PRECIOUS METALS

Shanta gets Porcupine mining license

East Africa-focused miner Shanta Gold has been awarded a maiden mining license which covers the Porcupine South resource area of the Lupa Gold Fields in Tanzania.

Shanta gets Porcupine mining license

"The award of this mining license is a major catalyst towards consolidating this district in what would otherwise be an area of stranded uneconomic ounces with no access to a processing plant," Shanta's CEO Eric Zurrin said.

He said that Porcupine South will become the "central piece" to a district play covering "highly prospective" surrounding prospecting licenses also owned by Shanta.

"Ahead of a near-term first production at Singida due in Q1 2023, New Luika remains the linchpin to our commitment to self-financed growth. Ensuring that the mine-life of our current principal producing asset continues to grow will de-risk our strategy to deliver long-term sustainable returns for shareholders," he said.

The Porcupine South resource area is about 22 kilometres from the New Luika processing plant.

"Existing Shanta owned compliant resources total 114,000oz grading 1.94g/t. Past exploration by third parties in licenses adjacent to Porcupine South has resulted in over 320,000oz of additional NI 43-101 compliant resources including underground potential with NI 43-101 resources of 158,000oz grading 5.0g/t," Zurrin said.

Shanta Gold's share price was GBX9.05 on June 17.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.