Indicated Resources Now Stand At 82,700 Ounces
East Africa-focused gold producer and explorer, Shanta Gold (AIM: SHG) has unveiled a resource update for the West Kenya Project in Kenya.
• 82,700 ounces grading 10.62 g/t converted to Indicated resources at Isulu;
o Implied resource conversion ratio1 of approximately 130%, from Inferred;
• 34,900 oz grading 3.92 g/t converted to Indicated resources at Bushiangala;
o Implied resource conversion ratio1 of approximately 110%, from Inferred;
• 117,600 oz grading 7.04 g/t converted to Indicated in total at a conversion rate of over 100%, following Phase 1 drilling of 9,383 metres through to 30 June 2021;
• Approximately 994,000 oz of Inferred resources is being targeted during Phase 2 and 3 drilling for potential conversion to Indicated category;
• Recent drilling results yielded numerous high-grade intervals, suggesting the presence of high-grade shoots on all levels; •
38 unassigned significant intersections at Bushiangala yet to be included in the resource; and
• An update on the impact on the overall Mineral Resource Estimate will be announced when Phase 2 drilling results are completed, expected in Q1 2022.
CEO, Eric Zurrin, said that following a rapid Phase 1 exploration programme at West Kenya in 2021, the company was delighted to announce a first indicated resource for the project of 117,600 oz.
“We’re particularly excited about the high-grade nature of the ore body at Isulu which has contributed to a conversion rate of over 100% following new discovered zones during infill drilling.
“Whilst we’ve made real progress in West Kenya in such a short amount of time, our Phase 2 drilling programme is ongoing, targeting zones between 200-500 meters and additional upside from high grade intersections already identified in Phase 2 between 0-400 m.
“We remain focused on moving forward swiftly to fast-track this project to development and production, with 30 – 45% of total planned drilling at West Kenya to be completed by the end of this year.
“A total resource estimate will be announced at this time. Exploration continues to underpin our growth strategy and with an extensive portfolio of increasingly high-grade exploration assets to complement our production and development portfolio across Tanzania and West Kenya our outlook is the strongest it’s been in the history of Shanta Gold.”
For further information please visit: https://www.shantagold.com/