Shanta Gold reported that recent drilling results from its New Luika gold mine in Southwestern Tanzania, about the 2023 drilling activities, revealed promising intercepts in three distinct areas.
Eric Zurrin, the CEO, commented, “Drilling recommenced at New Luika in July 2023, with our team focusing on upgrading Inferred resources to the Indicated category across various deposits. This included testing a new target at Jamhuri West, near the NLGM Processing Plant.
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:
“The drilling efforts at the Elizabeth Hill and BC North deposits have shown positive outcomes. Meanwhile, exploration continues at the Luika Deep underground to determine the extent of its down plunge continuity and the potential for extending the mine’s operational life.
“Additionally, in September 2023, we began drilling at the Jem deposit in Singida, marking the restart of exploration activities at the mine after several years.
In December, Shanta’s board approved a takeover bid from Saturn Resources, valued at 13.5p per share.”
