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REG - Shanta Gold Limited - West Kenya - Ramula Resource Announcement

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RNS Number : 1091E  Shanta Gold Limited  09 March 2022

9 March 2022

 

Shanta Gold Limited

("Shanta Gold", "Shanta" or the "Company")

 

Transformative drilling results deliver 37% increase in West Kenya Resource

and confirm confidence in district scale potential

 

Shanta Gold (AIM: SHG), the East Africa-focused gold producer, developer and
explorer, is pleased to announce a maiden resource estimate for the Ramula
target at the West Kenya Project ("West Kenya") in Kenya. This maiden resource
estimate follows the successful completion of the Company's 2021 drilling
programme at West Kenya and the Company expects to announce further updates in
relation to Isulu-Bushiangala and Bumbo in the coming weeks.

 

 

Eric Zurrin, Chief Executive Officer, commented:

"We are delighted with the transformative drilling results announced at the
Ramula target, adding 434k oz grading to 2.08 g/t and increasing total
resources at our West Kenya Project by a significant 37% to 1.6 million oz,
further strengthening our view that the region is a major new gold district
and an area of massive future growth for the Company.

 

I visited the site with fellow Shanta Board members in March 2022 and
witnessed the outstanding potential of the Ramula Region. Situated in close
proximity to the Liranda Region which holds the Isulu-Bushiangala resource, we
are confident that in time, we will be able to expand Ramula into the second
significant resource region in the wider West Kenyan Project.

 

In the near-term, we are looking forward to updating shareholders on the
updated mineral resource estimate at Isulu-Bushiangala as well as the
re-estimated historical maiden resource at the Bumbo polymetallic target. The
West Kenya Project continues to produce exciting results the more we look, and
we are confident that it has the potential to be a multi-million ounce gold
district comparable with other prolific greenstone belts in the world."

 

 

Ramula Highlights:

·    New potential confirmed at the Ramula target and 6 proximal targets
("Ramula Region");

·    Results in a 37% increase in total resources at West Kenya to 1.6
million ounces ("oz");

·    Ramula target has an inferred unconstrained in-situ resource estimate
of 433,900 ounces grading 2.08 g/t, using a cut-off grade of 0.7g/t Au;

·    Ramula target maiden resource was completed using the Canadian
National Instrument 43-101 guidelines (NI 43-101);

·    Total of 19 mineralised sub-horizontal zones at Ramula modelled to 240
metres depth;

·  Several of the 19 zones include high grade inferred resources currently
summing to 107,684 ounces grading 6.43 g/t using a cut-off grade of 3.0 g/t;

·    Preliminary indications of favourable low stripping ratio;

·   Ramula target lies in the West Kenya Project, 35 kilometres ("km") from
Isulu-Bushiangala (Liranda Region);

·    Management reviewing an accelerated timeline to full economic
assessment;

·    Targeting increased potential of numerous anomalies across the Ramula
Region, as Shanta's 2(nd) project area within the wider West Kenya Project;

·    Mineralisation is open at southeast and Shanta drilling to 450 metres
depth confirms mineralisation is open at depth;

·    Total of 10 holes drilled at Ramula target covering 2,243 metres
completed in 2021 costing US$0.36 million; in addition 12 holes drilled by
previous owners;

·    Considered by Shanta's geologists as analogous to the recent numerous
discoveries in the Val d'Or multi-million oz mining district of Abitibi,
Canada. Deposits of this style have vertical extents typically over 1,000
metres and gold deposits expected in clusters;

·    Expansion drilling planned across the Ramula Region, metallurgical
testing, scoping study, and infill drilling for conversion to mineable
resources.

 

Ramula Region

·    Located approximately 35 km from the Liranda Region which contains
the high grade Isulu and Bushiangala deposits;

·    Ramula Region currently holds 7 high priority targets including
Ramula, Miruka, Anomaly 22, Ramba-Lumba, Aila, Masumbi, and the former
colonial mine Kiboko, all within 1-20 km of Ramula target;

·    Miruka and Anomaly 22, located within a 5 km radius from Ramula
target are high priority exploration areas;

o  Shanta's first hole drilled at Anomaly 22 confirmed a gold mineralised
system, hosted in mineralised porphyry and diorite at the contact with the
mafic volcanic rocks with continuous gold mineralisation extending 242 metres
from surface;

o  The known strong gold-in-soil anomaly at Anomaly 22 extends across 1.5 km
on surface.

 

·    Ramula Mineral Resource Model was independently verified and maiden
resource estimated by Adiuvare GE (Cath Pitman P. Geo) and was completed using
NI 43-101 reporting standards.

The location of the Ramula Region and its proximity to the Liranda Region can
be viewed in the PDF via this link:
https://www.shantagold.com/operations/exploration/#gallery
(https://www.shantagold.com/operations/exploration/#gallery)

 

Table 1 - Mineral Resource Estimate - Ramula target

 Inferred
 Cut off grade  Tonnes     Grade (Au g/t)  Ounces
 0.7            6,490,134  2.08            433,905
 1.0            4,591,245  2.60            383,225
 1.5            3,083,499  3.27            324,023
 2.0            2,221,657  3.86            275,985

 

Investor conference call

Shanta Gold is also hosting a live investor presentation via the Investor Meet
Company platform today, 9 March 2022, at 10:30 am GMT. The presentation is
open to all existing and potential shareholders and questions can be submitted
any time during the live presentation.

Investors can sign up to Investor Meet Company for free and add to
meet Shanta Gold via:
https://www.investormeetcompany.com/shanta-gold-limited/register-investor
(https://www.investormeetcompany.com/shanta-gold-limited/register-investor)

Investors who already follow Shanta Gold on the Investor Meet Company
platform will automatically be invited.

 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 / Jourdan Webb        +44 (0) 20 3727 1426

 

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 666 koz grading 3.0 g/t, and exploration licences covering
approximately 1,100 km(2) in the country. Alongside New Luika and Singida,
Shanta also owns the high-grade West Kenya Project in Kenya and licences
covering approximately 1,162 km(2). 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.

 

Competent Person Statement

 

The Ramula mineral resource model was independently verified and the resource
estimated by AdiuvareGE (Cath Pitman P.Geo, ON and NL) using Canadian NI
43-101 guidelines.

 

The technical information contained in this announcement was reviewed by 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 Canadian National Instrument 43-101 (''NI 43-101").

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as amended by The Market Abuse (Amendment) (EU Exit)
Regulations 2019.

 

 

 Glossary

Glossary of Technical Terms

 

 "Au"                   chemical symbol for gold
 "cut off grade" (COG)  the lowest grade value that is included in a resource statement.  It must
                        comply with JORC requirement 19: "reasonable prospects for eventual economic
                        extraction" the lowest grade, or quality, of mineralised material that
                        qualifies as economically mineable and available in a given deposit.  It may
                        be defined on the basis of economic evaluation, or on physical or chemical
                        attributes that define an acceptable product specification
 "g/t"                  grammes per tonne, equivalent to parts per million
 "Inferred Resource"    that part of a Mineral Resource for which tonnage, grade and mineral content
                        can be estimated with a low level of confidence.  It is inferred from
                        geological evidence and assumed but not verified geological and/or grade
                        continuity.  It is based on information gathered through appropriate
                        techniques from locations such as outcrops, trenches, pits, workings and drill
                        holes which may be limited or of uncertain quality and reliability
 "Indicated Resource"   that part of a Mineral Resource for which tonnage, densities, shape, physical
                        characteristics, grade and mineral content can be estimated with a reasonable
                        level of confidence.  It is based on exploration, sampling and testing
                        information gathered through appropriate techniques from locations such as
                        outcrops, trenches, pits, workings and drill holes.  The locations are too
                        widely or inappropriately spaced to confirm geological and/or grade continuity
                        but are spaced closely enough for continuity to be assumed
 "JORC"                 The Australasian Joint Ore Reserves Committee Code for Reporting of
                        Exploration Results, Mineral Resources and Ore Reserves 2012 (the "JORC Code"
                        or "the Code").  The Code sets out minimum standards, recommendations and
                        guidelines for Public Reporting in Australasia of Exploration Results, Mineral
                        Resources and Ore Reserves
 "koz"                  thousand troy ounces of gold
 "Measured Resource"    that part of a Mineral Resource for which tonnage, densities, shape, physical
                        characteristics, grade and mineral content can be estimated with a high level
                        of confidence.  It is based on detailed and reliable exploration, sampling
                        and testing information gathered through appropriate techniques from locations
                        such as outcrops, trenches, pits, workings and drill holes.  The locations
                        are spaced closely enough to confirm geological and grade continuity
 "Mineral Resource"     a concentration or occurrence of material of intrinsic economic interest in or
                        on the Earth's crust in such form, quality and quantity that there are
                        reasonable prospects for eventual economic extraction.  The location,
                        quantity, grade, geological characteristics and continuity of a Mineral
                        Resource are known, estimated or interpreted from specific geological evidence
                        and knowledge. Mineral Resources are sub-divided, in order of increasing
                        geological confidence, into Inferred, Indicated and Measured categories when
                        reporting under JORC
 "Mt"                   million tonnes
 "oz"                   troy ounce (= 31.103477 grammes)
 "Reserve"              the economically mineable part of a Measured and/or Indicated Mineral Resource
 "t"                    tonne (= 1 million grammes)

