TIDMSHG
RNS Number : 7465G
Shanta Gold Limited
17 November 2022
17 November 2022
Shanta Gold Limited
("Shanta Gold" or the "Company")
West Kenya Phase 2 High Grade Drilling Update
Shanta Gold (AIM: SHG), the East Africa-focused gold producer,
developer and explorer, is pleased to provide an exploration update
for the West Kenya Project ("West Kenya" or the "Project") in
Kenya.
Website link to the slides covering today's announcement:
https://www.shantagold.com/investors/presentations/
Eric Zurrin, Chief Executive Officer, commented:
"I am delighted to say that the West Kenya project has continued
to deliver high-quality drilling results. The results that we have
announced this morning are some of the best that we have delivered
to the market this year.
We have encountered bonanza-grade gold intercepts at Isulu
including grades of 721 g/t, 210 g/t, 172 g/t, and 93 g/t which are
within 100-200 metres vertical distance of surface, in 4 different
intersections across the 7 drilled holes. Intersections of that
quality, of which we have consistently seen throughout our drilling
campaign at West Kenya, is not something that is often seen in the
portfolio of a junior miner like Shanta, or indeed any other global
gold exploration projects.
We are extremely excited as a team for what the West Kenya
project can deliver to the Shanta portfolio, and with work underway
on the updated Mineral Resource Estimate, shareholders can expect a
further positive update in the coming months where we expect to see
a significant conversion of the Inferred resources to Indicated
ounces."
Highlights:
-- Phase 2 drilling programme aimed at conversion of the Inferred resources to Indicated at Isulu-Bushiangala;
-- This update relates to 2,456 metres ("m") of drilling from
across 7 diamond holes conducted in Q3 2022 at the Isulu
deposit;
-- Drilling intersection highlights include:
Hole No. Interval Au (g/t) From To (m)
(m) (m)
========= ========= ======= =======
Isulu deposit
==================================================
10.3
LCD0380 1.3 0 398.7 400 .0
========== ========= ========= ======= =======
incl. 0.5 25.37 399.5 400 .0
========== ========= ========= ======= =======
LCD0380 0.6 29.54 407.9 408.5
========== ========= ========= ======= =======
152.8
LCD0384 2.2 0 141.9 144.1
========== ========= ========= ======= =======
incl. 1.6 210 .00 141.9 143.5
========== ========= ========= ======= =======
20.6
LCD0384 4.4 0 186.1 190.5
========== ========= ========= ======= =======
172.2
incl. 0.5 0 190 .0 190.5
========== ========= ========= ======= =======
16.1
LCD0385 1 .0 0 149 .0 150 .0
========== ========= ========= ======= =======
13.6
LCD0385 3.8 0 154.9 158.7
========== ========= ========= ======= =======
incl. 0.5 93.16 158.2 158.7
========== ========= ========= ======= =======
LCD0386 2.8 155.03 227 .0 229.8
========== ========= ========= ======= =======
721.4
incl. 0.6 0 228.4 229 .0
========== ========= ========= ======= =======
LCD0386 0.6 28.09 280 .0 280.6
========== ========= ========= ======= =======
11.6
LCD0387 0.5 0 269.5 270 .0
---------- --------- --------- ------- -------
Note: true width estimated at 60-70% of the intercept core
length and gold values uncapped
o Visible gold was identified in 6 intersections from 7 holes
drilled. Visible gold , including spectacular occurrences, has been
identified in 67 intersections across 165 diamond holes drilled at
Isulu, Bushiangala and Kimingini (Liranda corridor) since January
2021.
o Intersections reported today include the seventh set of
results received from Phase 2 of the ongoing diamond drilling
campaign, which is targeting up to 550 vertical metres below
surface; the assay results for the 3 remaining holes at Isulu are
pending.
Isulu and Bushiangala Drilling Campaign
This infill drilling is aimed at verifying the extent and
geometry of the known mineralised zones developed for the current
resource model. Shanta has now completed 75% of total planned
drilling at West Kenya to date and 65% of total assays over the
three phases of planned drilling have now been reported.
Gold mineralisation at the Project is hosted by sheared pillowed
to massive basalts, bounded between ultramafic volcanics and
polymictic conglomerates on one side and carbonaceous mudstones and
sandstones on the other side. The deposits occur within the Liranda
Corridor area, a 12 km structural trend located on the eastern limb
of a broad synclinal structure intruded in the centre by granitoids
and diorites, termed the Kakamega Dome. Mineralisation is
associated with quartz, quartz-carbonate veinlets within the
mineralised shear zones ranging from 0.5 m to 10 m in true width.
The mineralisation style is classified as orogenic,
shear-zone-hosted quartz-carbonate vein subtype. The strike lengths
of the steeply-dipping mineralised zones vary between 100 m and 600
m.
Phase 1 drilling at the Project, completed in June 2021, sought
to infill two modelled zones at Isulu (IZ1.0 and IZ3.0) and three
modelled zones at Bushiangala (BZ1, BZ2 and BZ3). This drilling was
carried out to generate an average spacing of 40 m at Isulu and 30
m at Bushiangala, up to a depth of 150-200 m from surface, and
targeted both oxides and sulphides within these zones. Following
the completion of Phase 1 drilling, an updated mineral resource
estimate (of which 117,600 oz grading 7.04 g/t were converted to
Indicated category) was announced in September 2021.
