TIDMSHG
RNS Number : 7549K
Shanta Gold Limited
06 September 2021
6 September 2021
Shanta Gold Limited
("Shanta Gold" or the "Company")
High Grade Drilling Results from 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 3,205 metres ("m") of drilling across
11 holes conducted in June and July 2021 at the Isulu and
Bushiangala deposits ("the Deposits") and reports new information
received since the Company's previous exploration update released 9
August 2021;
-- Today's update is the sixth set of drilling results reported
in 2021 from West Kenya, all continuing to deliver high grade gold
intersections from infill drilling;
-- Drilling intersection highlights include:
Hole No. Interval Au (g/t) From (m) To (m)
(m)
========= ========= ========= =======
Isulu deposit
=========================================================
273 2.6 23.34 410.4 413.0
=============== ========= ========= ========= =======
277 4.7 117.39 417.0 421.7
=============== ========= ========= ========= =======
Including: 1.0 529.90 420.7 421.7
--------- --------- --------- -------
Bushiangala deposit
275 1.0 23.50 182.9 183.9
--------- --------- --------- -------
276 1.1 7.53 163.3 164.4
--------- --------- --------- -------
279 0.6 16.10 193.7 194.3
--------- --------- --------- -------
Undisclosed(1)
Undisclosed(1) 3.9 63.80 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 3 intersections across 11
holes drilled. The true width of mineralisation is estimated at
approximately 60-70% of the intercept core length;
-- Hole Undisclosed intersected 3.9 m at 63.80 g/t Au, with the
intersect 60 m in proximity to hole Undisclosed announced in August
2021 which intersected 4.0 m at 706.3 g/t;
-- Intersections reported today include the second set of
results received from Phase 2 of the ongoing drilling campaign,
which is targeting mineralisation at 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, and partially using intersections reported today, is
expected to be released in September; and,
-- 45% of total planned infill drilling for 2021 and 17% of
total planned infill drilling over three phases for West Kenya has
now been reported.
Eric Zurrin, Chief Executive Officer, commented:
"We are delighted with our second set of results from Phase 2
drilling at West Kenya. Whilst the intersections across the board
have been very strong, we are particularly pleased with a new
intersection of 3.9 m at 63.80 g/t Au which is 60 meters in
proximity to the Undisclosed hole announced last month which
intersected 4.0 m at 706.3 g/t. We are almost halfway through our
total planned infill drilling programme at West Kenya for 2021 with
a resource update due to be released later this month.
We believe West Kenya represents significant upside potential
for our business and we are excited to replicate our success in
Tanzania across the wider East Africa region."
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. 45% of
total planned drilling for 2021 and 17% 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 expected on site in
September.
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 in
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 interception spacing of 40 m at Isulu and 30 m at
Bushiangala, up to a depth of 450-500 m from surface.
Drilling interception results shown below are those for 11
diamond drill holes, received since the Company's most recent
exploration update in August 2021. To date this takes the total
number of holes with assays returned to 68 within the current
drilling campaign. The lengths shown are 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. 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)
LCD0273 2.6 23.34 410.4 413.0 Isulu
----------- --------- --------- ------- ---------------
LCD0275 1.0 3.01 103.0 104.0 Bushiangala
----------- --------- --------- ------- ---------------
1.3 2.22 255.3 256.6
----------- --------- --------- ------- ---------------
7.9 3.75 182.9 190.8
including:
1.0 24.50 182.9 183.9
----------- --------- --------- ------- ---------------
LCD0276 1.0 1.84 146.7 147.7 Bushiangala
----------- --------- --------- ------- ---------------
4.7 2.27 159.7 164.4
---------------
including:
1.1 7.53 163.3 164.4
----------- --------- --------- -------
4.0 1.43 183.7 187.7
----------- --------- --------- ------- ---------------
LCD0277 4.7 117.39 417.0 421.7 Isulu
---------------
including:
---------------
1.0 529.90 420.7 421.7
----------- --------- --------- ------- ---------------
LCD0278 14.5 1.45 165.0 179.5 Bushiangala
------------------ ---------------
Including:
------------------ ---------------
2.0 5.31 172.0 174.0
----------- --------- --------- -------
1.0 1.24 182.8 183.8
------------------ ----------- --------- --------- ------- ---------------
LCD0279 18.0 2.02 154.0 172.0 Bushiangala
------------------ ----------- --------- --------- ------- ---------------
0.6 16.10 193.7 194.3
------------------ ----------- --------- --------- ------- ---------------
LCD0280 5.3 3.95 142.7 148.0 Bushiangala
------------------ ----------- --------- --------- ------- ---------------
1.0 1.84 168.9 169.0
------------------ ----------- --------- --------- ------- ---------------
1.2 1.50 175.6 176.8
------------------ ----------- --------- --------- ------- ---------------
LCD0281 1.0 1.66 394.6 395.6 Isulu
------------------ ----------- --------- --------- ------- ---------------
3.0 0.54 407.6 410.6
------------------ ----------- --------- --------- ------- ---------------
LCD0282 1.0 3.65 117.0 118.0 Bushiangala
----------- --------- --------- -------
0.7 3.43 121.3 122.0
----------- --------- --------- -------
0.5 5.44 149.0 149.5
----------- --------- --------- -------
1.0 1.93 168.0 169.0
----------- --------- ---------
0.8 7.00 211.3 212.1
----------- --------- ---------
LCD0283 0.6 7.63 173.0 173.6 Bushiangala
----------- --------- --------- -------
LCD0284 3.0 3.78 184.5 187.5 Bushiangala
----------- --------- --------- ------- ---------------
1.0 1.18 203.9 204.9
----------- --------- --------- ------- ---------------
Undisclosed(1) 3.9 63.80 Undisclosed(1) 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 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").
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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