 

APPENDIX 1: SAMPLING TECHNIQUES AND DATA

 Sampling techniques                                      ·     Nature and quality of sampling (eg cut channels, random chips, or          ·      Drill core (half) sampled and assayed at 1m interval with max.
                                                          specific specialised industry standard measurement tools appropriate to the      1.5m and min. 0.5m intervals based on visually observed geology and
                                                          minerals under investigation, such as down hole gamma sondes, or handheld XRF    mineralisation.
                                                          instruments, etc). These examples should not be taken as limiting the broad

                                                          meaning of sampling.                                                             ·      Core samples are processed using industry standard practices of

                                                                                drying, crushing, splitting and
                                                          ·     Include reference to measures taken to ensure sample representivity

                                                          and the appropriate calibration of any measurement tools or systems used.        Pulverization, then 50g fire assayed with                 AAS

                                                                                finish for gold at the SGS Mwanza (Tanzania) and ALS Johannesburg (South
                                                          ·     Aspects of the determination of mineralisation that are Material to        Africa).
                                                          the Public Report.

                                                          ·     In cases where 'industry standard' work has been done this would be
                                                          relatively simple (eg 'reverse circulation drilling was used to obtain 1 m
                                                          samples from which 3 kg was pulverised to produce a 30 g charge for fire
                                                          assay'). In other cases more explanation may be required, such as where there
                                                          is coarse gold that has inherent sampling problems. Unusual commodities or
                                                          mineralisation types (eg submarine nodules) may warrant disclosure of detailed
                                                          information.

 Drilling techniques                                      ·     Drill type (eg core, reverse circulation, open-hole hammer, rotary         ·      Diamond core drilling; All holes are collared using
                                                          air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or

                                                          standard tube, depth of diamond tails, face-sampling bit or other type,          HQ and lately triple tube is used to maximise core recovery in the weathered
                                                          whether core is oriented and if so, by what method, etc).                        zone; drill hole diameter is usually

                                                                                                                                           reduced to NQ when the hole enters fresh rock. NQ core routinely oriented
                                                                                                                                           using Reflex core orientation tools.
 Drill sample recovery                                    ·     Method of recording and assessing core and chip sample recoveries          ·      Core recovery is recorded as a measure of the drill run against
                                                          and results assessed.                                                            the actual core in tray, and stored in an acQuire

                                                          ·     Measures taken to maximise sample recovery and ensure                      software database. Triple tube is used to maximise core recovery in the
                                                          representative nature of the samples.                                            weathered zone. The average core recovery equates to approximately 95%.

                                                          ·     Whether a relationship exists between sample recovery and grade and
                                                          whether sample bias may have occurred due to preferential loss/gain of
                                                          fine/coarse material.
 Logging                                                  ·     Whether core and chip samples have been geologically and                   ·      The geologist logs the diamond drill core for lithology,
                                                          geotechnically logged to a level of detail to support appropriate Mineral        alteration, structure, mineralisation and geotechnical parameters. All core is
                                                          Resource estimation, mining studies and metallurgical studies.                   logged and photographed after marking up metre intervals and prior to cutting

                                                                                and sampling. Logging data are entered into the acQuire database via a
                                                          ·     Whether logging is qualitative or quantitative in nature. Core (or         Panasonic Toughbook laptop computer on site.
                                                          costean, channel, etc) photography.

                                                                                ·      All of diamond drill holes are geologically logged in entirety.
                                                          ·     The total length and percentage of the relevant intersections
                                                          logged.
 Sub-sampling techniques and sample preparation           ·     If core, whether cut or sawn and whether quarter, half or all core         ·      Core samples are half core and sawn. Split line is consistent
                                                          taken.                                                                           orientation with respect to orientation marks.

                                                          ·     If non-core, whether riffled, tube sampled, rotary split, etc and          ·      Sample preparation (drying, crushing, splitting and pulverising)
                                                          whether sampled wet or dry.                                                      is carried out by SGS Mwanza and ALS Jo'burg using industry standard

                                                                                protocols:
                                                          ·     For all sample types, the nature, quality and appropriateness of

                                                          the sample preparation technique.                                                o  Kiln dried at 95 deg C.

                                                          ·     Quality control procedures adopted for all sub-sampling stages to          o  Entire sample crushed to sub 2mm to minimize bias.
                                                          maximise representivity of samples.

                                                                                o  Riffle split 800g to 1kg sub-sample.
                                                          ·     Measures taken to ensure that the sampling is representative of the

                                                          in situ material collected, including for instance results for field             o  Sub-sample pulverised to 90% passing 75um, monitored by sieving.
                                                          duplicate/second-half sampling.

                                                                                o  Aliquot selection from pulp packet.
                                                          ·     Whether sample sizes are appropriate to the grain size of the

                                                          material being sampled.                                                          ·      Aggregated half core; Entire 2-3kg sample pulverized at
                                                                                                                                           laboratory,  prior to fire assay, in order to minimize bias.

                                                                                                                                           ·      Drilling planned orthogonal to the strike of structures /
                                                                                                                                           lithologies in order to maximize representativity.

                                                                                                                                           ·      Quality Control (QC) samples are inserted at a rate of 1 in 20.
                                                                                                                                           All standards used are Certified Reference Materials (CRM). The insertion of
                                                                                                                                           QC (CRM, blanks and duplicates) is under the control of the geologist after
                                                                                                                                           logging.

                                                                                                                                           ·      The sampling protocols are adequate to ensure representativity of
                                                                                                                                           orogenic, shear-zone-hosted quartz-carbonate vein subtype mineralisation.
 Quality of assay data and laboratory tests               ·     The nature, quality and appropriateness of the assaying and                ·      All diamond core samples are assayed for gold by 50g Fire Assay
                                                          laboratory procedures used and whether the technique is considered partial or    with AAS finish.
                                                          total.

                                                                                ·      Core samples were shipped for preparation and analysis at SGS
                                                          ·     For geophysical tools, spectrometers, handheld XRF instruments,            Mwanza (2018 to 2021) and ALS Johannesburg SA (2012 to 2018). The
                                                          etc, the parameters used in determining the analysis including instrument make   documentation regarding sample analyses is well documented.
                                                          and model, reading times, calibrations factors applied and their derivation,

                                                          etc.                                                                             ·      Given the occurrence of coarse gold, Screen Fire Assays (SFA) or

                                                                                 Gravimetric checks are routinely undertaken.
                                                          ·     Nature of quality control procedures adopted (eg standards, blanks,

                                                          duplicates, external laboratory checks) and whether acceptable levels of         ·      The QA/QC with CRMs, blanks, quartz flush checks and grind checks
                                                          accuracy (ie lack of bias) and precision have been established.                  routinely monitored. The coarse duplicates from crush residue, and pulp
                                                                                                                                           duplicates from pulp residues were regularly monitored to test  the quality
                                                                                                                                           of sub sampling stages. Blank and CRM results are reviewed on receiving assays
                                                                                                                                           and any failure triggers investigations. Regular communication was had with
                                                                                                                                           analytical Laboratories.

                                                                                                                                           ·      The QAQC procedures and results show acceptable levels of
                                                                                                                                           accuracy and precision, allowing the sample data to be used for the Mineral
                                                                                                                                           Resource Estimate.
 Verification of sampling and assaying                    ·     The verification of significant intersections by either independent        ·      There are strong visual indicators for high grade mineralisation
                                                          or alternative company personnel.                                                observed in drill core at the West Kenya Project and significant intersections

                                                                                are visually validated against drill core, check calculated by alternative
                                                          ·     The use of twinned holes.                                                  company personnel.

