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Shanta Gold Limited

Publié le 06 juillet 2016

New Luika Gold Mine, Ilunga Exploration Update

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New Luika Gold Mine, Ilunga Exploration Update

0e7d44d5-f97a-4221-a7a4-97e7f789a4d1.pdf

6 July 2016

Shanta Gold Limited

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

New Luika Gold Mine, Ilunga Exploration Update

Shanta Gold (AIM: SHG), the East Africa-focused gold producer, developer and explorer, is pleased to provide an update from its ongoing exploration programme within and surrounding its flagship asset, the New Luika Gold Mine ("NLGM" or "the Mine") located in the Lupa Goldfield, southwest Tanzania.

As a follow up to the encouraging Phase 1 drilling programmme announced in April 2016, a second phase drilling programme has been completed at the Ilunga mineralised prospect ("Ilunga"), located within the active Mining Licence approximately 2.5 kilometres northeast of the NLGM central processing facility. Phase 2 has primarily targeted the strike extension of Ilunga to the west, reaching approximately 300 metres ("m") down-dip, and a vertical depth in excess of 200 m. A prior resource (2015) of 74,000 ounces ("oz") (Indicated & Inferred) incorporated the top 100 m down-dip from surface. Results from Phase 1 and Phase 2 will be incorporated into the existing model and a new resource estimate produced.

Highlights:

  • The Phase 2 upgrade drilling programme, included 20 drill holes in total, all of which intersected visually distinctive mineralised zones confirming the continuity of Ilunga both along strike and at depth. Encouraging mineralised intersections achieved include:

    • 13 m at 4.19 grammes per tonne ("g/t") gold from 80 m in hole CSR 482

      • Including 10 m at 5.3 g/t

    • 2.06 m at 10.46 g/t gold from 265.5 m in hole CSD096 o3.2 m at 40.64 g/t gold from 277.1 m in hole CSD096 o8.3m at 1.97 g/t gold from 234.81 m in hole CSD098

      • Including 2.14 m at 4.58 g/t

    • 1.38 m at 10.19 g/t gold from 130.96 m in hole CSD100

    • 2.93 m at 18.62 g/t gold from 157.87 m in hole CSD 100

  • Approximately 100 m additional strike expression to the west at depth has been identified; and

  • Ilunga remains open at depth and down-plunge to the west.

Toby Bradbury, Chief Executive Officer, commented:

"Our exploration team has a good handle on mineralisation and structure, enabling efficient exploration to take place. Today's results from Ilunga confirm good tenor and thicknesses and we are looking forward to producing an updated resource estimate. Ilunga shows potential as a high grade underground deposit and we expect the Ilunga ounces to contribute to the ongoing reserve replacement at NLGM. It is also encouraging that mineralisation is still potentially open down-plunge to the west and this will be evaluated in due course"

Enquiries:

Shanta Gold Limited

Toby Bradbury (CEO) Mark Rosslee (CFO)

+255 (0)22 2601 829

Nominated Adviser and Broker

Peel Hunt LLP

Matthew Armitt / Ross Allister / Chris Burrows

+44 (0)20 7418 8900

Financial Public Relations

Tavistock

Emily Fenton / Jos Simson

+44 (0)20 7920 3150

About Shanta Gold

Shanta is an East Africa-focused gold producer, developer and explorer. It currently has defined ore resources on the New Luika and Singida projects in Tanzania and holds exploration licences over a number of additional properties in the country. Shanta's flagship New Luika Gold Mine commenced production in 2012 and produced 81,873 ounces in 2015. For further information please visit:www.shantagold.com.

The technical information contained within this announcement has been reviewed and approved by Mr. Awie Pretorius MSc.Pri.Sci.Nat. Mr. Pretorius is a consultant to Shanta and a member of the South African Council for Natural Scientific Professionals (SACNASP Membership Number 400060/91).

He has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person 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.

Regional Exploration Update

Drilling at the Ilunga deposit forms part of the Company's commitment to a systematic programme of exploration focused on the optimisation and upgrade of known mineralised prospects within the NLGM mining licence, as well as exploration on tenements in the vicinity of NLGM currently held by the Company. Shanta is exploring all options to bring additional resources into its Base Case Mine Plan, announced 29 September 2015, including high grade underground deposits which are open at depth.

Ilunga Deposit

The drilling programme described in today's update has increased the definition of mineralisation in the western reaches at Ilunga to approximately 300 m down-dip, reaching a

vertical depth in excess of 200 m. The recent work has refined the company's interpretative capacity with regard to the identification and geometry of westerly plunging high grade payshoots.

Phase 2 drilling illustrated that a single payshoot of limited lateral extent identified in the eastern portion of the mineralised prospect displays a shallow westerly plunge, and that the remainder of the eastern expression of the Ilunga Prospect hosts limited mineralisation potential at depth. Phase 2 also confirmed earlier interpretations that further high grade potential at Ilunga exists at depth and to the west, adjacent to a truncating structural deformational feature. Company geologists have refined the orientation and geometry of a western truncating fault and plan follow-up work targeting a structurally-displaced extension to mineralisation west of Ilunga.

The feasibility of future underground mining potential at Ilunga will be investigated once re- modelling and resource estimation programs are concluded.

Table 1: Mineralised Intersections1

BHID

From

To

Sample No.

