TIDMSHG
RNS Number : 7458D
Shanta Gold Limited
01 July 2021
1 July 2021
Shanta Gold Limited
("Shanta Gold" or the "Company")
High Grade Drilling Results at West Kenya
Completion of Phase 1 Drilling Programme
Shanta Gold (AIM: SHG), the East Africa-focused gold producer,
developer and explorer, is pleased to provide an exploration update
for the West Kenya Project ("West Kenya") in Kenya.
Highlights:
-- This update relates to 2,572 metres ("m") of drilling across
15 holes conducted in April and May 2021 at the Isulu and
Bushiangala deposits ("the deposits") and reports new information
received since the Company's previous exploration update released
25 May 2021;
-- Drilling intersection highlights include:
Hole No. Interval Au (g/t) From (m) To (m)
(m)
========= ========= ========= =======
Isulu deposit:
=======================================================
252 4.5 69.9 92.7 97.2
============= ========= ========= ========= =======
Including: 3.0 94.4 92.7 95.7
============= ========= ========= ========= =======
254 2.0 24.4 167.0 169.0
============= ========= ========= ========= =======
Including: 1.0 48.2 167.0 168.0
============= ========= ========= ========= =======
257 2.0 23.8 170.3 172.3
============= ========= ========= ========= =======
260 1.5 55.6 131.3 132.8
============= ========= ========= ========= =======
260 2.5 18.1 206.0 208.5
============= ========= ========= ========= =======
263 1.9 20.3 216.2 218.1
============= ========= ========= ========= =======
Bushiangala deposit
=======================================================
249 8.8 6.1 46.0 54.8
============= ========= ========= ========= =======
Including: 1.4 25.6 50.8 52.2
============= ========= ========= ========= =======
250 8.4 4.6 57.0 65.4
============= ========= ========= ========= =======
Including: 1.4 18.7 59.6 61.0
============= ========= ========= ========= =======
253 7.5 7.6 <50 metres
============= ========= ========= ==================
Including: 3.0 14.3
============= ========= ========= ========= =======
253 22.0 3.5 57.0 79.0
============= ========= ========= ========= =======
Including: 4.4 11.1 62.1 66.5
============= ========= ========= ========= =======
259 10.0 2.73 80.0 90.0
============= ========= ========= ========= =======
Including: 3.5 6.3 81.0 84.5
------------- --------- --------- --------- -------
-- Visible gold was identified in 4 different intersections
across 15 holes drilled. The true width of mineralisation is
estimated at approximately 60-70% of the intercept core length;
-- Phase 1 drilling of 9,383 metres is now complete, and a
resource update will follow focused on approximately 10% of the
total NI43-101 inferred resource of 1.2 Moz, between 0-200 metres
in depth;
-- Phase 2 drilling targeting 200-450 metres below surface
commenced in June and a third rig has now been mobilised to West
Kenya; and,
-- Shanta is on track to complete approximately 35-40% of total
planned drilling at West Kenya by the end of 2021. 26% of total
planned drilling for 2021 and 10% of total planned drilling over
three phases has now been reported.
Eric Zurrin, Chief Executive Officer, commented:
"We're delighted to have reported another set of exceptionally
strong results from Phase 1 of our drilling programme at West
Kenya.
Throughout the course of this programme we have delivered some
of the best drilling results we've ever seen at Shanta, and we look
forward to progressing Phase 2 across our portfolio of licenses as
we look to uncover West Kenya's true potential.
Exploration is integral to our sustainable growth story and we
look forward to updating our stakeholders on further progress at
New Luika and West Kenya in the near-term. Our diversified
portfolio has the potential to transform Shanta into a mid-tier
gold producer in Africa to support long-term returns for
shareholders."
Isulu and Bushiangala Drilling Campaign
The West Kenya Project covers 1,162 km(2) of the highly
prospective and underexplored greenstone Archaean Busia-Kakamega
Gold Belt in western Kenya. Ongoing drilling at the Isulu and
Bushiangala deposits is aimed at upgrading ounces from the
Project's NI43-101 compliant Inferred Mineral Resource Estimate
into the Indicated Resource category down to a depth of 600 metres
across three drilling phases.
This infill drilling is aimed at verifying the extent and
geometry of the known mineralised zones developed for the current
resource model. Shanta is on track to complete approximately 35-40%
of total planned drilling at West Kenya by the end of 2021. 26% of
total planned drilling for 2021 and 10% of total planned drilling
over three phases has now been reported. Two drill rigs are
currently active at the Isulu and Bushiangala deposits in West
Kenya, with a third rig now mobilised and expected in July.
Gold mineralisation at the Project is hosted by sheared pillowed
to massive basalts, bounded between ultramafic volcanics and
polymictic conglomerates on one side and carbonaceous mudstones and
sandstones on the other side. The deposits occur within the Liranda
Corridor area, a 12 km structural trend located on the eastern limb
of a broad synclinal structure intruded in the centre by granitoids
and diorites, termed the Kakamega Dome. Mineralisation is
associated with quartz, quartz-carbonate veinlets within the
mineralised shear zones ranging from 0.5 m to 10 m in true width.
The mineralisation style is classified as orogenic,
shear-zone-hosted quartz-carbonate vein subtype. The strike lengths
of the steeply-dipping zones vary between 350 m and 650 m.
