REG - Shanta Gold Limited - High-Grade Drilling Results - West Kenya Project
03/08/2022 07:15
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RNS Number : 6905U Shanta Gold Limited 03 August 2022
3 August 2022
Shanta Gold Limited
("Shanta Gold" or the "Company")
Consistently High-Grade Drilling Results from West Kenya Project
Shanta Gold (AIM: SHG), the East Africa-focused gold producer, developer and
explorer, is pleased to provide an exploration update for the West Kenya
Project ("West Kenya") in Kenya.
Eric Zurrin, Chief Executive Officer, commented:
"The latest phase of drilling at West Kenya has continued to deliver
consistently high-grade results that are indicative of the vast potential West
Kenya offers in the Shanta Gold growth story.
The 2022 drilling campaign is two-part, focused on upgrading existing
resources to the Indicated category and resource expansion across our numerous
targets. I am pleased to report that today's results highlight our progress
with the former, and will be quantified with a year-end resource upgrade
targeting hundreds of thousands of new ounces to the Indicated category.
We expect to have a further update in the next few months with our priority
being to expand the resource base at targets including Kimingini and Ramula,
where drilling is active and delivering highly encouraging results."
Highlights:
· Phase 2 drilling programme aimed at converting resources to Indicated
at Isulu-Bushiangala;
· This update relates to 10,082 metres ("m") of drilling across 35
holes conducted in Q1 and Q2 2022 at the Isulu and Bushiangala deposits;
· Drilling intersection highlights include:
Hole No. Interval (m) Au (g/t) From (m) To (m)
Bushiangala deposit
354 1.6 47.0 342.6 344.2
Incl 0.5 132.0 343.2 343.7
354 3.1 26.0 363.0 366.1
Incl 0.6 80.6 364.0 364.6
338 2.0 7.6 77.7 79.7
341 3.5 6.0 72.5 76.0
Isulu deposit
330 0.7 65.2 380.4 381.1
330 0.8 28.1 462.7 463.5
333 1.5 12.8 215.5 217.0
Incl 0.5 37.0 215.5 216.0
335 1.1 10.3 270.9 272.0
Incl 0.5 21.3 270.9 271.4
335 2.6 22.6 286.4 289.0
Incl 0.6 68.6 278.8 288.4
339 0.9 41.0 273.9 274.8
342 9.6 2.23 339.6 349.2
Incl 0.9 16.5 339.6 340.5
342 1.0 31.3 398.0 399.0
351 0.6 19.3 308.9 309.5
353 2.9 18.8 499.1 502.0
Incl 0.9 51.4 499.6 500.5
356 1.0 23.8 261.8 262.8
Incl 0.5 44.8 261.8 262.3
360 2.1 15.6 388.2 379.3
Incl 1.4 23.0 377.2 378.6
360 1.0 26.8 417.8 418.8
363 1.0 36.9 439.7 440.7
Incl 0.5 71.7 440.2 440.7
Note: true width estimated at
60-70% of the intercept core length and gold values uncapped
· Visible gold was identified in 15 intersections across 35 holes
drilled. Visible gold, including spectacular occurrences, has been identified
in 53 intersections across 142 holes drilled since January 2021;
· Intersections reported today include the fifth set of results
received from Phase 2 of the ongoing drilling campaign, which is targeting up
to 550 vertical metres below surface.
Isulu and Bushiangala Drilling Campaign
This infill drilling is aimed at verifying the extent and geometry of the
known mineralised zones developed for the current resource model. Shanta has
now completed 65% of total planned drilling at West Kenya as at the end of
middle of July 2022. 55% of total planned drilling over three phases has now
been reported.
Gold mineralisation at the Project is hosted by sheared pillowed to massive
basalts, bounded between ultramafic volcanics and polymictic conglomerates on
one side and carbonaceous mudstones and sandstones on the other side. The
deposits occur within the Liranda Corridor area, a 12 km structural trend
located on the eastern limb of a broad synclinal structure intruded in the
centre by granitoids and diorites, termed the Kakamega Dome. Mineralisation is
associated with quartz, quartz-carbonate veinlets within the mineralised shear
zones ranging from 0.5 m to 10 m in true width. The mineralisation style is
classified as orogenic, shear-zone-hosted quartz-carbonate vein subtype. The
strike lengths of the steeply-dipping zones vary between 150 m and 650 m.
