021 12.00 1.33 48.00 60.00
Including
1.5 3.79 50.5 52
Note: true width estimated at 60 - 80%
New Luika - Exploration Drilling Details
Elizabeth Hill
The WNW trending Elizabeth Hill Main ("EH Main") and EW trending Elizabeth
Hill North ("EH North") splay structures are located about 4 km to the east of
the New Luika 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.
Elizabeth Hill is currently in production by open pit mining and contains a
total resource of 207 koz Au grading 1.82 g/t Au as of 31(st) December 2023.
The exploration drilling involved completion of 8 drill holes totaling 1,688 m
at Elizabeth Hill. The drilling program was designed to test the orebody
continuity at levels below the currently defined Indicated resources envelope
between levels 890 mRL and 800 mRL.
Holes were drilled at an inclination of between minus 45° and 73° and
averaged 211 m in depth with a maximum of 305 m down the hole. These results
are over a strike length of 120 m with holes spaced using 30 - 40 m drill
fences. It is estimated that the true widths of the mineralised zones are 70 -
90% of the intersected widths in the holes.
Intersections from available assay results for Elizabeth Hill are tabulated
below(1,2):
HOLE ID TARGET DRILL TYPE FROM (m) TO (m) INTERVAL (m) Au (g/t)
CSD361* EH DD 205.10 207.01 1.91 1.18
213.75 217.79 4.04 1.15
220.61 226.92 6.31 3.49
Incl
udin
g
223.83 226.26 2.43 6.84
231.33 231.98 0.65 1.54
CSD368* EH DD 252.30 255.60 3.30 2.08
Incl
udin
g
252.30 253.13 0.83 4.21
CSD370* EH DD 229.72 230.35 0.63 1.57
283.45 285.91 2.46 1.26
Incl
udin
g
283.96 284.40 0.44 2.99
CSD371* EH DD 210.30 214.20 3.90 1.27
Incl
udin
g
211.00 212.25 1.25 2.29
217.24 218.27 1.03 1.26
221.92 222.70 0.78 1.03
CSD373* EH DD 227.15 238.38 11.23 1.23
Incl
udin
g
231.92 232.50 0.58 2.26
235.21 235.80 0.59 10.92
CSD376* EH DD 63.65 65.25 1.60 4.14
Incl
udin
g
64.25 64.75 0.50 6.78
CSR756 EH RC 74.00 75.00 1.00 1.46
CSR757 EH RC 84.00 89.00 5.00 0.93
Incl
udin
g
88.00 89.00 1.00 2.00
1. *Assay results are from an onsite laboratory at New Luika operated by an
independent third party.
2. *Assay results are from the accredited independent commercial laboratory
(SGS Mwanza).
The drilling program is ongoing and will continue throughout Q2 2024.
Bauhinia Creek North (BCN)
The BCN target is located about 1.6 km to the north of the New Luika
processing plant and represents a down-dip/down plunge, structurally disturbed
extension of the partially mined-out part of the BCN 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.
BCN is currently in production by underground mining and contains a total
resource of 22 koz Au grading 3.14 g/t Au as of 31(st) December 2023.
Four exploration diamond drill holes totaling 232 m were completed at BCN by
the end of February 2024. The holes were collared at an underground platform
on level 840 mRL and 805 mRL (180 m and 205 m respectively below surface). The
drilling programme was designed to test the continuity of the BCN
south-westerly plunging mineralised structure between "Nose Fault" and "Fault
4" that have been mapped underground. Holes were inclined at between minus
31° and plus 3° and averaged 58 m in depth with a maximum of 99 m down the
hole.
The most significant intersections from BCN from available assay results are
tabulated below(1,2):
HOLE ID TARGET DRILL TYPE FROM (m) TO (m) INTERVAL (m) Au (g/t)
CSD362* BCN DD 55.73 57.57 1.84 0.95
Incl
udin
g
55.73 56.36 0.63 1.82
64.00 65.00 1.00 0.54
68.00 70.71 2.71 0.6
77.05 80.00 2.95 0.53
CSD363* BCN DD 27.43 28.33 0.90 0.83
CSD365* BCN DD 0.50 2.95 2.45 0.65
Incl
udin
g
2.00 2.95 0.95 1.05
CSD366* BCN DD 10.33 11.03 0.70 3.91
13.90 14.41 0.51 1.21
1. *Assay results are from an onsite laboratory at New Luika operated by an
independent third party.
2. *Assay results are from the accredited independent commercial laboratory
(SGS Mwanza).