                                                          ·     Documentation of primary data, data entry procedures, data                 ·      To date no holes have been twinned.
                                                          verification, data storage (physical and electronic) protocols.

                                                                                ·      All assay data is stored in the acQuire database in an
                                                          ·     Discuss any adjustment to assay data.                                      as-received basis from the laboratory, with no adjustment made to the returned
                                                                                                                                           data.

 Location of data points                                  ·     Accuracy and quality of surveys used to locate drill holes (collar         ·              Drill collars have been surveyed in by
                                                          and down-hole surveys), trenches, mine workings and other locations used in      differential GPS (Leica GNSS receivers) by a registered survey contractor
                                                          Mineral Resource estimation.                                                     except for holes after LCD0259, that are recent, or in progress holes that are

                                                                                estimates by handheld GPS only.
                                                          ·     Specification of the grid system used.

                                                                                ·             Down hole surveys are recorded at 12m intervals by
                                                          ·     Quality and adequacy of topographic control.                               using a Reflex digital downhole survey camera tool, holes drilled in 2018 were
                                                                                                                                           gyroscope surveyed.

                                                                                                                                           ·              Drillholes surveyed in UTM Coordinates System Arc
                                                                                                                                           1960.

                                                                                                                                           ·      Surface topography in the West Kenya Project is based on a
                                                                                                                                           combination of DGPS surveyed ground pick-ups and DEM data from air surveys.
                                                                                                                                           DEM data is levelled by ground surveyed points.
 Data spacing and distribution                            ·     Data spacing for reporting of Exploration Results.                         ·      Drillhole spacing was generally between 30-100m at the Ramula

                                                                                deposit.
                                                          ·     Whether the data spacing and distribution is sufficient to

                                                          establish the degree of geological and grade continuity appropriate for the      ·      The data spacing is sufficient to establish the degree of
                                                          Mineral Resource and Ore Reserve estimation procedure(s) and classifications     geological and grade continuity appropriate for Inferred Mineral Resource
                                                          applied.                                                                         classification.

                                                          ·     Whether sample compositing has been applied.                               ·      All samples were composited to 1m length, with a minimum
                                                                                                                                           allowable length of 0.5m.
 Orientation of data in relation to geological structure  ·     Whether the orientation of sampling achieves unbiased sampling of          ·      Drill holes are designed to intersect known mineralised features
                                                          possible structures and the extent to which this is known, considering the       in a nominally perpendicular orientation as much as is practicable given the
                                                          deposit type.                                                                    availability of drilling platforms. All drill core is oriented to assist with

                                                                                interpretation of mineralisation and structure.
                                                          ·     If the relationship between the drilling orientation and the

                                                          orientation of key mineralised structures is considered to have introduced a     ·      There does not appear to be any bias between drilling orientation
                                                          sampling bias, this should be assessed and reported if material.                 and assay results.
 Sample security                                          ·     The measures taken to ensure sample security.                              ·      Samples are transported from drill site to the core shed by
                                                                                                                                           company personnel, using covered core boxes. On completion of cutting the
                                                                                                                                           core, the samples are sealed into bags with cable-tie fastenings and
                                                                                                                                           dispatched by hired truck to the SGS Laboratory in Mwanza, Tanzania or by
                                                                                                                                           courier to ALS in South Africa Sample dispatches are reconciled against
                                                                                                                                           Laboratory samples received and discrepancies reconciled by geology staff.
 Audits or reviews                                        ·     The results of any audits or reviews of sampling techniques and            ·      No audits or reviews of sampling techniques and data have been
                                                          data.                                                                            performed.

 

APPENDIX 2: REPORTING OF EXPLORATION RESULTS

 Mineral tenement and land tenure status                           ·     Type, reference name/number, location and ownership including              ·      The Western Kenya Project area is located in the Counties of
                                                                   agreements or material issues with third parties such as joint ventures,         Kakamega, Vihiga and Siaya in western Kenya. The Ramula prospect is
                                                                   partnerships, overriding royalties, native title interests, historical sites,    approximately 40 km northwest of Kisumu City (Kenya's third largest City).
                                                                   wilderness or national park and environmental settings.

                                                                                ·      Ramula deposit is situated within PL/2019/0222, granted 1(st) Aug
                                                                   ·     The security of the tenure held at the time of reporting along with        2019 and covering 241.89 sq km. is wholly owned by Shanta Gold Kenya Ltd.
                                                                   any known impediments to obtaining a licence to operate in the area.

                                                                                                                                                    ·      There are no material issues affecting the tenements.
 Exploration done by other parties                                 ·     Acknowledgment and appraisal of exploration by other parties.              ·      Gold prospecting and small-scale mining commenced in the area by
                                                                                                                                                    1920s, as part of the Kakamega Gold Rush. The focus was on eluvial and
                                                                                                                                                    alluvial gold and narrow high-grade veins. Most of this activity ceased in the
                                                                                                                                                    1950s. Between 1982-2000, the Bureau de Recherches Géologiques et Minières
                                                                                                                                                    (BRGM) carried out gold and base metals exploration.

                                                                                                                                                    In 2003, AfriOre Ltd took up exploration licences, which included the Ramula
                                                                                                                                                    prospect. Their exploration focused on investigating known gold occurrences
                                                                                                                                                    rather than following a grassroots approach.

                                                                                                                                                    In 2007 Lonmin Plc took over AfriOre Ltd, but exploration work was restricted
                                                                                                                                                    to regional soil surveys. Aviva Mining Ltd (Aviva) entered into a Joint
                                                                                                                                                    Venture agreement with AfriOre in 2010. Aviva collected and collated all
                                                                                                                                                    existing data into a single data set. They acquired regional airborne
                                                                                                                                                    magnetics and radiometrics and combined them with existing BRGM data to create
                                                                                                                                                    a seamless geophysical dataset. Regional mapping and prospect scale mapping
                                                                                                                                                    was done and used together with historical data to reinterpret the geology.
                                                                                                                                                    Extension and infill of existing soil grids was completed followed up by
                                                                                                                                                    shallow diamond and RC drilling.

                                                                                                                                                    In late 2012 African Barrick Gold (now Acacia Mining Ltd) purchased Aviva
                                                                                                                                                    Mining Ltd and commenced exploration activities.

                                                                                                                                                    Shanta Gold took over the project in August 2020.
 Geology                                                           ·     Deposit type, geological setting and style of mineralisation.              The Ramula prospect is located within the Busia-Kakamega Greenstone Belt. The
                                                                                                                                                    prospect lies primarily within a small diorite stock and it's contact zones
                                                                                                                                                    with adjacent volcanics. The stock has intruded a sequence of intermediate
                                                                                                                                                    volcanic rocks (breccias, tuffs and lavas). Minor quartz feldspar porphyry
                                                                                                                                                    intrusives are present. The elongated diorite body is approximately 200 m x
                                                                                                                                                    400 m with a northwest-southeast trending long axis.

                                                                                                                                                    Mineralisation mostly occurs within shallow north-west dipping, stacked quartz
                                                                                                                                                    veins, hosted in the diorite. However narrow zones of steep mineralised quartz
                                                                                                                                                    veins also occur within the intermediate volcanics close to the diorite body.
                                                                                                                                                    The Ramula prospect mineralisation is classified as orogenic,
                                                                                                                                                    shear-zone-hosted quartz-carbonate vein subtype.
 Drill hole Information                                            ·     A summary of all information material to the understanding of the          ·      For a summary of the drill holes used for this resource estimate
                                                                   exploration results including a tabulation of the following information for      see Appendix 4
                                                                   all Material drill holes:

                                                                                ·      The treatment of drill data has been articulated in Section 1.
                                                                   o  easting and northing of the drill hole collar

                                                                   o  elevation or RL (Reduced Level - elevation above sea level in metres) of
                                                                   the drill hole collar

                                                                   o  dip and azimuth of the hole

                                                                   o  down hole length and interception depth

                                                                   o  hole length.

                                                                   ·     If the exclusion of this information is justified on the basis that
                                                                   the information is not Material and this exclusion does not detract from the
                                                                   understanding of the report, the Competent Person should clearly explain why
                                                                   this is the case.
 Data aggregation methods                                          ·     In reporting Exploration Results, weighting averaging techniques,          ·      The assay high grades used for this estimate were cut to 40 g/t
                                                                   maximum and/or minimum grade truncations (eg cutting of high grades) and         for the mineralised veins and 3 g/t for the background mineralisation.
                                                                   cut-off grades are usually Material and should be stated.