Phase 1 drilling at the Project, completed in June 2021, sought to infill two
modelled zones at Isulu (IZ1.0 and IZ3.0) and three modelled zones at
Bushiangala (BZ1, BZ2 and BZ3). This drilling was carried out to generate an
average spacing of 40 m at Isulu and 30 m at Bushiangala, up to a depth of
150-200 m from surface, and targeted both oxides and sulphides within these
zones. Following the completion of Phase 1 drilling, an updated mineral
resource estimate was announced in September 2021.
Phase 2 of the ongoing diamond drilling campaign at the Project is seeking to
infill 20 modelled zones at Isulu and 23 modelled zones at Bushiangala. This
drilling phase amounts to 75,000 m of planned drilling and is due to be
completed in Q4 2022. Phase 2 drilling is expected to generate an average
spacing of 40 m at Isulu and 30 m at Bushiangala, up to a depth of 450-550 m
from surface. Following the completion of 2021 drilling the Isulu and
Bushiangala modelled zones were updated, and an updated mineral resource
estimate was announced in March 2022.
Assay results shown below are those for 35 diamond drill holes, received since
the Company's most recent exploration update in May 2022. To date this takes
the total number of holes with assays returned to 142, for the current
drilling campaign. The lengths shown are the down hole metres and it is
estimated that the true widths of the mineralized zones are approximately
60-70% of the widths intersected in the drill holes. All assays are reported
without application of a top cut. Composited assay results for these 35 drill
holes are tabulated below. Samples were analysed at an accredited laboratory
operated by MSALABS, an independent third party:
Drill Hole Interval (m) Au (g/t) From (m) To (m) Prospect
LCD0330 0.7 65.20 380.4 381.1 Isulu
1.9 3.84 433.6 435.5
0.8 28.10 462.7 463.5
2.3 2.05 568.5 570.8
LCD0331 0.5 5.35 267.4 267.9 Isulu
LCD0332 1.8 6.73 131.4 133.2 Bushiangala
LCD0333 1.5 12.80 215.5 217.0 Isulu
including:
0.5 37.00 215.5 216.0
LCD0335 0.5 0.68 157.9 158.4 Isulu
1.1 10.30 270.9 272.0
including:
0.5 21.30 270.9 271.4
2.6 22.60 286.4 289.0
including:
0.6 68.60 287.8 288.4
LCD0337 0.8 2.05 255.0 255.8 Isulu
LCD0338 2.0 7.60 77.7 79.7 Bushiangala
LCD0339 0.6 1.38 270.4 271.0 Isulu
0.9 41.00 273.9 274.8
LCD0340 0.7 6.21 336.1 336.8 Isulu
0.8 8.76 350.2 351.0
LCD0341 3.5 6.00 72.5 76.0 Bushiangala
1.0 1.18 127.6 128.6
LCD0342 9.6 2.23 339.6 349.2 Isulu
including:
0.9 16.45 339.6 340.5
0.6 3.31 381.4 382.0
1.0 31.29 398.0 399.0
LCD0343 1.9 8.21 239.9 241.8 Isulu
LCD0344 No significant intercept Bushiangala
LCD0345 7.7 3.66 291.6 299.3 Isulu
including:
1.5 11.72 297.8 299.3
LCD0346 2.7 5.69 86.3 89.0 Bushiangala
LCD0347 1.8 4.20 278.6 280.4 Isulu
LCD0348 2.0 0.90 426.7 428.7 Isulu
0.5 5.78 567.1 567.6
LCD0349 1.0 2.96 77.0 78.0 Bushiangala
LCD0350 No significant intercept Bushiangala
LCD0351 0.6 19.31 308.9 309.5 Isulu
3.9 7.45 318.3 322.2
LCD0352 10.3 2.11 379.3 389.6 Isulu
including:
0.5 10.13 379.3 379.8
including:
1.1 7.84 384.8 385.9
0.5 1.54 439.3 439.8
LCD0353 2.5 1.34 416.0 418.5 Isulu
0.5 3.33 423.0 423.5