Luika Underground
Luika Underground is located 1.8 km to the northwest of the New Luika
processing plant. The orebody strikes approximately NNE - SSW and dips ~50°
to NW. Gold mineralisation at Luika Underground 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 Underground is currently in production by underground mining and
contains a total resource of 212 koz Au grading 3.51 g/t Au as of 31(st)
December 2023.
The exploration drill holes at Luika Underground 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 6 exploration
diamond drill holes for a total of 1,807 m were completed at Luika Underground
by end of February 2024. The holes were collared at an underground platform on
level 745 mRL (275 m below surface), inclined between minus 78° and 2° with
depths ranging from 186 m to 357 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 m, out of the current
Indicated resource boundary, between levels 460 mRL and 550 mRL (470 m to 540
m below surface). The drillholes that were drilled on the western part of the
projected mineralised structure did not intercept the expected structure.
Based on the current grade control available results, the eastern orebody
extension has better mineralisation potential. Analysis and interpretation of
the lithological and structural data is in progress aiming 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 Luika Underground from available assay results are
tabulated below(1,2):
HOLE ID TARGET DRILL TYPE FROM (m) TO (m) INTERVAL (m) Au (g/t)
CSD353 LK DD No Significant Intersection
CSD357* LK DD 280.00 281.16 1.16 0.50
287.82 295.2 7.38 0.97
Incl
udin
g
287.82 289.72 1.90 2.03
299.00 300.25 1.25 0.57
CSD364* LK DD No Significant Intersection
CSD367* LK DD 76.72 78.52 1.80 0.70
CSD369 LK DD No Significant Intersection
CSD372* LK DD No Significant Intersection
1. *Assay results are from an onsite laboratory at New Luika operated by an
independent third party.
2. *Assay results are from the accredited independent commercial laboratory
(SGS Mwanza).
Jamhuri West
Jamhuri West target is located about 0.7 km to the west of the New Luika
processing plant. It is a 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 mineralisation 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.
Additional 10 RC holes representing a total of 890 m have been drilled at
Jamhuri West since mid-January 2024. The holes were collared on surface
(approximately 1,034 mRL) and inclined at between minus 50° and 64° with
depth ranging from 48 m to a maximum of 150 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 240 m at the centre. The
mineralised structure has been tested to levels 930 mRL to 1,005 mRL (30 m to
95 m from surface) with holes spaced using 20m to 50 m drill fences.
Intersections from Jamhuri West from available assay results are tabulated
below(1,2):
HOLE ID TARGET DRILL TYPE FROM (m) TO (m) INTERVAL (m) Au (g/t)
CSR737* JHW RC No Significant Intersection
CSR738* JHW RC No Significant Intersection
CSR739* JHW RC 22.00 23.00 1.00 0.66
CSR740* JHW RC 31.00 38.00 7.00 1.37
Incl
udin
g
35.00 36.00 1.00 1.72
CSR741* JHW RC 89.00 90.00 1.00 0.80
CSR742* JHW RC 127.00 128.00 1.00 1.13
CSR743* JHW RC 21.00 22.00 1.00 0.94
50.00 51.00 1.00 1.18
CSR744* JHW RC 24.00 25.00 1.00 1.00
CSR745* JHW RC No Significant Intersection
CSR746* JHW RC No Significant Intersection
1. *Assay results are from an onsite laboratory at New Luika operated by an
independent third party.
2. *Assay results are from the accredited independent commercial laboratory
(SGS Mwanza).
The 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.
Jamhuri Main
Jamhuri Main orebody was partially mined by open pit and produced 8.2koz Au
grading at 1.63 g/t Au. It is located about 2 km to the east of New Luika
processing plant. The Jamhuri Main mineralised structure strikes WNW - ESE and
dips sub vertically to the SSW. Mineralisation is hosted by a well-developed
shear zone characterised by brittle-ductile deformation with diorite lithology
in the hanging wall and footwall.
Gold mineralisation is closely associated with milky/smoky quartz veins and
veinlets hosted by tonalite and diorite. The quartz veins pinch and swell both
along strike and down dip. Sulphides (mainly pyrite 2 - 5%) occurs dominantly
in the mineralised structures and locally in the wall rock.
The Jamhuri Main mineralised structure had been drill tested over a strike
length of 700 m and there is evidence of potential continuity of the
mineralised structure both along strike and down-dip.
The drilling program aimed to test the continuity of the Jamhuri Main
mineralised structure along strike (to the northwest) and down-dip. Some drill
holes were planned to drill test the geometries that host the inferred
resources at optimum spacing that will facilitate the conversion of the
reported inferred resources to the indicated resources category.
