Shanta Gold shares push higher as the company provide an update
(Kitco News) - Shanta Gold (SHG:LSE) has updated the market on its current positioning in its various activities this morning.
The firm have noted that the companies total group-wide reserves stand at 625,000 ounces, grading 3.00 g/t across the Company's two projects in Tanzania. They also have plans in Kenya and two rigs have been mobilized at the West Kenya Project with first assay results expected in February.
Eric Zurrin, Chief Executive Officer, said "During 2020 Shanta replaced all mined ounces and added an additional 37,000 oz to the mine plan at New Luika Gold Mine. Regionally, Shanta has now declared a maiden open pit resource of 64,000 oz at Porcupine South with plans to build on that foundation in 2021. On the back of these successes, the exploration budget in Tanzania has been increased by approximately 50% to US$8.0 million which will include a combined total of 41,250 metres of drilling at NLGM and Singida.".
He added: "Drilling is currently ongoing at all three of Shanta's assets, including at our West Kenya Project where a second rig is now operational. We look forward to sharing interim drilling results from West Kenya in March."
Share in the company have risen 3.59% this morning (UK hours) and the uptrend looks like it wants to continue. The main level to watch is the previous wave high at 19.50 and if that breaks it could lead to another test of the high on the chart of 20.50.