TIDMSHG
RNS Number : 9773H
Shanta Gold Limited
09 August 2021
9 August 2021
Shanta Gold Limited
("Shanta Gold" or the "Company")
High Grade Drilling Results
Phase 2 Drilling West Kenya
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 3,369 metres ("m") of drilling across
13 holes conducted in May and June 2021 at the Isulu and
Bushiangala deposits ("the Deposits") and reports new information
received since the Company's previous exploration update released 1
July 2021;
-- Drilling intersection highlights include:
Hole No. Interval Au (g/t) From (m) To (m)
(m)
========= ========= ========= =======
Bushiangala deposit
=========================================================
265 7.5 1.8 77.4 84.9
=============== ========= ========= ========= =======
Including: 3.0 4.2 77.4 80.4
=============== ========= ========= ========= =======
267 1.0 13.9 164.3 165.3
=============== ========= ========= ========= =======
269 8.5 4.0 159.5 168.0
=============== ========= ========= ========= =======
269 3.6 6.0 214.3 217.9
=============== ========= ========= ========= =======
270 2.8 5.3 201.1 203.9
=============== ========= ========= ========= =======
Including: 0.8 16.2 202.0 202.8
=============== ========= ========= ========= =======
Isulu deposit
=========================================================
261 3.0 4.3 136.8 139.8
=============== ========= ========= ========= =======
264 2.8 12.8 207.7 210.5
=============== ========= ========= ========= =======
Including: 0.5 60.2 210.0 210.5
=============== ========= ========= ========= =======
271 3.0 6.3 < 50 metres
=============== ========= ========= ==================
Including: 1.5 11.7 < 50 metres
--------- --------- ------------------
Undisclosed(1)
Undisclosed(1) 4.0 706.3 Undisclosed(1)
Including: 0.5 5,643.0 Undisclosed(1)
--------------- --------- --------- ------------------
(1) Selected details of certain high-grade intersections have
not been disclosed. These details have been redacted to protect the
value of the respective drilling results.
-- Visible gold was identified in two intersections across 13
holes drilled. The true width of mineralisation is estimated at
approximately 60-70% of the intercept core length;
-- Intersections reported today include the first results
received from Phase 2 of the ongoing drilling campaign, which is
targeting 200-450 metres below surface;
-- A resource update, focused on approximately 10% of the total
NI43-101 Inferred resource of 1.2 Moz between 0-200 metres in
depth, is expected to be released by early September; and,
-- Shanta is on track to complete approximately 35-40% of total
planned infill drilling at West Kenya by the end of 2021. 35% of
total planned infill drilling for 2021 and 13% of total planned
infill drilling over three phases has now been reported.
Eric Zurrin, Chief Executive Officer, commented:
"Building on from the success of Phase 1 drilling at West Kenya,
we are extremely encouraged by today's reported intersections which
are the first results from this second phase. We believe this asset
has the potential to be a high quality gold development project
that could be transformational for Shanta and our shareholders as
well as Kenya and its communities.
We continue to be excited by the prospects of the project and
remain on track to complete 35-40% of total planned drilling at
West Kenya by the end of 2021 with visible gold identified already.
We have strategically allocated capital to deliver growth through
exploration that we believe will generate long-term sustainable
returns for our shareholders. Our drilling results so far this year
continue to underpin our confidence in this approach."
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. 35% of
total planned drilling for 2021 and 13% 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 mobilised and now expected in August.
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 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 is expected to be completed and announced by early
September.
Phase 2 of the ongoing diamond drilling campaign at the Project
is seeking to infill nine modelled zones at Isulu (IZ1.0, 1Z2.0,
IZ3.0, IZ3.1, IZ3.2, IZ4.0, IZ4.1, IZ4.2 and IZ5.0) and three
modelled zones at Bushiangala (BZ1, BZ2 and BZ3). This drilling
phase amounts to 75,000 m of planned drilling and is due to be
completed in Q4 2022. Phase 2 drilling is expected to generate an
average spacing of 40 m at Isulu and 30 m at Bushiangala, up to a
depth of 450-500 m from surface.
Assay results shown below are those for 13 diamond drill holes,
received since the Company's most recent exploration update in July
2021. To date this takes the total number of holes with assays
returned to fifty-seven, 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. Assay results for these 13 drill
holes are tabulated below. Assays were analysed at an accredited
laboratory operated by SGS, an independent third party:
.
Drill Hole Interval Au (g/t) From (m) To (m) Prospect
(m)
LCD0261 1.5 3.2 100.8 102.3 Isulu
------------ --------- --------- ------- ---------------
3.0 4.3 136.8 139.8
------------ --------- --------- ------- ---------------
LCD0262 3.0 2.4 21.9 24.9 Bushiangala
------------ --------- --------- ------- ---------------
LCD0263 1.5 6.7 117.7 119.2 Isulu
------------ --------- --------- ------- ---------------
LCD0264 1.5 2.1 83.1 84.6 Isulu
------------ --------- --------- ------- ---------------
1.5 7.5 176.4 177.9
------------ --------- --------- ------- ---------------
2.8 12.8 207.7 210.5
including:
0.5 60.2 210.0 210.5
------------ --------- --------- ------- ---------------
LCD0265 1.5 1.3 < 50 metres Bushiangala
------------ --------- ------------------ ---------------
7.5 1.8 77.4 84.9
---------------
including:
3.0 4.2 77.4 80.4
1.0 5.9 162.2 163.2
---------------
LCD0266 1.5 2.1 141.3 142.8 Isulu
------------ --------- --------- ---------------
0.7 1.6 176.8 177.5
------------ --------- --------- ------- ---------------
LCD0267 3.0 3.8 < 50 metres Bushiangala
---------------- ------------ --------- ------------------ ---------------
1.0 13.9 164.3 165.3
---------------- ------------ --------- --------- ------- ---------------
LCD0268 1.0 0.8 456.5 457.5 Isulu
------------ --------- --------- ------- ---------------
LCD0269 8.5 4.0 159.5 168.0 Bushiangala
---------------- ------------ --------- --------- ------- ---------------
3.6 6.0 214.3 217.9
---------------- ------------ --------- --------- ------- ---------------
LCD0270 2.8 5.3 201.1 203.9 Bushiangala
---------------- ---------------
including:
---------------- ---------------
0.8 16.2 202.0 202.8
------------ --------- --------- -------
1.3 6.9 208.1 209.4
including:
0.7 12.5 208.7 209.4
------------ --------- --------- -------
1.0 0.5 219.8 220.8
------------ --------- --------- -------
1.0 5.4 245.4 246.4
---------------- ------------ --------- --------- ------- ---------------
LCD0271 3.0 6.3 < 50 metres Isulu
---------------- ---------------
including:
---------------- ---------------
1.5 11.7 < 50 metres
------------ --------- ------------------
1.5 9.7 110.0 111.5
---------------- ------------ --------- --------- ------- ---------------
LCD0274 5.0 11.5 134.2 139.2 Bushiangala
---------------- ------------ --------- --------- ------- ---------------
Undisclosed(1) 4.0 706.3 Undisclosed(1) Undisclosed(1)
---------------- ---------------
including:
---------------- ---------------
0.5 5,643.0 Undisclosed(1)
---------------- ------------ --------- ------------------ ---------------
(1) Selected details of certain high grade intersections have
not been disclosed. These details have been redacted to protect the
value of the respective drilling results.
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 / 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 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
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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