Nine RC holes representing a total of 828 m have so far been drilled to test
the westerly strike continuity of the Jamhuri Main mineralised structure. The
holes were collared on surface (approximately 1,035 mRL) and inclined at
between minus 50° and 53° with depth ranging from 48 m to a maximum of 144 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 Jamhuri Main are tabulated
below(1,2):
HOLE ID TARGET DRILL TYPE FROM (m) TO (m) INTERVAL (m) Au (g/t)
CSR747* JHM RC 32.00 33.00 1.00 0.62
34.00 35.00 1.00 0.55
49.00 50.00 1.00 0.69
CSR748* JHM RC 74.00 84.00 10.00 2.47
Incl
udin
g
75.00 81.00 6.00 3.68
CSR749* JHM RC No Significant Intersection
CSR750* JHM RC 16.00 17.00 1.00 1.81
20.00 21.00 1.00 1.13
25.00 27.00 2.00 3.15
CSR751 JHM RC No Significant Intersection
CSR752 JHM RC 49.00 53.00 4.00 4.00
Incl
udin
g
50.00 51.00 1.00 6.24
CSR753 JHM RC 84.00 89.00 5.00 4.25
Incl
udin
g
85.00 86.00 1.00 16.78
CSR754 JHM RC No Significant Intersection
CSR755 JHM RC No Significant Intersection
1. *Assay results are from an onsite laboratory at New Luika operated by an
independent third party.
2. *Assay results are from the accredited independent commercial laboratory
(SGS Mwanza).
Black Tree Hill Conjunction
Black Tree Hill target is located about 1 km to the west of the New Luika
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 target contains a total resource of 105 koz Au grading 1.95 g/t Au
as of 31(st) December 2023.
The Black Tree Hill and Black Tree Hill North structures have been defined
over strike lengths of 700 m and 350 m respectively. One of the five planned
holes to test the potential inferred conjunction of the Black Tree Hill and
Black Tree Hill North mineralised structures at level 705 mRL (305 m below
surface) was completed in Q1 2024.
The hole was collared on surface (approximately 1,011 mRL) and inclined at
between minus 53° with depth a total depth of 411 m. It is estimated that the
true width of the mineralised zone is about 80% of the intersected width in
the drillhole.
Intersections from available assay results for Black Tree Hill are tabulated
below(1,2):
HOLE ID TARGET DRILL TYPE FROM (m) TO (m) INTERVAL (m) Au (g/t)
CSD356* BTH DD 262.20 263.00 0.80 0.62
376.00 381.44 5.44 1.26
Incl
udin
g
376.00 376.50 0.50 4.95
378.56 379.23 0.67 2.58
385.16 385.66 0.50 0.95
1. *Assay results are from an onsite laboratory at New Luika operated by an
independent third party.
2. *Assay results are from the accredited independent commercial laboratory
(SGS Mwanza).
Drilling confirmed the westerly continuity of the Black Tree Hill mineralised
structure, and hence the potential for the existence of a conjunction
structure further west, which is conceptually expected to host preferentially
a relatively higher Au-grade plunging shoot that is controlled by the
intersection of two structures, the Black Tree Hill and Black Tree Hill North.
The remainder of the planned exploration drilling to test the Black Tree Hill
conjunction will be carried out in Q2 2024.
Singida - Exploration Drilling Details
Jem
Jem is located about 1 km to the southwest of the Singida processing plant. It
is one of seven shear zone related gold deposits contributing to the mineral
resource at Singida. The Jem target is situated in a WNW-ESE trending shear
corridor, which dips at about 70(0) to the SSW. The Jem target encompasses 4
sub-parallel structures with the best mineralisation preferentially localised
at inflections points/release bends within the shear zone.
The Jem mineralised shear structure has a strike length of over 500 m, and it
contains a total resource of 133 koz Au grading 2.84 g/t Au as of 31(st)
December 2023. The Jem, Vivian, and Gold Tree are the orebodies situated
within the same wide mineralised shear striking WNW-ESE for over 1,500m.
The Jem mineralised structure is hosted within predominantly pillow basalt and
intercalated, metamorphosed siltstones, and mafic schist. The associated
sulphide mineralisation includes pyrite, ± arsenopyrite, ± pyrrhotite, ±
chalcopyrite, occurring as massive, microgranular lenses or as coarser
subhedral clusters.
Drilling is aimed at infilling the western part of Jem mineralised zones and
converting Inferred resources into Indicated category. The reported results
are over a strike length of 250 m from the current Indicated resource boundary
and between 1,380 mRL and 1,150 mRL (20 m and 250 m below surface).
Mineralisation is still open at depth.
