Less Ads, More Data, More Tools Register for FREE

Pin to quick picksSHG.L Share News (SHG)

  • There is currently no data for SHG

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Shanta Gold makes progress with drilling at West Kenya

Thu, 02nd Nov 2023 13:34

(Sharecast News) - East Africa-focussed explorer, developer and producer Shanta Gold updated the market on its exploration activities at the West Kenya Project on Thursday.

The AIM-traded firm said that in May, it resumed drilling programmes at the Isulu-Bushiangala and Ramula deposits within the West Kenya Project.

It said the primary objective was to convert inferred resources to indicated resources at the sites.

Additionally, sterilisation drilling was conducted around the Ramula deposit, and early-mid-stage targets around the Ramula potential mining centre were assessed.

During the second quarter, 4,421 metres of drilling from 12 diamond holes was carried out at the Isulu and Bushiangala deposits, while 717 metres of drilling from six diamond holes took place at Ramula.

Sterilisation drilling around Ramula was successful, with 3,717 metres of drilling from 12 diamond holes effectively sterilising the area for potential infrastructure placement.

Shanta said it had already completed 45% of the planned 2023 drilling at Isulu and Bushiangala.

At the Isulu and Bushiangala deposits, gold mineralisation was found in sheared pillowed to massive basalts, surrounded by various geological formations.

The mineralisation is associated with quartz and quartz-carbonate veinlets within shear zones of varying widths, while the strike lengths of the mineralised zones range from 100 to 600 metres.

Infill drilling at Isulu and Bushiangala, which started in 2021, aimed to infill existing modelled zones and achieved an average spacing of 40 metres at Isulu and 30 metres at Bushiangala.

That drilling targeted oxides and sulphides within the zones and resulted in an updated mineral resource estimate announced in January, indicating 1.29 million ounces grading 10.60 grams of gold per tonne, with 721,900 ounces upgraded to the indicated category.

The Ramula deposit, situated within a dioritoid stock and its contact zones, is located near a district-scale fault and unconformity.

Mineralisation at Ramula is hosted in quartz tension veins within the altered dioritoid and surrounding volcanic units, Shanta explained.

The style of mineralisation resembled the Sigma-Lamaque style in Canada's Abitibi Gold Belt.

Shanta's updated mineral resource estimate for Ramula, announced in February, showed 469,800 ounces grading 2.41 grams of gold per tonne.

Notably, Ramula's mineralisation remained open for extension both to the northwest and southeast, with drilling to a depth of 600 metres confirming the potential for underground mineable resources.

"I am delighted to announce an update on drilling at our West Kenya project, the first update since drilling recommenced in May this year," said chief executive officer Eric Zurrin.

"This update follows on from the success announced last year at West Kenya, where we upgraded resources at Isulu and Bushiangala to 1.29 million ounces grading 10.60 grams of gold per tonne, of which 721,900 ounces grading 11.45 grams of gold per tonne was upgraded to the indicated category.

"Meanwhile at Ramula, we upgraded resources of 469,800 ounces grading 2.41 grams of gold per tonne, including 416,700 ounces grading 2.43 grams per tonne."

Zurrin said the 4,421 metres of assays reported following its recent exploration campaign had so far identified visible gold in five intersections from nine holes drilled at Isulu and Bushiangala, as well as at the six holes drilled at Ramula, as the team aimed to convert inferred resources to indicated.

"We continue to believe that the drilling results delivered at West Kenya demonstrate that this project has the potential to become one of Africa's next quality, high-grade gold mines, and we look forward to updating shareholders on this exciting project in due course."

At 1317 GMT, shares in Shanta Gold were down 2.03% at 10.88p.

Reporting by Josh White for Sharecast.com.

More News
22 Apr 2014 07:39

UK MORNING BRIEFING: Glaxo And AstraZeneca Put M&A In Focus

LONDON (Alliance News) - UK shares have opened slightly higher Tuesday following gains on Wall Street over the long Easter weekend.

