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Shanta Gold Limited (SHG.L) New Luika Gold Mine Exploration Drilling Update

Shanta Gold (AIM: SHG), the East Africa-focused gold producer, developer and explorer, is pleased to provide an exploration update at the Luika Deposit (“Luika”) and the Porcupine South Target (“Porcupine South”) at New Luika Gold Mine (“NLGM”) in South Western Tanzania.

Based on activity conducted between September and November 2020. Porcupine South is a new open pit target and drilling results are expected to be converted into a JORC compliant resource in due course.

Highlights:

· Nine diamond core holes drilled at Luika totalling 4,042 metres (“m”), with further drilling ongoing;

· Twenty-eight Reverse Circulation (“RC”) holes drilled at Porcupine South totalling 2,466 m;

· Luika drilling highlights:

o Hole CSD201 intersected 3.58 m grading 14.71 g/t Au, incl. 2.54 m at 18.62 g/t Au from 420 m;

o Hole CSD184 intersected 3.13 m grading 4.09 g/t Au from 393 m;

o Hole CSD186 intersected 9.31 m grading 2.00 g/t Au from 435 m;

o Hole CSD188 intersected 3.62 m grading 2.19 g/t Au from 446 m;

o Hole CSD192 intersected 0.66 m grading 40.44 g/t Au from 410 m; and,

o Hole CSD202 intersected 2.23 m grading 3.32 g/t Au, incl. 0.57 m at 12.18 g/t Au from 417 m.

· Porcupine South drilling highlights:

o Hole PSRC012 intersected 7 m grading 7.26 g/t Au, incl. 2 m at 22.60 g/t Au from 20 m;

o Hole PSRC017 intersected 12 m grading 3.63 g/t Au, incl. 5 m at 7.19 g/t Au from 41 m;

o Hole PSRC018 intersected 5 m grading 3.30 g/t Au, incl. 3 m at 4.75 g/t Au from 41 m;

o Hole PSRC021 intersected 8 m grading 2.29 g/t Au, incl. 2 m at 5.39 g/t Au from 83 m;

o Hole PSRC022 intersected 6 m grading 2.38 g/t Au, incl. 3 m at 4.04 g/t Au from 71 m;

o Hole PSRC025 intersected 6 m grading 4.13 g/t Au, incl. 1 m at 13.10 g/t Au and 1 m at 6.45 g/t Au from 28 m;

o Hole PSRC026 intersected 5 m grading 3.02 g/t Au, incl. 2 m at 4.55 g/t Au from 84 m;

o Hole PSRC033 intersected 5 m grading 2.98 g/t Au, incl. 2 m at 4.19 g/t Au from 43 m; and,

o Hole PSRC041 intersected 7 m grading 2.25 g/t Au, incl. 3 m at 3.69 g/t Au from 120 m.

· These newly reported drilling intersections are outside existing mineral reserves and will be incorporated into the next update of the mine plan;

· Reported results are over a strike length of 200 m for Luika and 500 m for Porcupine South;

· Luika is one of NLGM’s three actively mined underground deposits and Porcupine South is a new target located approximately 22 km east of NLGM, which is expected to be within economically viable trucking distance from the NLGM processing plant; and,

· Mineralization at both Luika and Porcupine South remain open at depth.

Eric Zurrin, Chief Executive Officer, commented:

“These encouraging results are the latest demonstration by the Company that depleted ounces can be replaced with low cost exploration. Porcupine South is a newly discovered orebody, taking the known deposits at NLGM to twelve, each of which has the potential to increase in size. An anticipated net increase in JORC reserves is expected to be announced in early 2021.”

 


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