Aim-listed gold producer, developer and explorer Shanta Gold has reported total group-wide resources of 3.51-million ounces grading 3.31 g/t gold across its New Luika and Singida gold mines in Tanzania, and its key deposits in West Kenya, as at December 2023.

In Tanzania, Shanta reports total Joint Ore Reserves Committee-compliant gold reserves of 500 000 oz grading 2.78 g/t gold – compared with 625 000 oz grading 2.91 g/t gold as at end of 2022 – across its two projects in Tanzania.

This comprises New Luika reserves of 297 000 oz grading 2.71 g/t gold and Singida reserves of 203 000 oz grading 2.88 g/t gold.

The company experienced a reduction in reserves and resources across its Tanzanian projects owing to limited drilling in 2023 and reserve depletion from mining operations. It explains that 2023 Tanzanian exploration spend was limited to $2.3-million including 17 363 m of drilling.

However, newly defined reserves of 5 000 oz were added at New Luika in 2023, before depletion and optimisation, predominantly from Luika and Bauhinia Creek North Underground deposits.

The company also experienced a reduction in Singida reserves and resources reflective of mining depletion following commencement of commercial scale production.

Shanta assures shareholders that the reserve-based mine life remains unchanged to the end of the first quarter of 2028 at New Luika and end of 2029 at Singida.

Additionally, the tailings retreatment project at New Luika contributes an additional 48 000 oz of recoverable gold and extends the operating life to at least February 2031.

The company reports total resources of 1.75-million ounces grading 2.35 g/t gold across both projects in Tanzania.

"A key focus for Shanta in Tanzania in 2023 was the completion of construction at Singida, our second producing mine. Having achieved commercial production at Singida in June 2023, the company was once again able to direct financial resources towards targeted drilling at both New Luika and Singida in the second half of 2023.

“The reserve-based mine life at both mines remains unchanged from the end of 2022 and work remains ongoing in adding new reserves to the mine plan,” says CEO Eric Zurrin.

WEST KENYA
Meanwhile, Shanta reports total West Kenya resources of 1.76-million ounces grading 5.55 g/t gold, and indicated resources of 1.14-million ounces grading 4.86 g/t gold.

The company says the 2023 drilling exploration results will be incorporated into the next resource update which is expected to be completed in the second quarter of this year.

“At West Kenya, exploration continued across multiple deposits during the second half of 2023. The main aim of the drilling programme which is still ongoing is to convert inferred resources to the indicated category for the Ramula deposit and test the mineralisation potential for the other regional targets.

“We will keep you updated on the progress of these exploration programmes as results become available,” says Zurrin.