                                                                                ·      Cut-off grades were applied after compositing of the raw assay
                                                                   ·     Where aggregate intercepts incorporate short lengths of high grade         data into 1m lengths.
                                                                   results and longer lengths of low grade results, the procedure used for such

                                                                   aggregation should be stated and some typical examples of such aggregations      ·      Blank intervals contained within the mineralisation were treated
                                                                   should be shown in detail.                                                       as zero. Due to selective sampling of the core, blank intervals lying outside

                                                                                of the veins had a grade of 0.001 g/t Au applied to them.
                                                                   ·     The assumptions used for any reporting of metal equivalent values
                                                                   should be clearly stated.
 Relationship between mineralisation widths and intercept lengths  ·     These relationships are particularly important in the reporting of         ·      The holes drilled varied between -38 and -85 degrees from
                                                                   Exploration Results.                                                             surface, with the mineralisation being sub-horizontal. Intercepts vary between

                                                                                65% and 97% of their true width, with the average being 80%.
                                                                   ·     If the geometry of the mineralisation with respect to the drill
                                                                   hole angle is known, its nature should be reported.

                                                                   ·     If it is not known and only the down hole lengths are reported,
                                                                   there should be a clear statement to this effect (eg 'down hole length, true
                                                                   width not known').
 Diagrams                                                          ·     Appropriate maps and sections (with scales) and tabulations of             ·      No exploration results are reported in this release; therefore,
                                                                   intercepts should be included for any significant discovery being reported       this section is not relevant.
                                                                   These should include, but not be limited to a plan view of drill hole collar

                                                                   locations and appropriate sectional views.
 Balanced reporting                                                ·     Where comprehensive reporting of all Exploration Results is not            ·      See Appendix 5 for significant intercepts table.
                                                                   practicable, representative reporting of both low and high grades and/or

                                                                   widths should be practiced to avoid misleading reporting of Exploration
                                                                   Results.
 Other substantive exploration data                                ·     Other exploration data, if meaningful and material, should be              ·      From the 25 completed holes a total of 2,937 rock density
                                                                   reported including (but not limited to): geological observations; geophysical    measurements were recoded and used in the estimate.798 structural measurements
                                                                   survey results; geochemical survey results; bulk samples - size and method of    of mainly veins, plus faults and contacts were recorded and used in modelling.
                                                                   treatment; metallurgical test results; bulk density, groundwater, geotechnical

                                                                   and rock characteristics; potential deleterious or contaminating substances.     ·      Soil geochemistry, geological mapping and airborne magnetic
                                                                                                                                                    survey completed over Ramula prospect.

 Further work                                                      ·     The nature and scale of planned further work (eg tests for lateral         ·      Approximately 35 holes for +6,000m planned infill drilling for
                                                                   extensions or depth extensions or large-scale step-out drilling).                conversion to mineable resources and expansion drilling across the Ramula

                                                                                Region has been budgeted for in 2022.
                                                                   ·     Diagrams clearly highlighting the areas of possible extensions,

                                                                   including the main geological interpretations and future drilling areas,         ·      Metallurgical testing underway and scoping study planned.
                                                                   provided this information is not commercially sensitive.

 
APPENDIX 3: ESTIMATION AND REPORTING OF MINERAL RESOURCES

 Database integrity                           ·     Measures taken to ensure that data has not been corrupted by, for          ·      Data are stored in an SQL acQuire database. Assay and geological
                                              example, transcription or keying errors, between its initial collection and      data are electronically loaded into acQuire and a validation process run.
                                              its use for Mineral Resource estimation purposes.                                Regular reviews of data quality are conducted by site and management teams

                                                                                prior to resource estimation.
                                              ·     Data validation procedures used.
 Site visits                                  ·     Comment on any site visits undertaken by the Competent Person and          ·      Although site visits to the West Kenya Project have been
                                              the outcome of those visits.                                                     completed three times between 2016 and 2019, a site visit specifically for the

                                                                                Ramula Region has not been recently completed due to Covid-19 restrictions.
                                              ·     If no site visits have been undertaken indicate why this is the

                                              case.                                                                            ·      As a substitute for the site visit a series of video reports on
                                                                                                                               the project area were created at the request of C. Pitman and interactive
                                                                                                                               video conference calls completed via social media.
 Geological interpretation                    ·     Confidence in (or conversely, the uncertainty of ) the geological          ·      The level of confidence in the interpretations of the mineralised
                                              interpretation of the mineral deposit.                                           zones is reflected by the Mineral Resource classification.

                                              ·     Nature of the data used and of any assumptions made.                       ·      Geological data from core drilling provides the information for

                                                                                the deposits. The main mineralisation
                                              ·     The effect, if any, of alternative interpretations on Mineral

                                              Resource estimation.                                                             zones were defined by the presence of gold values at cut-off of 0.5 g/t Au, as

                                                                                well as the presence of other indicators such as shear intensity, brecciation,
                                              ·     The use of geology in guiding and controlling Mineral Resource             sulphide content and alteration. The interpretations relied on the structural
                                              estimation.                                                                      information collected from orientated core and were completed along sections

                                                                                typically at spacings of 20m. The interpretations were triangulated to form 3D
                                              ·     The factors affecting continuity both of grade and geology.                solids (mineralised zones) using Leapfrog software and verified in Datamine
                                                                                                                               software.

                                                                                                                               ·      The geology has guided the resource estimation, particularly the
                                                                                                                               lithological and structural control.

                                                                                                                               ·      Grade and geological continuity have been established by the
                                                                                                                               existing 3D data. The continuity is well understood at Ramula especially in
                                                                                                                               relation to structural effects.

 Dimensions                                   ·     The extent and variability of the Mineral Resource expressed as            ·      The main zones of mineralisation at Ramula extend up to 480m
                                              length (along strike or otherwise), plan width, and depth below surface to the   along strike. The resource estimate includes mineralisation down to 240m
                                              upper and lower limits of the Mineral Resource.                                  depth.

                                                                                                                               ·      The deposit remains open along strike and at depth.

 Estimation and modelling techniques          ·     The nature and appropriateness of the estimation technique(s)              Grade estimation for Ramula was carried out using Micromine software to
                                              applied and key assumptions, including treatment of extreme grade values,        generate a block model; with the individual zones separated out for grade
                                              domaining, interpolation parameters and maximum distance of extrapolation from   interpolation.. The following process was followed.
                                              data points. If a computer assisted estimation method was chosen include a

                                              description of computer software and parameters used.                            ·      All the individual mineralisation zone wireframe solids were

                                                                                verified using Micromine® software.
                                              ·     The availability of check estimates, previous estimates and/or mine

                                              production records and whether the Mineral Resource estimate takes appropriate   ·      Drill data was de-surveyed and assessed for overlaps and outlier
                                              account of such data.                                                            values.

                                              ·     The assumptions made regarding recovery of by-products.                    ·      Individual assay samples were selected from within each zone.

                                              ·     Estimation of deleterious elements or other non-grade variables of         ·      The selected samples were composited to 1m intervals.
                                              economic significance (eg sulphur for acid mine drainage characterisation).

                                                                                ·      Statistical analysis was carried out to define capping levels.
                                              ·     In the case of block model interpolation, the block size in

                                              relation to the average sample spacing and the search employed.                  ·      Gold values were adjusted for true absent or zero values.

                                              ·     Any assumptions behind modelling of selective mining units.                ·      The block model used dimensions of:

                                              ·     Any assumptions about correlation between variables.                       o  X = 15 m

                                              ·     Description of how the geological interpretation was used to               o  Y = 15 m
                                              control the resource estimates.

                                                                                o  Z = 5 m.
                                              ·     Discussion of basis for using or not using grade cutting or

                                              capping.                                                                         ·      Each individual zone was filled with blocks using sub-cells down

                                                                                to 1 m in the north and east directions and 0.5 m in the vertical direction..
                                              ·     The process of validation, the checking process used, the

                                              comparison of model data to drill hole data, and use of reconciliation data if   ·      Blocks were estimated for dip and dip direction data based on the
                                              available.                                                                       geometry of the wireframes constraining the mineralisation.

                                                                                                                               ·      Block grades and density values were estimated into each parent
                                                                                                                               block within individual zones.

                                                                                                                               ·      A default specific gravity using a value of 2.75 was used for
                                                                                                                               fresh rock blocks that may not have been estimated.