Phase 1 of the ongoing diamond drilling campaign at the Project
is seeking to infill two modelled zones at Isulu (IZ1.0 and IZ3.0)
and three modelled zones at Bushiangala (BZ1, BZ2 and BZ3). This
drilling is being 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 is targeting both oxides and sulphides within these
zones.
Assay results shown below are those for fifteen diamond drill
holes, received since the Company's most recent exploration update
in May 2021. To date this takes the total number of holes with
assays returned to forty-six, for the current drilling campaign.
Assay results for a further seven holes from this first phase are
currently pending and intersections including these will be
reported in due course. 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.
Assay results for these fifteen drill holes are tabulated below.
Assays were analysed at an accredited laboratory operated by SGS,
an independent third party:
Drill Interval Au (g/t) From (m) To (m) Prospect
Hole (m)
LCD0248 1.5 0.62 <50 metres Bushiangala
--------- ----------- --------- ------------------ ------------
1.5 4.09 59.3 60.8
--------- ----------- --------- --------- ------- ------------
LCD0249 8.8 6.1 46 54.8 Bushiangala
--------- ------------
including:
--------- ------------
1.4 25.56 50.8 52.2
----------- --------- --------- -------
7 2.13 63 70
including:
1 8.81 65 66
1 2.04 73 74
----------- --------- --------- -------
1 3.06 77 78
----------- --------- --------- -------
1 1.57 81 82
--------- ----------- --------- --------- ------- ------------
LCD0250 1.5 0.83 <50 metres Bushiangala
--------- ----------- --------- ------------------ ------------
3.6 0.89 <50 metres
--------- ------------
including:
0.6 2.83 <50 metres
----------- --------- ------------------
8.4 4.64 57 65.4
including:
1.4 18.66 59.6 61
--------- ----------- --------- --------- ------- ------------
LCD0251 No significant intercepts Isulu
--------- ------------------------------------------ ------------
LCD0252 4.5 69.93 92.7 97.2 Isulu
--------- ------------
including:
--------- ------------
3 94.4 92.7 95.7
1 5.08 112.7 113.7
--------- ----------- --------- --------- ------- ------------
LCD0253 7.5 7.66 <50 metres Bushiangala
--------- ------------
including:
--------- ------------
3 14.3 <50 metres
1.5 2.19 <50 metres
----------- --------- ------------------
22 3.5 57 79
including:
4.4 11.14 62.1 66.5
----------- --------- --------- -------
6.6 1.17 85.4 92
including:
2.9 2.21 85.4 88.3
0.9 13.2 113 113.9
--------- ----------- --------- --------- ------- ------------
LCD0254 2 24.44 167 169 Isulu
--------- ------------
including:
--------- ------------
1 48.2 167 168
0.8 1.13 202.4 203.2
--------- ----------- --------- --------- ------- ------------
LCD0255 1 2.91 <50 metres Bushiangala
--------- ----------- --------- ------------------ ------------
1.7 7.84 87 88.7
--------- ------------
including:
0.6 16.3 87.5 88.1
1 5.64 109 110
----------- --------- --------- -------
0.6 2.68 120.6 121.2
----------- --------- --------- -------
1 2.63 145 146
----------- --------- --------- -------
1 1.97 225.6 226.6
----------- --------- --------- -------
1.5 2.27 231 232.5
--------- ----------- --------- --------- ------- ------------
LCD0256 No significant intercepts Isulu
--------- ------------------------------------------ ------------
LCD0257 2 23.8 170.3 172.3 Isulu
----------- --------- --------- -------
LCD0258 0.7 0.99 223.1 223.8 Isulu
----------- --------- --------- -------
LCD0259 10 2.73 80 90 Bushiangala
--------- ------------
including:
--------- ------------
3.5 6.26 81 84.5
--------- ------------
LCD0260 1.5 1.47 107.3 108.8 Isulu
--------- ----------- --------- --------- ------- ------------
1.5 55.6 131.3 132.8
--------- ----------- --------- --------- ------- ------------
2.5 18.12 206 208.5
--------- ----------- --------- --------- ------- ------------
LCD0262 0.5 8.03 165.5 166 Bushiangala
--------- ----------- --------- --------- ------- ------------
4.1 0.96 207 211.1
--------- ----------- --------- --------- ------- ------------
LCD0263 1.9 20.3 216.2 218.1 Isulu
----------- --------- --------- -------
.
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 / Louis Davies /
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 / Genevieve Ryan +44 (0) 20 3727 1426
The technical information contained in this announcement was
reviewed Yuri Dobrotin, P.Geo. Membership No.0702 (Shanta's Group
Exploration Manager), who is a practicing member of the Association
of Professional Geoscientists of Ontario, Canada (PGO).
Mr Dobrotin has sufficient experience that is relevant to the
style of mineralization and type of deposit under consideration and
to the activity being undertaken to qualify as a Competent Person
as defined for the purposes of the AIM Guidance Note on Mining and
Oil & Gas Companies dated June 2009, and National Instrument
43-101 ("NI 43-101").
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.
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 625 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
West Kenya Project in Kenya with defined inferred resources of 1.2
Mt grading 12.6 g/t 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.
END
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