East Africa-focused gold producer Shanta Gold has seen its share price move higher Monday after it said drilling results reported at the New Luika Gold Mine in South Western Tanzania are encouraging.
The company's CEO, Eric Zurrin, told investors that the results not only add to its ongoing exploration success this year – strengthened by the discovery of high-grade resources at our West Kenya project – but also reinforce Shanta's confidence in its strategy to deliver sustainable growth through exploration.
“The current reserve life at New Luika has been extended to 2026, and we are continuing to invest in exploration programmes aimed at extending the mine life, with recent discoveries at the Porcupine South deposit adding further life to New Luika once incorporated into the mine plan. We look forward to publishing a reserve and resource update for New Luika in Q1 2022,” said Zurrin.
“As we transition to a 100,000+ oz gold producer in 2023, ongoing exploration will play a critical role in sustainably extending and adding to Shanta's production profiles over time to maximise the social impact of our assets on the ground and in returns for shareholders.”
Shanta Gold shares are currently trading at 12.5p, up 5% from Friday's close.
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