                                                                                                                               ·      Adefault specific gravity value of 1.9 was applied to oxide.rock.

                                                                                                                               The model was regularized to 2.5 x 2.5 x 2.5 m blocks. All samples were
                                                                                                                               composited to 1m length, with a minimum allowable length of 0.5m. Capping of
                                                                                                                               the composites was carried out.The capping levels were assigned using log
                                                                                                                               probability plots for the grade and were assigned at 40 g/t for the veins and
                                                                                                                               3 g/t for the background mineralisation.

                                                                                                                               Interpolation of the grade was carried out using Ordinary Kriging with dynamic
                                                                                                                               anisotropy. The search ellipses were orientated along the dip and plunge of
                                                                                                                               the mineralisation and aligned for each of the zones.

                                                                                                                               Resource classification was assigned according to the continuity of the
                                                                                                                               mineralization, known geological controls and drill spacing. Each zone was
                                                                                                                               divided into Oxide and Fresh rock and a cut-off value applied.

                                                                                                                               An initial validation comparing the mean raw gold grades and tonnes contained
                                                                                                                               within the wireframe solids to the block model output was made.  The model
                                                                                                                               was then validated visually by comparing the block model grades and their
                                                                                                                               distribution to the original drill data.

 Moisture                                     ·     Whether the tonnages are estimated on a dry basis or with natural          ·      Tonnages are reported on a dry basis.
                                              moisture, and the method of determination of the moisture content.
 Cut-off parameters                           ·     The basis of the adopted cut-off grade(s) or quality parameters            ·      The Mineral Resource has been reported at a minimum cut-off grade
                                              applied.                                                                         of 0.7 g/t Au for both the oxidised rock and fresh rock, which was assigned to
                                                                                                                               reflect current commodity prices, geometry of mineralised zones and comparison
                                                                                                                               with the analogous operations.

                                                                                                                               ·      Additional cut-off values have been included in order to assess
                                                                                                                               the sensitivity of output ounces to change in the cut-off value.
 Mining factors or assumptions                ·     Assumptions made regarding possible mining methods, minimum mining         ·      Based on the currently identified mineralisation the probable
                                              dimensions and internal (or, if applicable, external) mining dilution. It is     mining method for the Ramula project would be open pit extraction.
                                              always necessary as part of the process of determining reasonable prospects

                                              for eventual economic extraction to consider potential mining methods, but the   ·      Mining factors such as dilution and ore loss have not been
                                              assumptions made regarding mining methods and parameters when estimating         applied.
                                              Mineral Resources may not always be rigorous. Where this is the case, this
                                              should be reported with an explanation of the basis of the mining assumptions
                                              made.
 Metallurgical factors or assumptions         ·     The basis for assumptions or predictions regarding metallurgical           ·      No metallurgical assumptions have been built into the resource
                                              amenability. It is always necessary as part of the process of determining        models.
                                              reasonable prospects for eventual economic extraction to consider potential
                                              metallurgical methods, but the assumptions regarding metallurgical treatment
                                              processes and parameters made when reporting Mineral Resources may not always
                                              be rigorous. Where this is the case, this should be reported with an
                                              explanation of the basis of the metallurgical assumptions made.
 Environmental factors or assumptions         ·     Assumptions made regarding possible waste and process residue              ·      The Ramula deposit is at an early stage of evaluation and
                                              disposal options. It is always necessary as part of the process of determining   environmental studies have not yet been undertaken.
                                              reasonable prospects for eventual economic extraction to consider the
                                              potential environmental impacts of the mining and processing operation. While
                                              at this stage the determination of potential environmental impacts,
                                              particularly for a greenfields project, may not always be well advanced, the
                                              status of early consideration of these potential environmental impacts should
                                              be reported. Where these aspects have not been considered this should be
                                              reported with an explanation of the environmental assumptions made.
 Bulk density                                 ·     Whether assumed or determined. If assumed, the basis for the               ·      Specific gravity sampling has continued through the life of the
                                              assumptions. If determined, the method used, whether wet or dry, the frequency   project, the measurements are carried out in accordance with site standard
                                              of the measurements, the nature, size and representativeness of the samples.     procedures for Specific Gravity. Intervals for bulk density determination are

                                                                                selected according to lithology/ alteration/mineralization type to best
                                              ·     The bulk density for bulk material must have been measured by              represent certain intervals as defined by the geologist. The measurements are
                                              methods that adequately account for void spaces (vugs, porosity, etc),           performed on site by geologists or geological assistants as part of the
                                              moisture and differences between rock and alteration zones within the deposit.   logging process. Measurements are generally after every 20 metres or a change

                                                                                in lithology within the 20 metres and 1-metres interval for mineralized zones.
                                              ·     Discuss assumptions for bulk density estimates used in the

                                              evaluation process of the different materials.
 Classification                               ·     The basis for the classification of the Mineral Resources into             ·      Classification for the Ramula Mineral Resource is based upon the
                                              varying confidence categories.                                                   continuity of geology, mineralisation and grade, using drill hole data

                                                                                spacing, data quality and estimation statistics.
                                              ·     Whether appropriate account has been taken of all relevant factors

                                              (ie relative confidence in tonnage/grade estimations, reliability of input
                                              data, confidence in continuity of geology and metal values, quality, quantity

                                              and distribution of the data).                                                   ·      The Mineral Resources are classified as Inferred.

                                              ·     Whether the result appropriately reflects the Competent Person's
                                              view of the deposit.

                                                                                                                               ·      The classification considers all available data and quality of
                                                                                                                               the estimate and reflects the Competent Person's view of the deposit.

 Audits or reviews                            ·     The results of any audits or reviews of Mineral Resource estimates.        ·      The resource estimate (Inferred Category) has been reviewed by
                                                                                                                               the Shanta staff Tanzanian Operations.

 Discussion of relative accuracy/ confidence  ·     Where appropriate a statement of the relative accuracy and                 ·      The assigned classification of Inferred reflects the Competent
                                              confidence level in the Mineral Resource estimate using an approach or           Person's aassessment of the accuracy and confidence levels in the global
                                              procedure deemed appropriate by the Competent Person. For example, the           Mineral Resource estimate. The resource has been assigned as an Inferred
                                              application of statistical or geostatistical procedures to quantify the          Resource contained within the modelled mineralised veins. Waste rock adjacent
                                              relative accuracy of the resource within stated confidence limits, or, if such   to these has not been included in this classification as the resource is
                                              an approach is not deemed appropriate, a qualitative discussion of the factors   currently unconstrained by any mining shape.
                                              that could affect the relative accuracy and confidence of the estimate.

                                                                                ·      It is the opinion of the CP that the level of accuracy achieved
                                              ·     The statement should specify whether it relates to global or local         throughout the modelling of the veins by using both structural information and
                                              estimates, and, if local, state the relevant tonnages, which should be           geological criteria, combined with drill spacing, allows these zones to be
                                              relevant to technical and economic evaluation. Documentation should include      classified as Inferred.
                                              assumptions made and the procedures used.

                                                                                ·      The tonnes and grade reported out of the Ramula model take into
                                              ·     These statements of relative accuracy and confidence of the                account both the mineralised and unmineralised portions of the rock mass but
                                              estimate should be compared with production data, where available.               as they do not take in to account any dilution that will be generated once a
                                                                                                                               mining shape has been put on to the deposit.

