London Stock Exchange-listed Shanta Gold has discovered new high-grade mineral deposits in its Kakamega-based project in Kenya.
The company is set to announce a consolidated upgraded mineral resource estimate for West Kenya, which incorporates new discoveries at the Isulu and Bushiangala targets, as well as new maiden resource estimates for its Ramula and Bumbo targets, following encouraging results in the area.
“The latest phase of drilling at West Kenya has continued to deliver outstanding results, ensuring that this remains the most consistently high-grade drilling programme we’ve ever conducted at any asset in Shanta’s history,” Chief Executive Officer Eric Zurrin said.
Shanta says it hit promising gold intersections from 31,000 metres of drilling conducted last year.
The results have been consistently high grade and extend from surface down through a depth of 500 metres, and open from all angles, the company explained.
The miner identified visible gold in 38 intersections across 107 holes drilled last year.
“This is a hugely exciting time for the company and our stakeholders as the West Kenyan resource expands toward a multi-million-ounce gold district comparable with other prolific greenstone belts in the world,” added Mr Zurrin.
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Shanta’s West Kenya project covers an area of roughly 1,162 square kilometres of the highly prospective and underexplored greenstone Archaean Busia-Kakamega Gold Belt in the western part of the country. The Ramula target is located about 40 kilometres northwest of Kisumu City.
The firm noted that 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-kilometre structural trend located on the eastern limb of a broad synclinal structure intruded in the centre by granitoids and diorites, often called the Kakamega Dome.
The company also remains on track to start producing gold at the Singida project, in Tanzania, early next year, but in the meantime, Shanta plans on drilling 42,000 metres at West Kenya, this year.