StockMarketWire.com - Shanta Gold said it had increased the estimated mineral resource at its New Luika gold mine in Tanzania following completion of a drilling campaign.

The drilling had added new probable gold reserves totalling 135,438 ounces grading 4.07 grams per tonne of gold at Bauhinia Creek Deep West, Elizabeth Hill North, Bauhinia Creek North and Black Tree Hill.

At those newly drilled targets, drilling had resulted in indicated resources of 219,408 ounces grading 3.19 grams per tonne of gold.

In addition, new inferred resources of 94,007 ounces grading 2.75 grams per tonne, up 26% from 74,427 ounces grading 1.71 grams per tonne, had been estimated at the newly drilled targets.

'We have high expectations that the targets will continue to grow both in size and number as we look to add to our mine life at New Luika,' chief executive Eric Zurrin said.




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