Shanta Gold, the East Africa-focused gold mining company, has revealed 'encouraging' results from a joint venture in Tanzania.
The company entered into a JV agreement with Great Basin Gold in 2011, enabling Shanta crews to conduct exploration over a large permit holding in the Lupa Goldfields, the second largest goldfields in Tanzania.
Shanta, which would earn up to 80% of identified resources, says it has found nine mineralised prospect areas and decent "gold values" up to 50 grams per tonne.
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Shanta shares were up 1% in morning trading.
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