 

APPENDIX 4: DRILL HOLE DETAILS

 

 Drill Hole ID  Easting   Northing  Elevation  Azimuth  Dip    Hole Depth  Intercepts Depth
                From (m)            To (m)
 ANRDD001       671000    487       1442       179.9    -50.2  215.9       32.6           33.6
                                                                           42.5           43.5
                                                                           47.1           50.4
                                                                           49.0           50.4
                                                                           63.7           65.2
                                                                           72.8           73.8
                                                                           79.7           80.4
                                                                           102.7          104.4
                                                                           108.6          115.6
                                                                           169.5          171.6
                                                                           185.5          186.5
                                                                           192.6          197.3
                                                                           201.2          201.7
                                                                           205.3          206.3
                                                                           211.1          211.9
 ANRDD002       670808    367       1452       17.0     -52.6  289.5       47.4           50.2
                                                                           92.6           95.5
                                                                           98.0           99.0
                                                                           104.7          107.4
                                                                           111.3          113.7
                                                                           117.7          118.5
                                                                           129.2          130.5
                                                                           143.2          144.2
                                                                           197.7          202.4
                                                                           218.8          221.1
                                                                           237.7          243.1
                                                                           254.6          255.4
 ANRDD003       671003    395       1450       192.6    -50.9  289.4       10.8           11.8
                                                                           44.9           47.2
                                                                           52.6           55.9
                                                                           58.9           67.9
                                                                           74.9           76.0
                                                                           79.5           82.6
                                                                           94.5           96.5
                                                                           105.6          111.0
                                                                           125.0          126.0
                                                                           129.0          132.0
                                                                           144.7          146.7
                                                                           151.2          156.0
                                                                           170.6          179.1
                                                                           182.0          185.0
                                                                           194.0          195.0
                                                                           199.0          210.6
                                                                           213.8          215.0
                                                                           233.0          234.0
                                                                           251.9          256.0
                                                                           261.0          261.8
                                                                           269.8          270.8
 ANRDD004       671008    263       1449       187.6    -49.6  281.9       19.0           19.9
                                                                           70.5           75.1
                                                                           83.5           89.5
                                                                           94.6           95.8
                                                                           106.1          109.8
                                                                           113.7          114.5
                                                                           123.2          135.4
                                                                           142.7          145.3
                                                                           151.5          153.0
 ANRDD005       671202    533       1441       204.5    -48.7  281.9       259.0          259.8
 ANRDD006       670963    557       1435       180.6    -49.8  277.9       2.4            4.7
                                                                           23.8           24.6
                                                                           53.2           54.2
                                                                           57.6           58.3
                                                                           96.0           97.0
                                                                           106.7          109.1
                                                                           119.7          122.7
                                                                           144.6          145.7
                                                                           148.8          153.5
                                                                           163.0          164.0
                                                                           172.0          173.1
                                                                           177.5          178.5
                                                                           199.3          200.3
                                                                           221.1          227.9
                                                                           233.8          238.8
                                                                           253.1          258.8
 ANRDD007       670907    406       1448       209.0    -47.0  280.7       2.6            11.8
                                                                           53.7           57.0
                                                                           66.0           70.0
                                                                           80.9           82.0
                                                                           88.9           89.8
                                                                           93.2           94.2
                                                                           103.2          104.8
                                                                           108.8          109.8
                                                                           134.2          134.8
                                                                           147.4          148.4
                                                                           161.5          165.3
                                                                           182.2          185.2
                                                                           199.1          201.6
 ANRDD008A      671144    457       1446       199.5    -50.0  59.8        No significant intercepts
 ANRDD008B      671144    375       1447       199.5    -50.0  281.8       77.5           78.6
                                                                           92.4           98.5
                                                                           110.0          111.0
                                                                           244.0          244.6
 ANRDD009       670872    292       1453       201.9    -53.0  179.9       4.8            10.0
                                                                           50.0           53.0
                                                                           84.0           90.0
                                                                           99.0           100.1
                                                                           126.0          129.0
                                                                           163.0          164.0
 ANRDD010       671024    457       1447       195.0    -50.0  455.7       59.0           65.0
                                                                           70.0           71.0
                                                                           77.0           78.0
                                                                           90.0           92.2
                                                                           125.0          128.0
                                                                           146.0          147.0
                                                                           156.0          157.0
                                                                           173.0          174.0
                                                                           184.0          186.0
                                                                           189.0          191.0
                                                                           194.0          197.0
                                                                           201.0          208.0
                                                                           212.0          218.0
                                                                           221.0          227.0
                                                                           231.0          232.0
                                                                           235.0          236.0
                                                                           239.3          243.0
                                                                           249.0          250.0
                                                                           253.0          263.0
                                                                           266.0          274.0
                                                                           277.5          284.0
                                                                           301.0          302.0
                                                                           332.0          333.0
                                                                           359.8          361.0
                                                                           372.0          373.0
                                                                           381.0          382.0
 ANRDD011       671086    226       1440       200.0    -56.0  257.8       0.0            0.5
                                                                           32.0           33.0
                                                                           51.0           55.0
                                                                           65.0           66.0
                                                                           73.0           78.0
                                                                           85.0           88.0
                                                                           91.0           95.5
                                                                           101.0          104.0
                                                                           114.0          115.0
                                                                           121.0          122.0
                                                                           131.0          134.0
                                                                           139.0          143.0
                                                                           148.0          149.0
                                                                           154.0          160.0
                                                                           166.7          169.0
                                                                           243.0          244.0
 RMD0001        670941    225       1451       225.0    -50.0  195.7       74.0           75.0
                                                                           137.8          138.8
                                                                           166.7          167.2
 RMD0002        671005    284       1450       225.6    -50.0  336.8       66.9           68.4
                                                                           73.5           74.5
                                                                           90.9           91.4
                                                                           95.4           99.0
                                                                           114.2          114.7
                                                                           122.4          123.0
                                                                           143.6          144.1
                                                                           153.0          164.7
 RMD0005        670737    397       1440       14.8     -50.0  255.3       201.3          201.8
                                                                           209.8          210.3
                                                                           228.8          229.5
                                                                           234.2          235.0
 RMD0010        671014    143       1445       331.8    -49.1  450.6       8.0            17.0
                                                                           28.5           30.0
                                                                           54.0           55.0
                                                                           64.0           66.0
                                                                           87.0           90.0
                                                                           108.6          110.7
                                                                           128.0          130.0
                                                                           133.7          136.6
                                                                           150.0          152.0
                                                                           155.8          163.0
                                                                           167.2          167.8
                                                                           175.2          175.7
                                                                           181.6          182.6
                                                                           187.9          203.5
                                                                           209.0          216.6
                                                                           226.7          227.3
                                                                           235.7          236.9
                                                                           240.0          241.0
                                                                           253.0          254.0
                                                                           257.0          259.0
                                                                           278.0          285.0
                                                                           287.9          292.0
                                                                           297.0          304.0
                                                                           320.0          323.0
                                                                           326.0          327.0
                                                                           329.9          342.6
                                                                           352.7          353.7
                                                                           376.0          377.0
                                                                           386.1          390.0
                                                                           411.0          417.0
                                                                           420.4          421.1
                                                                           427.0          428.0
                                                                           431.0          438.8
                                                                           449.8          450.6
 RMD0011        671059    236       1444       209.6    -60.3  150.0       0.0            8.1
                                                                           27.6           29.1
                                                                           33.6           35.1
                                                                           42.6           47.0
                                                                           53.0           53.7
                                                                           59.0           64.0
                                                                           70.5           73.6
                                                                           78.7           79.2
                                                                           86.0           86.6
                                                                           94.0           95.0
                                                                           99.0           101.0
                                                                           103.6          111.9
                                                                           121.2          121.7
                                                                           133.0          135.2
                                                                           139.9          140.6
 RMD0012        671089    323       1449       180.2    -59.4  136.0       6.7            8.2
                                                                           11.2           12.7
                                                                           36.7           39.7
                                                                           60.0           66.0
                                                                           76.3           77.2
                                                                           83.0           84.0
                                                                           89.0           89.5
                                                                           113.0          114.0
                                                                           120.0          121.0
                                                                           124.8          125.6
                                                                           130.0          131.0
 RMD0013        671045    317       1450       201.2    -59.8  233.3       14.2           15.7
                                                                           43.5           47.2
                                                                           50.0           52.0
                                                                           57.8           58.8
                                                                           63.8           64.7
                                                                           69.0           71.0
                                                                           82.8           91.0
                                                                           109.5          110.0
                                                                           118.5          119.5
                                                                           130.5          133.0
                                                                           139.7          144.0
                                                                           148.0          148.7
                                                                           156.0          156.8
                                                                           160.0          161.7
                                                                           164.3          175.0
                                                                           181.0          185.0
                                                                           194.0          198.0
                                                                           207.0          207.9
                                                                           214.5          215.0
                                                                           222.3          223.1
 RMD0014        670943    270       1451       303.8    -74.8  242.3       0.9            2.4
                                                                           15.9           17.4
                                                                           29.4           38.4
                                                                           48.0           52.8
                                                                           57.3           58.3
                                                                           64.0           69.6
                                                                           76.0           83.0
                                                                           123.0          125.5
                                                                           131.0          139.0
                                                                           143.7          144.3
                                                                           153.8          154.3
                                                                           156.8          157.3
                                                                           163.0          172.3
                                                                           188.0          189.0
                                                                           200.0          201.0
                                                                           218.0          219.0
                                                                           233.0          237.0
                                                                           240.0          242.3
 RMD0015        670940    269       1451       239.7    -59.2  164.2       15.7           17.2
                                                                           26.2           27.7
                                                                           33.7           35.2
                                                                           38.2           39.7
                                                                           42.7           46.0
                                                                           53.0           55.0
                                                                           60.0           62.1
                                                                           83.6           84.2
                                                                           87.0           90.0
                                                                           93.0           94.7
                                                                           97.9           98.5
                                                                           106.0          107.0
                                                                           127.0          130.0
                                                                           136.5          143.0
 RMD0016        670978    350       1451       239.2    -59.6  214.6       6.7            8.2
                                                                           41.0           43.0
                                                                           55.0           64.0
                                                                           73.0           73.6
                                                                           91.0           92.0
                                                                           101.7          102.8
                                                                           129.0          130.0
                                                                           144.0          152.0
                                                                           167.8          168.3
                                                                           173.0          175.3
                                                                           180.7          181.3
                                                                           184.0          190.2
 RMD0017        670859    364       1451       350.2    -70.0  230.5       45.9           49.9
                                                                           87.0           94.0
                                                                           101.0          102.0
                                                                           108.0          109.5
                                                                           126.0          126.5
                                                                           137.0          138.0
                                                                           140.6          144.0
                                                                           152.0          153.0
                                                                           158.0          159.0
                                                                           175.8          176.5
                                                                           201.0          208.0
 RMD0018        670930    388       1449       251.0    -80.0  179.3       41.0           45.0
                                                                           48.0           49.0
                                                                           74.0           74.5
                                                                           104.0          104.5
                                                                           112.0          113.2
                                                                           141.1          141.7
                                                                           161.0          162.0
                                                                           178.0          179.3
 RMD0019        670973    393       1449       239.6    -84.8  215.2       30.9           41.0
                                                                           69.0           69.5
                                                                           84.7           85.7
                                                                           100.5          101.6
                                                                           136.0          137.0
                                                                           174.0          177.0
                                                                           187.7          190.0
                                                                           199.0          204.0