Phase 2 of the ongoing diamond drilling campaign at the Project
is seeking to infill 20 modelled zones at Isulu and 23 modelled
zones at Bushiangala. This drilling phase amounts to 75,000 m of
planned drilling of which 63,738 m has been completed to date.
Phase 2 drilling is expected to generate an average spacing of 40 m
at Isulu and 30 m at Bushiangala, up to a depth of 450-550 m from
surface. Following the completion of 2021 drilling, the Isulu and
Bushiangala modelled zones were updated, and an updated mineral
resource estimate (of 1.12 Moz grading 10.80 g/t Au at Isulu and
Bushiangala, of which 378,000 grading 11.70 g/t Au was upgraded to
Indicated category) was announced in March 2022.
Assay results shown below are those for 7 diamond drill holes,
received since the Company's most recent exploration update on 07
November 2022. To date this takes the total number of holes with
assays returned to 165, for the current drilling campaign. The
lengths shown are the down hole metres and it is estimated that the
true widths of the mineralized zones are approximately 60-70% of
the widths intersected in the drill holes. All assays are reported
without application of a top cut. Composited assay results for
these 7 drill holes are tabulated below. Samples were analysed at
an accredited laboratory operated by MSALABS, an independent third
party:
Drill Hole Interval Au (g/t) From To (m) Prospect
(m) (m)
10.3
LCD0380 1.3 0 398.7 400.0 Isulu
including:
0.5 25. 40 399.5 400.0
----------- --------- ------ -------
29.5
0.6 0 407.9 408.5
----------- --------- ------ -------
LCD0382W1 0.5 7.99 611.0 611.5 Isulu
----------- --------- ------ -------
2.3 2.78 618.1 620.4
including:
0.6 9.38 618.1 618.7
----------- --------- ------ -------
LCD0384 2.2 15 3.00 141.9 144.1 Isulu
including:
1.6 210 .00 141.9 143.5
----------- --------- ------ -------
20.6
4.4 0 186.1 190.5
including:
0.5 172 .00 190.0 190.5
----------- --------- ------ -------
1 .0 1.66 229.0 230.0
----------- --------- ------ -------
0.5 1.94 243.1 243.6
----------- --------- ------ -------
16.1
LCD0385 1 .0 0 149.0 150.0 Isulu
----------- --------- ------ -------
13.6
3.8 0 154.9 158.7
including:
0.5 93. 20 158.2 158.7
----------- --------- ------ -------
2.3 4.29 190.0 192.3
----------- --------- ------ -------
0.5 1.07 245.0 245.5
----------- --------- ------ -------
1 .0 0.57 266.0 267.0
----------- --------- ------ ------- ---------
LCD0386 0.6 1.25 184.5 185.1 Isulu
----------- --------- ------ -------
2.8 155 .00 227.0 229.8
including:
0.6 721 .00 228.4 229.0
----------- --------- ------ -------
0.6 28. 10 280.0 280.6
----------- --------- ------ -------
2 .0 2.92 339.1 341.1
----------- --------- ------ ------- ---------
LCD0387 1.5 0.98 216.8 218.3 Isulu
----------- --------- ------ -------
1.7 3.64 269.5 271.2
----------- --------- ------ -------
11.6
0.5 0 269.5 270.0
----------- --------- ------ -------
1 .0 1.29 286.0 287.0
----------- --------- ------ ------- ---------
LCD0388 1 .0 0.88 235.0 236.0 Isulu
----------- --------- ------ -------
1 .0 0.59 258.1 259.1
----------- --------- ------ -------
0.5 0.86 323.2 323.7
----------- --------- ------ ------- ---------
Results reported today represents new information received since
the Company's previous exploration update released 07 November
2022.
Shanta Gold Limited
Eric Zurrin (CEO) +44 (0) 14 8173 2153
Luke Leslie (CFO)
Nominated Adviser and Joint Broker
Liberum Capital Limited
Scott Mathieson / Ed Thomas / Nikhil Varghese
/ Lucas Bamber +44 (0) 20 3100 2000
Joint Broker
Tamesis Partners LLP
Charlie Bendon / Richard Greenfield +44 (0) 20 3882 2868
Public Relations
FTI Consulting
Sara Powell / Nick Hennis +44 (0) 20 3727 1426
The technical information contained in this announcement was
reviewed 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 National Instrument
43-101 ("NI 43-101").
About Shanta Gold
Shanta Gold is an East Africa-focused responsible gold producer,
developer, and explorer. The company has an established operational
track record, with defined ore resources on the New Luika and
Singida projects in Tanzania, with reserves of 645 Koz grading 3.0
g/t Au, and exploration licences covering approximately 800 km2 in
the country. Alongside New Luika and Singida, Shanta also owns the
high-grade West Kenya Project in Kenya and licences (580 km(2) )
with resources of 1.6 million ounces including 378 Koz in the
Indicated category grading 11.70 g/t Au. With a strong balance
sheet, a growing diversified portfolio and a maiden dividend paid
in 2021, Shanta offers a resilient investment opportunity for the
near and long-term. Shanta is quoted on London's AIM market (AIM:
SHG) and has approximately 1,048 million shares in issue.
END
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