A total of 2,002 m for 14 holes have so far been drilled at Jem. The holes
were collared on surface (approximately 1,400 mRL) and inclined at between
-60(0) and -65(0) with depth ranging from 28 m to a maximum of 202 m. The
estimated true thickness of the mineralised zones is about 60%-80% of the
intersected widths in the drill holes.
The drilling program is still in progress and will continue throughout Q2
2024.
Significant intersections from Jem are tabulated below(1):
HOLE ID Target DRILL TYPE FROM (m) TO (m) INTERVAL (m) Au (g/t)
SDD0001 Jem DD 70 71.8 1.8 0.54
117.50 119.00 1.50 1.78
SDD0002 Jem DD 95.50 96.50 1.00 3.08
100.00 101.00 1.00 0.61
141.50 142.20 0.70 2.31
SDD0003 Jem DD 173.70 176.80 3.10 2.15
201.30 202.20 0.90 2.85
SDD0004 Jem DD 197 197.5 0.50 1.87
251.50 253.00 1.50 8.63
Including
251.50 252.00 0.50 21.10
SDD0005 Jem DD 54.50 57.00 2.50 1.21
113.5 114 0.5 0.54
114.5 115 0.5 0.52
157.50 158.00 0.50 5.81
SDD0006 Jem DD 89.90 90.40 0.50 1.06
129.00 129.50 0.50 0.82
131.5 132 0.5 1.35
SDD0007 Jem DD 82 83.5 1.5 3.46
Including
82 82.5 0.5 6.58
SDD0008 Jem DD 60 60.5 0.5 0.85
85.5 86.5 1 1.79
SDD0009 Jem DD 55.5 57 1.5 0.83
68.5 69 0.5 5.42
81 81.5 0.5 94.26
SDD0010 Jem DD 31.5 33 1.5 3.56
Including
32.5 33 0.5 6.36
SDD0011 Jem DD 88.5 89 0.5 0.93
91 91.5 0.5 0.78
114.7 117 2.3 9.98
Including
116 116.5 0.5 30.4
SRC0001 Jem RC 25 26 1 1.82
SRC0003 Jem RC 18 19 1 1.42
1. Samples have been analysed at SGS Mwanza, an accredited,
independent, commercial laboratory.
Gold Tree
Gold Tree is located approximately 550 m to the southwest of the Singida
processing plant. It contributes approximately 30% of the mineral reserves at
Singida. The deposit is comprised of three subparallel mineralised zones
trending WNW-ESE and dipping at about 70(0)- 85(0) to the SSW.
The Gold Tree mineralised shear structure has a strike length of over 600 m
and is currently in production by open pit mining and contains a total
resource of 380 koz Au grading 2.34 g/t Au as of 31(st) December 2023. The
Gold Tree, Vivian, and Jem are the orebodies situated within the same wide
mineralised shear striking WNW-ESE for over 1,500m.
Mineralisation structure is hosted within metamorphosed pillow basalts and
intercalated metamorphosed siltstones and mafic schist. The associated
sulphide mineralisation includes disseminated and blebby pyrite, ±
pyrrhotite, ±Chalcopyrite and ± arsenopyrite.
Drilling is aimed at testing the lateral extension of the mineralised zones to
the west. The reported results are over a strike length of 200 m from the
current indicated resource boundary, and between 1,380 mRL and 1,270 mRL (20 m
and 130 m below surface). Mineralisation is open to the west and at depth.
A total of 1,823 m for 21 holes have been drilled so far. The holes were
collared on surface (approximately 1,400 mRL) and inclined at between -50(0)
and -65(0) with depth ranging from 41 m to a maximum of 267 m. The estimated
true thickness of the mineralised zones is about 60%-80% of the intersected
widths in the drill holes.
The drilling program is still in progress and will continue throughout Q2
2024.
