Shanta Gold reports good results at New Luika

23rd Feb 2016 15:06

(ShareCast News) - A Tanzanian drilling programme quite literally struck gold on Tuesday, with Shanta Gold reporting positive results from its New Luika Gold Mine project, located in the country's Lupa goldfield.The AIM-traded East Africa focused gold developer and producer said a reverse circulation drilling programme had been completed at the Askari mineralised target, located around 14 kilometres north west of the New Luika processing facility."Askari is one of the early stage targets that form Shanta's exploration programme within, and surrounding, the New Luika Gold Mine licence," the company's board said in a statement.The phase one drilling programme of 2,699 metres produced impressive results, encountering mineralisation in 24 of 26 holes.That included four metres at 8.6 grams per tonne of gold, from 76 metres in hold SGR 164; four metres at 31.2 grams per tonne from 61 metres in hold SGR 165; eight metres at 7.2 grams per tonne from 108 metres in hole SGR 167; and three metres at 11.6 grams per tonne from 93 metres in hole SGR 168.Shanta Gold said the second phase of drilling at the Askari target was expected to include step-out and in-fill drilling. The work would be incorporated in Shanta's wider 2016 exploration programme, its board said.