2.9 18.80 499.1 502.0
including:
0.9 51.40 499.6 500.5
LCD0354 1.0 0.58 328.7 329.7 Bushiangala
1.6 47.00 342.6 344.2
including:
0.5 132.00 343.2 343.7
3.1 26.00 363.0 366.1
including:
0.6 80.60 364.0 364.6
3.2 2.52 392.2 395.4
including:
0.5 13.60 392.2 392.7
LCD0355 0.7 5.03 329.5 330.2 Isulu
LCD0356 0.6 1.23 201.9 202.5 Isulu
0.8 6.57 229.9 230.7
1.0 23.80 261.8 262.8
including:
0.5 44.80 261.8 262.3
LCD0357 3.0 8.81 120.9 123.9 Isulu
0.7 1.14 153.3 154.0
LCD0358 0.9 0.58 345.2 346.1 Isulu
0.6 2.70 356.5 357.1
0.5 7.86 390.6 391.1
3.5 2.06 465.4 468.9
including:
0.6 2.66 465.4 466.0
1.5 7.52 500.7 502.2
LCD0359 2.7 2.66 363.8 366.5 Bushiangala
LCD0360 2.1 15.60 377.2 379.3 Isulu
1.4 23.00 377.2 378.6
1.0 26.80 417.8 418.8
LCD0361 0.9 17.90 401.2 402.1 Isulu
LCD0362 5.8 1.94 377.8 383.6 Isulu
including:
1.2 3.34 377.8 379.0
including:
1.0 7.19 382.6 383.6
LCD0363 1.0 36.90 439.7 440.7 Isulu
including:
0.5 71.70 440.2 440.7
LCD0364 2.0 5.48 172.5 174.5 Bushiangala
including:
1.0 9.98 173.0 174.0
4.1 1.80 219.9 224.0
3.3 1.87 228.7 232.0
including:
1.0 5.26 228.7 229.7
6.6 3.77 242.0 248.6
including:
2.0 8.44 244.0 246.0
LCD0365 No significant intercept Isulu
LCD0366 Assays pending Isulu South
LCD0367 3.0 3.74 404.0 407.0 Isulu
including:
1.2 8.38 404.0 405.2
Results reported today represents new information received since the Company's
previous exploration update released 23 May 2022.
Shanta Gold Limited
Eric Zurrin (CEO) +44 (0) 14 8173 2153
Luke Leslie (CFO)
Nominated Adviser and Joint Broker
Liberum Capital Limited
Scott Mathieson / Ed Thomas / Nikhil Varghese +44 (0) 20 3100 2000
Joint Broker
Tamesis Partners LLP
Charlie Bendon / Richard Greenfield +44 (0) 20 3882 2868
Public Relations
FTI Consulting
Sara Powell / Nick Hennis +44 (0) 20 3727 1426
The technical information contained in this announcement was reviewed Yuri
Dobrotin, P.Geo. Membership No.0702 (Shanta's Group Exploration Manager), who
is a practicing member of the Association of Professional Geoscientists of
Ontario, Canada (PGO).
Mr Dobrotin has sufficient experience that is relevant to the style of
mineralization and type of deposit under consideration and to the activity
being undertaken to qualify as a Competent Person as defined for the purposes
of the AIM Guidance Note on Mining and Oil & Gas Companies dated June
2009, and National Instrument 43-101 (''NI 43-101").
About Shanta Gold
Shanta Gold is an East Africa-focused responsible gold producer, developer,
and explorer. The company has an established operational track record, with
defined ore resources on the New Luika and Singida projects in Tanzania, with
reserves of 645 koz grading 3.0 g/t, and exploration licences covering
approximately 800 km2 in the country. 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. With a strong balance sheet, a growing diversified
portfolio and a maiden dividend paid in 2021, Shanta offers a resilient
investment opportunity for the near and long-term. Shanta is quoted on
London's AIM market (AIM: SHG) and has approximately 1,048 million shares in
issue.
END
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