Shanta Q1 gold production in Tanzania is in line with guidance

Shanta Gold, the Tanzania-focused gold producer, developer and explorer, has said that its gold production in Q1 2022 was 11,408 oz (Q4: 12,244 oz), in line with guidance provided in January 2022.

Shanta added that underground mining equipment at New Luika performed in line with expectations and underground mined ounces were up 15% versus plan during the quarter resulting from better than expected tonnes and grade mined versus plan.

Open pit mining representing 20% of total planned mined ounces during the quarter was impacted by underperformance of the mining contractor due to delays in spares and availability of mining equipment resulting in a deficit of approximately 1,700 oz during the quarter, expected to be partially recovered in future quarters, Shanta noted.

Importantly, the company said that its Singida gold project in Tanzania remains on track for first production in Q1 2023 and that this project “will transform Shanta Gold into a +100,000 oz/pa producer with a diversified resource base.”

The company also added that the mineral resource estimate at the West Kenya gold project in Kenya increased by 31% to 1.55 Moz and that Indicated resources have increased by 221% to 378 Koz grading 11.70 g/t.

Shanta Gold is an East Africa-focused gold producer, developer, and explorer, with defined ore resources on the New Luika and Singida projects in Tanzania. Alongside New Luika and Singida, Shanta also owns the high-grade West Kenya project in Kenya and licences with resources of 1.6 million ounces including 378 Koz in the Indicated category grading 11.70 g/t.

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