Tuesday , January 31 2023

Bright prospects for Tanzania’s Singida gold project

Shanta Gold, the East Africa-focused gold producer, has announced a JORC-compliant mineral resource estimate for Tanzania’s Singida Gold Project.

Singida contains 12.3 million tonnes at 1.84 g/t gold for 728,000 ounces while the measured and indicated resources total 5.11 million tonnes @ 2.09 g/t for 345,000 ounces while inferred resources total 7.17 million tonnes @ 1.66 g/t for 383,000 ounces.

The estimate incorporates three mining licences and seven mineralised zones with a combined strike length of 4.9km, with widths ranging from 5-15 metres and mineralisation extending approximately 500 metres below the topographical surface.

“We have made good progress at Singida by declaring a compliant resource and in doing so, increasing Shanta’s total group compliant resources to over 2 million ounces,” said Shanta’s Chief Executive Officer Eric Zurrin.

Zurrin said the company has identified a number of targets at the project, to continue to explore over the coming months, with a view to expanding the potential size of the Singida project and increasing the measured & indicated resource ounces,”

“I am also pleased to announce that we have already surpassed our targeted spending reductions of US$5 million of annual savings whilst identifying operational changes which will continue to create further value for Shanta and its shareholders.

“This approach is in line with our previously announced strategy of aligning the senior management team with that of Shanta’s owners and optimising the financial performance of our operations,” said Zurrin.

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