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
|
Including
|
2.43
|
6.84
|
223.83
|
226.30
|
CSD368
|
3.30
|
2.08
|
252.30
|
255.60
|
Including
|
0.83
|
4.21
|
252.30
|
253.10
|
CSD373
|
11.23
|
1.23
|
227.15
|
238.40
|
Including
|
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
|
Including
|
0.50
|
6.78
|
64.25
|
64.75
|
|
Black Tree Hill deposit
|
CSD356
|
5.44
|
1.26
|
376.00
|
381.40
|
Including
|
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
|
Including
|
6.00
|
3.68
|
75.00
|
81.00
|
CSR752
|
4.00
|
4.00
|
49.00
|
53.00
|
Including
|
1.00
|
6.24
|
50.00
|
51.00
|
CSR753
|
5.00
|
4.25
|
84.00
|
89.00
|
Including
|
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 31st 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 below1,2:
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
|
Including
|
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
|
Including
|
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
|
Including
|
283.96
|
284.40
|
0.44
|
2.99
|
CSD371*
|
EH
|
DD
|
210.30
|
214.20
|
3.90
|
1.27
|
Including
|
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
|
Including
|
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
|
Including
|
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
|
Including
|
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 31st 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 below1,2:
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
|
Including
|
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
|
Including
|
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
31st 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 below1,2:
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
|
Including
|
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 below1,2:
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
|
Including
|
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 below1,2:
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
|
Including
|
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
|
Including
|
50.00
|
51.00
|
1.00
|
6.24
|
CSR753
|
JHM
|
RC
|
84.00
|
89.00
|
5.00
|
4.25
|
Including
|
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
31st 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 below1,2:
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
|
Including
|
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 700 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 31st 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 -600 and
-650 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
below1:
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 700- 850 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 31st 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 -500 and -650 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 below1:
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
600 and 750 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 31st 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 -480 and -550 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
below1:
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 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 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"
"DD"
|
grammes per tonne, equivalent to
parts per million
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"
"RC"
|
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.
|
"t"
|
tonne (= 1 million
grammes)
|