Significant intersections from Gold Tree are tabulated below(1):
HOLE ID TARGET DRILL TYPE FROM (m) TO (m) INTERVAL (m) Au (g/t)
SDD0012 GT DD 114.1 117.1 3 2.08
Including
116 116.6 0.6 8.25
221 221.85 0.85 1
SDD0014 GT DD 74 74.5 0.5 1.33
SDD0015 GT DD 94 95 1 1.84
SDD0016 GT DD 55.50 56.50 1.00 1.00
88.00 90.00 2.00 3.85
SDD0017 GT DD 83.00 91.00 8.00 2.63
Including
83.00 84.70 1.70 5.42
SDD0020 GT DD 115.50 116.00 0.50 0.57
119.50 137.00 17.50 2.79
Including
120.70 129.20 8.50 4.39
140.00 141.00 1.00 0.73
SRC0004 GT RC 47 51 4 3.59
Including
48 50 2 6.13
SRC0004 GT RC 63 64 1 5.01
SRC0005 GT RC 38 42 4 3.16
Including
38 40 2 5.78
SRC0006 GT RC 8 9 1 7.27
SRC0006 GT RC 32 34 2 1.31
SRC0007 GT RC 50 54 4 3.41
Including
51 53 2 4.45
SRC0007 GT RC 59 60 1 3.45
SRC0008 GT RC 4 5 1 0.5
SRC0009 GT RC 59 70 11 1.63
SRC0010 GT RC 88 90 2 1.69
Including
88 89 1 4.23
SRC0010 GT RC 104 106 2 3.08
SRC0011 GT RC 35 41 6 1.53
SRC0012 GT RC 46 48 2 1.76
SRC0013 GT RC 45 46 1 0.66
SRC0014 GT RC 19 24 5 2.97
Including
21 22 1 5.99
53 55 2 3.08
SRC0015 GT RC 45 46 1 1.38
1. Samples have been analysed at SGS Mwanza, an accredited,
independent, commercial laboratory.
Vivian
Vivian is located approximately 1.2 km to the west of the Singida processing
plant. It is one of seven shear zone related gold deposits contributing to the
mineral resource at Singida. It is comprised of one shear zone trending NW-SW
and dipping between 60(0) and 75(0) to the SW.
The Vivian mineralised shear structure has a strike length of over 200 m and
is currently in production by open pit mining and contains a total resource of
37 koz Au grading 3.08 g/t Au as of 31(st) December 2023. The Vivian, Gold
Tree, and Jem are the orebodies situated within the same wide mineralised
shear striking WNW-ESE for over 1,500 m.
Vivian mineralisation structure is hosted within metamorphosed pillow basalts
and intercalated metamorphosed siltstones and mafic schist. The associated
sulphide mineralisation includes disseminated and blebby pyrite, ±
pyrrhotite, ±Chalcopyrite and ± arsenopyrite.
Drilling is aimed at testing the lateral extension of Vivian mineralised zones
to the east. The reported results are over a strike length of 50 m from the
current indicated resource boundary and between 1,380 mRL and 1,280 mRL (20 m
and 120 m below surface).
A total of 182 m for 2 holes have been drilled so far. The holes were collared
on surface (approximately 1,400 mRL) and inclined at between -48(0) and -55(0)
with depth ranging from 87 m to a maximum of 96 m. The estimated true
thickness of the mineralised zones is about 60%-80% of the intersected widths
in the drill holes. Mineralisation is still open to the east and at depth.
The drilling program is still in progress and will continue throughout Q2
2024.
Significant intersections from Vivian are tabulated below(1):
HOLEID Target Drill Type From (m) To (m) Width (m) Au (g/t)
SDD0019 Vivian DD 40.50 45.00 4.50 4.27
Including
42.50 44.50 2.00 6.36
SDD0021 Vivian DD 48.00 60.00 12.00 1.33
Including
50.5 52.00 1.50 3.79
1. Samples have been analyzed at SGS Mwanza, an accredited,
independent, commercial laboratory.
Enquiries:
Shanta Gold Limited
Eric Zurrin (CEO) +44 (0) 14 8172 6034
Michal Devine (CFO)
Nominated Adviser and Broker
Liberum Capital Limited
Scott Mathieson / Nikhil Varghese +44 (0) 20 3100 2000
Public Relations
FTI Consulting
Sara Powell / Nick Hennis / Lucy Wigney +44 (0) 20 3727 1426
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 500 koz Au grading 2.78 g/t Au, and exploration licences covering
approximately 600 km(2) 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 1.1 million ounces in the Indicated category
grading 4.86 g/t Au. With a strong balance sheet, a growing diversified
portfolio with annual dividends paid since 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.
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) Membership No. 317697
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)
Glossary
Glossary of Technical Terms
"Au" chemical symbol for gold
"cut-off grade" (COG) the lowest grade value that is included in a 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
"DD" Diamond drilling, also known as core drilling, is a method used in mineral
exploration to extract cylindrical rock core samples from the earth. It
involves drilling a borehole into the ground using a diamond-tipped drill bit,
which has the ability to cut through hard rocks.
"Inferred Resource" that part of a Mineral Resource for which tonnage, 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 Resource" that part of a Mineral Resource for which tonnage, 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
"mRL" Metres Reduced Level
"Measured Resource" that part of a Mineral Resource for which tonnage, 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 Resource" a concentration or occurrence of material of 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
Reverse circulation (RC) drilling is a method used in mineral exploration and
mining to obtain samples from the subsurface.
"RC"
"t" tonne (= 1 million grammes)
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