StockMarketWire.com - Shanta Gold (SHG) announced results from its exploration and resource infill Reverse Circulation (RC) drilling conducted during the first quarter of 2018 at the Singida Gold mining project in Central Tanzania.
Following a review of available exploration data for Singida in the last quarter of 2017, an RC drilling programme was recommended.
The aim was to test the down-dip and down plunge continuity of the high grade mineralized shoots that will facilitate upgrading of resources immediately below the current designed pits from the inferred to the measured and indicated (M&I) categories.
The first part of the drilling programme focused on the Gold Tree and Jem deposits in February and March 2018, during which 15 holes representing 1,603 metres were completed.
Assay results for the 15 holes have been received and are currently being modelled.
The results will be submitted to the company's independent resource consultant for resource estimation purposes in the coming months for generation of an updated mineral resource estimate at Singida.
Encouraging mineralised drilling intersections achieved include:
- 10m @ 20.82g/t gold from 138m in hole SC702, including 3m @ 57.13g/t gold from 138m
- 5m @ 10.35g/t gold from 120m in hole SC713
- 5m @ 8.06g/t gold from 62m in hole SC709
- 8m @ 5.96g/t gold from 117m in hole SC708
- 8m @ 3.86g/t gold from 123m in hole SC705
- 7m @ 4.69g/t gold from 124m in hole SC706
- 4m @ 5.48g/t gold from 61m in hole SC712
CEO Eric Zurrin commented: "Singida is an important project in our portfolio that gives us the opportunity of a second producing gold asset.
"These positive drilling results have the potential to enhance the current project economics at Singida as well as improve the prospects of expanding the project beyond the current scope of construction.
"We will continue to update the market throughout 2018 with information as it becomes available."
At 9:25am: [LON:SHG] Shanta Gold Ltd share price was -0.05p at 5p
Story provided by StockMarketWire.com
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