 

 

APPENDIX 5: SIGNIFICANT INTERCEPTS TABLE

 

 Drill Hole  Interval (m)  Au (g/t)  From (m)       To (m)         Prospect
 ANRDD001    1.0           0.64      32.6           33.6           Ramula
             1.0           1.62      42.5           43.5
             3.4           0.71      47.1           50.4
             including:
             1.5           1.35      49.0           50.4
             3.4           0.71      47.1           50.4
             1.5           1.35      49.0           50.4
             1.4           1.44      63.7           65.2
             1.0           0.74      72.8           73.8
             0.6           4.72      79.7           80.4
             1.7           5.19      102.7          104.4
             7.0           2.00      108.6          115.6
             including:
             0.8           8.30      114.8          115.6
             2.1           0.73      169.5          171.6
             1.0           0.57      185.5          186.5
             4.6           1.41      192.6          197.3
             0.4           1.33      201.2          201.7
             1.0           1.71      205.3          206.3
             0.8           0.86      211.1          211.9
 ANRDD002    2.8           1.28      47.4           50.2           Ramula
             2.9           1.41      92.6           95.5
             including:
             1.0           3.25      92.6           93.6
             1.0           1.45      98.0           99.0
             2.8           10.86     104.7          107.4
             including:
             0.9           23.70     106.5          107.4
             2.4           1.13      111.3          113.7
             0.9           1.48      117.7          118.5
             1.2           0.63      129.2          130.5
             1.0           0.99      143.2          144.2
             4.7           1.00      197.7          202.4
             2.3           0.68      218.8          221.1
             5.4           0.77      237.7          243.1
             including:
             1.0           2.63      239.2          240.2
             0.8           1.67      254.6          255.4
 ANRDD003    1.0           0.79      10.8           11.8           Ramula
             2.3           2.43      44.9           47.2
             3.3           5.19      52.6           55.9
             including:
             0.6           26.20     54.2           54.7
             9.0           1.12      58.9           67.9
             1.1           0.68      74.9           76.0
             3.0           1.02      79.5           82.6
             2.0           0.83      94.5           96.5
             5.5           0.86      105.6          111.0
             including:
             1.0           3.05      110.0          111.0
             1.0           0.52      125.0          126.0
             3.0           0.61      129.0          132.0
             2.0           1.16      144.7          146.7
             4.8           0.87      151.2          156.0
             8.5           5.05      170.6          179.1
             including:
             0.5           52.50     177.6          178.1
             3.0           1.47      182.0          185.0
             1.0           0.54      194.0          195.0
             11.6          5.25      199.0          210.6
             including:
             3.0           15.16     206.7          209.7
             1.2           1.61      213.8          215.0
             1.0           0.55      233.0          234.0
             4.1           10.41     251.9          256.0
             including:
             1.2           28.50     251.9          253.2
             0.8           0.56      261.0          261.8
             1.0           0.52      269.8          270.8
 ANRDD004    0.9           3.72      19.0           19.9           Ramula
             4.6           1.35      70.5           75.1
             6.0           2.76      83.5           89.5
             including:
             1.0           12.90     83.5           84.5
             1.2           2.48      94.6           95.8
             3.7           15.30     106.1          109.8
             including:
             1.0           57.80     108.9          109.8
             0.8           1.94      113.7          114.5
             12.2          4.27      123.2          135.4
             including:
             1.9           21.47     133.5          135.4
             2.6           12.24     142.7          145.3
             including:
             0.5           52.60     142.7          143.3
             1.5           1.63      151.5          153.0
             including:
             0.2           9.43      153.9          154.0
 ANRDD005    0.8           1.08      259.0          259.8          Ramula
 ANRDD006    2.3           1.13      2.4            4.7            Ramula
             0.8           3.61      23.8           24.6
             1.0           1.36      53.2           54.2
             1.0           1.07      96.0           97.0
             2.4           2.47      106.7          109.1
             3.0           3.89      119.7          122.7
             including:
             1.1           9.20      120.7          121.8
             1.1           1.05      144.6          145.7
             4.7           1.00      148.8          153.5
             including:
             1.0           3.29      152.5          153.5
             1.0           0.51      163.0          164.0
             1.0           4.05      172.0          173.1
             1.0           2.54      177.5          178.5
             1.0           3.54      199.3          200.3
             6.8           4.73      221.1          227.9
             including:
             1.2           25.14     225.6          226.8
             5.0           1.00      233.8          238.8
             including:
             2.1           2.10      236.7          238.8
             5.7           0.85      253.1          258.8
             including:
             0.6           4.86      258.3          258.8
 ANRDD007    9.2           0.76      2.6            11.8           Ramula
             including:
             3.2           1.19      2.6            5.8
             including:
             1.0           1.13      9.9            10.9
             3.3           7.71      53.7           57.0
             including:
             0.8           22.00     55.4           56.2
             4.0           0.85      66.0           70.0
             including:
             1.0           2.54      69.0           70.0
             1.1           0.51      80.9           82.0
             1.0           25.40     88.9           89.8
             1.0           2.10      93.2           94.2
             1.6           8.27      103.2          104.8
             including:
             0.8           15.05     104.0          104.8
             1.0           1.45      108.8          109.8
             0.6           4.71      134.2          134.8
             1.0           32.30     147.4          148.4
             3.8           0.97      161.5          165.3
             including:
             0.9           2.92      164.4          165.3
             3.0           0.37      182.2          185.2
             2.5           18.83     199.1          201.6
             including:
             0.8           62.10     200.9          201.6
 ANRDD008A                           No significant intercepts     Ramula
 ANRDD008B   1.1           0.52      77.5           78.6           Ramula
             6.1           0.71      92.4           98.5
             1.0           1.80      110.0          111.0
             5.1           0.54      233.9          239.0
 ANRDD009    5.2           0.48      4.8            10.0           Ramula
             3.0           5.05      50.0           53.0
             including:
             1.0           13.65     50.0           51.0
             0.9           0.89      66.0           66.9
             6.0           2.63      84.0           90.0
             including:
             1.0           13.55     89.0           90.0
             1.1           2.60      99.0           100.1
             3.0           60.10     126.0          129.0
             including:
             2.0           89.70     126.0          128.0
             1.0           0.74      163.0          164.0
 ANRDD010    0.8           0.86      26.4           27.2           Ramula
             1.0           0.53      39.0           40.0
             1.0           0.64      51.0           52.0
             6.0           3.44      59.0           65.0
             including:
             1.0           19.05     62.0           63.0
             1.0           0.51      70.0           71.0
             1.0           3.36      77.0           78.0
             2.2           3.79      90.0           92.2
             including:
             1.0           7.59      90.0           91.0
             3.0           5.61      125.0          128.0
             including:
             1.0           13.90     127.0          128.0
             1.0           1.20      146.0          147.0
             1.0           0.93      156.0          157.0
             1.0           0.71      173.0          174.0
             2.0           0.68      184.0          186.0
             2.0           2.33      189.0          191.0
             3.0           0.59      194.0          197.0
             7.0           0.56      201.0          208.0
             6.0           0.81      212.0          218.0
             6.0           2.43      221.0          227.0
             including:
             3.0           4.33      221.0          224.0
             1.0           3.74      231.0          232.0
             1.0           0.95      235.0          236.0
             3.7           1.36      239.3          243.0
             1.0           0.58      249.0          250.0
             10.0          1.13      253.0          263.0
             including:
             3.0           1.74      257.0          260.0
             8.0           0.78      266.0          274.0
             6.5           1.04      277.5          284.0
             1.0           2.13      301.0          302.0