Merger and acquisition activity and discussion surrounding UK pharmaceutical giants GlaxoSmithKline and AstraZeneca

Read more
22 Apr 2014 07:12

Shanta Gold Narrows Loss In 2013; Plans New Luika Mine Extension

LONDON (Alliance News) - Shanta Gold Ltd Tuesday said it narrowed its losses in 2013, after it got its New Luika mine into production and was able to reverse a bad-debt provision. The gold producer posted a pretax loss of USD4.4 million for 2013, compared with USD14.7 million a year earlier

Read more
24 Feb 2014 14:30

CORRECT: DIRECTOR DEALINGS: Shanta Gold Executives Acquire Convertible Loan Notes

(An item published on February 20 at GMT1519 misstated the total number of loan notes held following two transactions due to a mistake by the issuer. The correct version follows.) LONDON (Alliance News) - Shanta Gold Limited PLC Wednesday said Strategic Adviser Johnathan Leslie acquired

Read more
20 Feb 2014 15:19

DIRECTOR DEALINGS: Shanta Gold Executives Acquire Convertible Loan Notes

LONDON (Alliance News) - Shanta Gold Limited PLC Wednesday said Strategic Adviser Johnathan Leslie acquired convertible loan notes in the company outlined below.

Read more
29 Jan 2014 10:29

Shanta Gold Announces Maiden Ore Reserve At Singida

LONDON (Alliance News) - Shanta Gold Ltd Wednesday announced its maiden ore reserve for the Singida Gold Mining Project in central Tanzania. The East Africa-focused gold production and exploration company said its proven on site ore reserve is now 1.39 million tonnes at 5.1 grams per tonne,

Read more
20 Jan 2014 08:41

Shanta Gold Says Gold Production Ahead Of Guidance, Sets Out 2014

LONDON (Alliance News) - Shanta Gold Ltd Monday said its full-year gold production was marginally ahead of guidance after a 3.6% increase in the fourth quarter. The East Africa-focused gold production and exploration company said it achieved 64,054 ounces of gold production for the twelve m

Read more
16 Jan 2014 10:17

Shanta Gold Increases Resources, Reserve At New Luika, Tanzania

LONDON (Alliance News) - Shanta Gold Ltd Thursday increased its resources for the Bauhinia Creek and Luika targets at its New Luika Gold Mine in Tanzania. The East Africa-focused gold production and exploration company said it has increased its on-site indicated mineral resource for Bauhini

Read more
16 Jan 2014 08:21

UK MORNING BRIEFING: Shares Down; Sports Direct Ups Interest In Debenhams

LONDON (Alliance News) - UK shares have opened mostly lower Thursday despite a strong lead from the US, as investors digest a rush of UK company announcements.

In another surprise from Mike Ashley, Sports Direct International said it has sold its 4.6% stake in Read more

13 Dec 2013 15:43

Soco International Chairman adds 50,000 shares

Soco International's Non-Executive Chairman, Rui de Sousa, has acquired 50,000 shares in the international oil and gas exploration and production company. The shares were purchased at 384.97p each for a total spend of £192,485. In its interim management statement last month the group said it was

Read more
11 Nov 2013 16:53

Aviva Non-Exec makes first investment

British insurance company Aviva on Monday said recently appointed Non-Executive Director Michael Mire had bought 7,500 at 439.89p each, his only holding in the group. Mire joined the company in mid-September as part of its ongoing programme to refresh the board. The company said on his appointment

Read more
11 Nov 2013 13:33

DIRECTOR DEALINGS: Shanta Gold CEO, Non-Exec Acquire 400,000 Shares

Read more
30 Oct 2013 11:00

DIRECTOR DEALINGS: Shanta Gold Non-Executive Buys Loan Notes

Read more
21 Oct 2013 16:52

Shanta Gold rises on higher gold production

Shares in Shanta Gold sparkled 1p to 14.75p by the close in London as the East Africa-focused miner reported higher production and a possible reserves upgrade. Shanta, which runs the New Luika and Singida projects in Tanzania, said third-quarter gold production rose 31% to 18,914 ounces against the

Read more
21 Oct 2013 07:34

Shanta Says Gold Production Up 31%; Provides Reserve Estimate At New Luika Site

Read more
14 Oct 2013 16:32

Software Radio non-exec stocks up as group looks ahead with confidence

Software Radio Technology announced Monday that Andrew Lapping, a Non-Executive Director, acquired 50,000 shares at 29.50p each, taking his total interest in the company to 1.18m shares. The group also gave a trading update, in which it revealed that it expects to report revenues of £3.2m and a lo

Read more

Quickpicks are a member only feature

Login to your account