Au AVE

Width

(m) 2

Au (ppm) 3

CSR477

76

77

293072

0.53

3.00

0.64

77

78

293073

0.29

78

79

293074

1.10

CSR482

80

81

293545

1.36

13.00

4.19

81

82

293546

0.70

82

83

293547

0.16

83

84

293548

7.97

84

85

293549

20.25

85

86

293550

10.95

86

87

293552

5.93

87

88

293553

1.39

88

89

293554

2.34

89

90

293555

2.04

90

91

293557

0.06

91

92

293558

0.17

92

93

293559

1.12

CSR483

97

98

293650

0.68

4.00

0.54

98

99

293652

0.42

99

100

293653

0.38

100

101

293654

0.69

CSD090

132.52

132.97

684273

0.58

1.88

0.72

132.97

133.56

684274

0.43

133.56

134.05

684275

0.89

134.05

134.40

684276

1.15

AND

CSD090

140.58

140.95

684294

1.39

0.37

1.39

CSD091

141.77

142.27

684341

1.19

1.16

1.00

142.27

142.60

684342

0.63

142.60

142.93

684343

1.09

AND

CSD091

156.02

156.50

684361

1.48

0.92

1.04

156.50

156.94

684362

0.57

CSD092

161.86

162.28

684427

0.53

0.42

0.53

AND

CSD092

163.15

163.52

684430

0.60

1.04

0.54

163.52

163.85

684431

0.57

163.85

164.19

684432

0.45

CSD093

186.44

186.90

684474

6.17

0.46

6.17

CSD094

196.53

196.76

684490

0.98

2.37

0.66

196.76

197.20

684491

1.34

197.20

197.71

684492

0.35

197.71

198.07

684493

0.38

198.07

198.62

684495

0.45

198.62

198.90

684496

0.62

CSD095

256.86

257.10

684595

20.50

3.00

2.64

257.10

257.41

684596

4.08

257.41

257.85

684598

0.45

257.85

258.44

684599

0.66

258.44

258.95

684600

0.23

258.95

259.54

684601

0.38

259.54

259.86

684602

2.56

AND

CSD095

272.05

272.29

684628

8.31

0.24

8.31

CSD096

265.50

265.97

684682

1.24

2.06

10.46

265.97

266.40

684683

9.93

266.40

266.90

684684

29.10

266.90

267.25

684685

5.07

267.25

267.56

684686

1.17

AND

CSD096

274.25

274.82

684705

0.81

1.71

0.65

274.82

275.10

684706

0.80

275.10

275.43

684707

0.51

275.43

275.96

684708

0.49

AND

CSD096

277.10

277.35

684713

27.85

3.20

40.64

Lire la suite de l'article sur www.publicnow.com

Shanta Gold Limited

EN DÉVELOPPEMENT
CODE : SHG.L
ISIN : GB00B0CGR828
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Shanta Gold est une société d’exploration minière d'or basée au Guernesey.

Shanta Gold détient divers projets d'exploration en Tanzanie.

Son principal projet en développement est SINGIDA en Tanzanie et ses principaux projets en exploration sont SONGEA, CHUNYA, MGUSU et JAMHURI en Tanzanie.

Shanta Gold est cotée au Royaume-Uni. Sa capitalisation boursière aujourd'hui est 7,7 milliards GBX (9,2 milliards US$, 8,1 milliards €).

La valeur de son action a atteint son plus bas niveau récent le 21 novembre 2008 à 1,00 GBX, et son plus haut niveau récent le 13 octobre 2023 à 10,00 GBX.

Shanta Gold possède 769 491 787 actions en circulation.

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Nominations de Shanta Gold Limited
22/09/2011[AIM: SHG] appointment of CEO and Board changes
Projets de Shanta Gold Limited
29/03/2012[AIM: SHG] New Luika Gold Mine Progress Update
31/01/2012exceptional results received from RC drilling campaign at Ne...
30/09/2011(Jamhuri)[AIM: SHG]- Definition drilling at Jamhuri prospect
23/08/2011(Singida)[AIM: SHG] - Feasibility Study supports development of gold ...
Communiqués de Presse de Shanta Gold Limited
15/07/2016Pilot-scale production to commence at Singida Gold Project i...
15/07/2016Pilot-scale production to commence at Singida
06/07/2016New Luika Gold Mine, Ilunga Exploration Update
27/06/2016New Luika underground project update
20/06/2016Blocklisting Six Monthly Return
17/06/2016Director Dealing in Convertible Loan Notes
14/06/2016Director Dealing
08/06/2016Completion of Convertible Loan Note Restructuring
06/06/2016Result of Open Offer
03/06/2016Result of Annual General Meeting 2016
02/06/2016Result of Annual General Meeting
25/05/2016Directors Dealings
12/05/2016Passing of Written Resolution and Total Voting Rights
12/05/2016Written Resolution and Total Voting Rights
06/05/2016Preliminary Results for the year ended 31 December 2015
21/06/2012[AIM: SHG] successful Wet Commissioning of the New Luika Pla...
30/01/2012[AIM: SHG] update on funding and fundraising
11/07/2011=5BAIM=3A SHG=5D placing to raise =A315=2E1 million to bring...
29/06/2011Spectacular gold grades in Bauhinia Creek western extension
14/06/2011Definition Infill Drilling Results at the Luika Prospect
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