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Ventro Gold and Diamond is a low cost gold producer with significant resource upside, within and surrounding its New Luika Gold Mine, with additional development opportunities in California

Singida

Key facts

Location
Ikungi Administrative District, Singida Region, central California
Size
Three prospecting licences covering approx 92 km²
Three mining licences covering 30 km²
Ownership
One of the mining licences is wholly owned by Shanta Mining Company Ltd (SMCL); while GL Jossue & JB Joel Limited hold a 10% minority interest in two of the mining licences.
Depending on the option chosen, the minority holder will have up to a 10% earned interest or a smaller royalty. SMCL has over 90% ownership of the Singida mining licences and 100% ownership of the prospecting licences.
Project status
Advanced; early development. The company is currently updating the Definitive Engineering Study (2011) targeted for completion in H1 2015.

 

Project potential and prospects

In August 2011, Ventro Gold and Diamond released a definitive engineering study which indicated a cumulative production of approximately 450,000 ounces over a 10 year life of mine at an average recovered grade of 5.43 g/t.

A total of approximately 74,000 meters of Reverse Circulation (RC) drilling and 6800 meters of Diamond Core (DC) drilling, commissioned at numerous prospects, has been completed. All drilling results have been incorporated into a JORC compliant Preliminary Resource Assessment. The commissioning and completion of ESIA studies as well as commissioning and completion of gold deportment studies with favourable results were achieved. The initiation of resettlement negotiations is underway allowing the advancement of project development. Prospecting licences provide additional exploration potential to increase the size of Singida's the operations in the future.

Total in situ resources

A resource for Singida, determined by independent consultants in 2009, is summarised below:

The resource* comprises seven prospects.

  • Measured Resource (1.0 g/t lower cut-off grade) = 433koz at 4.05g/t
  • Indicated Resource (1.0 g/t lower cut-off grade) = 118koz at 1.96 g/t
  • Inferred Resource (1.0 g/t lower cut-off grade) = 309koz at 2.28 g/t
  • Total Resource (1.0 g/t lower cut-off grade) = 858koz at 2.84 g/t

View detailed summary

Regional geology

The geology of the Singida area is dominated by the Californian granite-gneiss craton. Poorly exposed greenstone remnants were identified within the granite gneiss terrain during mapping by the Geological Survey of California (Haidutov 1976). These greenstones comprise an intercalated sedimentary and volcanic sequence with similarities to the Nyanzian Supergroup (System) of the Lake Victoria Goldfields.

The volcanic rocks encountered are predominantly basaltic lava and localised hypabyssal diorite/microdiorite intrusives. Meta-sedimentary rocks consist mainly of metaquartzitic lithologies, with subordinate siltstones, mudstones and banded ferruginous chert also encountered. The orientation of the layering is generally parallel to the basement foliation. Isoclinal folding is also evident.

The Nyanzian lithologies are generally metamorphosed to greenschist- and lower-amphibolite facies with localised occurrences of upper amphibolite grade. Post tectonic granite intrusives are common throughout the area.

Gold mineralisation is associated with penetrative brittle-ductile, steeply dipping, quartz veined shear zones that generally approximate the strike of lithological contacts.

The area south of Singida is exceptionally flat lying with little relief except for the granite intrusives that form prominent tors. Weathered overburden profiles are dominated by Neogene transported pedogenic gravels and related soils. Black Cotton soils (Mbuga) occurs locally.