25 May 2012

Resource boost for Shanta Gold

05/05/2011 Robert Tyerman

Shanta Gold (SHG) has upped its resource estimate for Chunya in Tanzania by nearly 46 per cent to 1.2 million oz. The Guernsey-based company says the 'indicated' portion of this estimate has risen 52.5 per cent to 545,000 oz, with the more tentative 'inferred' component reaching 689,000 oz.

AIM-quoted Shanka says the average grade at Chunya is a lowly 1.46 grammes of gold per tonne of ore and indicates it will exploit the resource with its New Luika Gold Mine, currently under construction. Following an exploration and infill drilling programme, the company has identified two 'priority targets' within the Chunya project, showing somewhat higher grades, Luika with 354,000 oz at 3.69 grammes a tonne and Bauhinia Creek with 298,000 oz at 4.46 grammes a tonne.

Executive chairman Walton Imrie says the drilling results will fortify the New Luika Mine plan and provide 'further justification' for throughput increases incorporated in the design. Floated at 25p six years ago, the shares have rallied strongly over the past year from 14.75p to 33.75p, to value the company at £61 million.

They could go further if progress is maintained and gold remains in vogue.

Tags: AIM market, Gold, Tanzania, Walton Imrie

Sector: Mining

Companies: Shanta Gold

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