Saturday , February 24 2024

Shanta Gold extends life of its New Luika gold mine to 2026

Shanta Gold has extended the life of its New Luika gold mine, in Tanzania, to at least the end of 2026, while the mine life of its Singida project, also in Tanzania, remains unchanged to the end of 2029.

The company has replaced the ounces it mined in 2021 with new reserves.

Shanta produced 55 280 oz of gold in 2021 and plans to produce between 68 000 oz and 76 000 oz in 2022.

New defined reserves of 110 000 oz were added in 2021, while 80 000 oz, grading 4.31 g/t gold, have been upgraded from probable to proven reserves.

Shanta has, for the third consecutive year, replaced mined reserves across its portfolio thanks to successful exploration efforts worth $4.4-million in 2021.

The company has a total gold reserve of 645 000 oz, grading 3.04 g/t, across its New Luika and Singida projects. An updated resource estimate for the West Kenya project, in Kenya, is expected at the end of February.

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