Shanta Gold Ltd - east Africa-focused gold producer, developer and explorer - West Kenya Project's total project resources increases 31% to 1.55 million ounces of gold grading 6.18 grams per tonne, alongside a more than tripled rise in Indicated resources to 378,000 ounces at a grade of 11.70 grams per tonne.
Looking ahead, 700,000 ounces of additional Inferred resources is being targeted during 2022 for potential conversion to Indicated.
"In addition, new early-stage targets will be explored this year with the aim of converting them to the Inferred resource stages. Our West Kenya Project is located in the high-potential and underexplored greenstone belt within the Lake Victoria Goldfields, which already hosts world class gold mines owned by Barrick and AngloGold Ashanti," says Chief Executive Officer Eric Zurrin.
"We currently have three drill rigs operational and Feasibility Study work begins in May 2022. Excellent visual intersections have been observed in drilling results since the start of 2022 with multiple occurrences of visible gold," Zurrin adds.
Current stock price: 10.02 pence, up 5.5%
12-month change: down 16%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Shanta Gold (SHG)