             1.0           0.83      332.0          333.0
             1.2           0.80      359.8          361.0
             1.0           0.53      372.0          373.0
             1.0           4.55      381.0          382.0
             1.0           3.35      413.0          414.0
 ANRDD011    0.5           1.42      0.0            0.5            Ramula
             1.0           11.00     32.0           33.0
             4.0           0.69      51.0           55.0
             including:
             1.0           1.78      51.0           52.0
             1.0           0.60      65.0           66.0
             5.0           1.18      73.0           78.0
             including:
             2.0           2.70      76.0           78.0
             3.0           1.74      85.0           88.0
             4.5           1.28      91.0           95.5
             including:
             2.5           2.09      93.0           95.5
             3.0           0.46      101.0          104.0
             1.0           0.94      114.0          115.0
             1.0           0.74      121.0          122.0
             3.0           1.25      131.0          134.0
             4.0           0.63      139.0          143.0
             including:
             1.0           1.81      142.0          143.0
             1.0           0.50      148.0          149.0
             6.0           1.48      154.0          160.0
             including:
             4.0           2.03      156.0          160.0
             2.3           7.96      166.7          169.0
             including:
             0.8           20.70     166.7          167.5
             1.0           0.50      243.0          244.0
 RMD0001     1             4.97      74             75             Ramula
             1             2.26      137.8          138.8
             0.5           2.35      166.7          167.2
 RMD0002     1.5           2.09      66.9           68.4           Ramula
             1             1.41      73.5           74.5
             0.5           21.7      90.9           91.4
             3.6           2.85      95.4           99
             including:
             1.1           3.95      95.4           96.5
             including:
             1             5.29      98             99
             0.5           1.27      114.2          114.7
             0.6           24.9      122.4          123
             0.5           1.05      143.6          144.1
             11.7          3.61      153            164.7
             including:
             2             12.1      153            155
             including:
             0.5           18.6      164.2          164.7
 RMD0005     0.5           1.95      201.3          201.8          Ramula
             0.5           1.56      209.8          210.3
             0.7           1.24      228.8          229.5
             0.8           27.0      234.2          235
 RMD0010     9             1.37      8.0            17.0           Ramula
             1.5           4.74      28.5           30.0
             1             3.23      54.0           55.0
             2.1           1.57      108.6          110.7
             2.9           1.37      133.7          136.6
             2             1.13      150.0          152.0
             60.8          3.75      155.8          216.6
             including:
             7.2           8.31      155.8          163.0
             including:
             15.6          9.37      187.9          203.5
             including:
             7.6           1.04      209.0          216.6
             1.2           2.07      235.7          236.9
             1             1.33      253.0          254.0
             2             1.33      257.0          259.0
             7             1.08      297.0          304.0
             3             1.89      320.0          323.0
             12.7          1.46      329.9          342.6
             including:
             1.5           5.12      341.1          342.6
             1             5.44      352.7          353.7
             6             1.99      411.0          417.0
             including:
             1             10.20     413.0          414.0
             0.7           3.04      420.4          421.1
             7.8           2.86      431.0          438.8
             including:
             0.8           13.90     438.0          438.8
             0.8           2.36      449.8          450.6
 RMD0011     8.1           1.17      0.0            8.1            Ramula
             including:
             0.6           7.96      0.0            0.6
             1.5           2.62      27.6           29.1
             4.4           1.27      42.6           47.0
             3.1           3.22      70.5           73.6
             0.5           9.83      78.7           79.2
             2.0           1.27      99.0           101.0
             8.3           3.08      103.6          111.9
             including:
             2.5           3.84      103.6          106.1
             including:
             3.5           4.40      108.4          111.9
             0.5           5.82      121.2          121.7
             0.7           1.56      139.9          140.6
 RMD0012     1.5           2.17      6.7            8.2            Ramula
             0.5           6.31      89.0           89.5
             1.0           1.59      113.0          114.0
             1.0           1.81      120.0          121.0
 RMD0013     1.5           14.90     14.2           15.7           Ramula
             3.7           4.48      43.5           47.2
             including:
             1.1           11.40     44.6           45.7
             2.0           1.17      50.0           52.0
             2.0           2.14      69.0           71.0
             8.2           1.00      82.8           91.0
             0.5           5.29      109.5          110.0
             4.3           1.05      139.7          144.0
             10.7          3.44      164.3          175.0
             including:
             0.8           27.40     173.2          174.0
             4.0           2.03      181.0          185.0
             4.0           1.83      194.0          198.0
             0.5           2.24      214.5          215.0
             0.8           1.04      222.3          223.1
 RMD0014     9.0           2.37      29.4           38.4           Ramula
             including:
             1.5           12.50     35.4           36.9
             4.8           23.40     48.0           52.8
             including:
             0.5           220.00    48.5           49.0
             1.0           2.65      57.3           58.3
             7.0           0.70      76.0           83.0
             including:
             0.5           2.24      82.5           83.0
             2.5           9.86      123.0          125.5
             8.0           4.12      131.0          139.0
             including:
             2.5           11.78     136.5          139.0
             0.5           7.69      153.8          154.3
             0.5           1.26      156.8          157.3
             9.3           6.35      163.0          172.3
             including:
             1.0           44.50     171.3          172.3
             1.0           2.39      188.0          189.0
             2.3           1.46      240.0          242.3
 RMD0015     3.0           1.24      87.0           90.0           Ramula
             1.7           2.21      93.0           94.7
             6.5           1.10      136.5          143.0
             including:
             0.5           5.30      140.0          140.5
 RMD0016     1.5           3.29      6.7            8.2            Ramula
             9.0           18.90     55.0           64.0
             including:
             0.6           240.00    62.8           63.4
             0.6           19.30     73.0           73.6
             1.0           1.42      91.0           92.0
             1.0           1.00      129.0          130.0
             8.0           3.35      144.0          152.0
             including:
             3.6           6.08      144.0          147.6
             0.5           1.78      167.8          168.3
             2.3           5.42      173.0          175.3
             0.6           1.79      180.7          181.3
             6.2           5.86      184.0          190.2
             including:
             1.6           15.10     187.0          188.6
 RMD0017     7.0           2.07      87.0           94.0           Ramula
             including:
             0.8           14.00     93.2           94.0
             1.0           1.23      101.0          102.0
             1.5           2.22      108.0          109.5
             0.5           1.40      126.0          126.5
             1.0           1.18      137.0          138.0
             3.4           1.74      140.6          144.0
             1.0           1.36      152.0          153.0
             1.0           3.66      158.0          159.0
             0.7           1.25      175.8          176.5
             7.0           0.67      201.0          208.0
             including:
             0.5           3.50      203.9          204.4
 RMD0018     4.0           13.90     41.0           45.0           Ramula
             including:
             0.9           56.20     43.6           44.5
             1.0           1.55      48.0           49.0
             0.5           1.66      74.0           74.5
             0.5           3.28      104.0          104.5
             1.2           3.16      112.0          113.2
             0.6           7.15      141.1          141.7
             1.0           3.14      161.0          162.0
             1.3           1.06      178.0          179.3
 RMD0019     10.1          1.71      30.9           41.0           Ramula
             including:
             3.0           2.55      30.9           33.9
             1.0           4.01      84.7           85.7
             1.1           6.95      100.5          101.6
             3.0           4.17      174.0          177.0
             2.3           3.49      187.7          190.0

 

 

 

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