This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
Withdrawal Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR
16 April 2024
Shanta Gold Limited
("Shanta Gold", "Group" or
the "Company")
West Kenya Drilling Update
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" or the
"Project") in Kenya.
Eric Zurrin, Chief Executive Officer,
commented:
"Today we
announce a series of encouraging drilling results at West Kenya
related to our exploration programme for the periods Q4 2023 and Q1
2024.
At Ramula,
the 2,911 metres of assays reported today should allow us to
convert Inferred resources to Indicated category resources.
Results from the 1,886 metres of
assays at our early-mid-stage targets at both Miruka
and Anomaly 22 have demonstrated economic range mineralisation,
confirming the continuity of the mineralisation."
Highlights:
· The
drilling programmes commenced in 2023 and continued through the
first quarter of 2024 with the primary aim of converting Inferred
resources to Indicated category resources at the Ramula
deposit.
· A mineral
resource estimate update for Ramula is scheduled by end of Q2
2024.
· The
programme also included the testing of the most prospective
early-mid-stage targets around the Ramula camp, including Miruka
and Anomaly 22. These updates relate to 2,911 metres ("m") of
drilling from 24 diamond holes conducted in Q4 2023 and Q1 2024 at
the Ramula deposit, 1,045 m of drilling from 4 diamond holes at
Miruka and 841 m of drilling from 2 diamond holes at Anomaly
22.
· Results
from these holes at Miruka returned intercepts with economic range
mineralisation, confirming continuity of the mineralisation to +120
m depth and +150 m lateral extent. The mineralisation is open both
at depth and along strike.
· Results
from these holes at Anomaly 22 returned intercepts with economic
range mineralisation, confirming the continuity of the
mineralisation that still is open both at depth and along
strike.
·
Sterilisation drilling around Ramula covering the area for the
potential infrastructure placement continued in the first quarter
of 2024, with a total of 1,443 m of drilling from 6 diamond holes
having been completed.
· Drilling
intersection highlights include:
Hole No.
|
Interval
(m)
|
Au (g/t)
|
From (m)
|
To (m)
|
Ramula
deposit
|
RMD0062
|
2.1
|
9.26
|
0.0
|
2.1
|
RMD0068
|
1.0
|
202.45
|
188.6
|
189.6
|
incl.
|
0.5
|
404.10
|
188.6
|
189.1
|
RMD0074
|
4.5
|
4.44
|
21.6
|
26.1
|
incl.
|
1.5
|
9.77
|
23.1
|
24.6
|
RMD0081
|
3.0
|
5.04
|
24.7
|
27.7
|
RMD0101
|
1.5
|
5.89
|
26.1
|
27.6
|
|
1.8
|
6.66
|
101.9
|
103.7
|
Miruka
|
RMD0082
|
7.8
|
2.38
|
95.2
|
103.0
|
RMD0090
|
8.0
|
2.30
|
237.0
|
245.0
|
RMD0094
|
7.2
|
4.33
|
159.0
|
166.2
|
Anomaly 22
|
RMD23B
|
12.6
|
1.26
|
All
intervals are between 30-125 meters in depth
|
RMD23B
|
17.3
|
1.43
|
incl.
|
5.5
|
2.69
|
RMD25B
|
24.6
|
2.18
|
incl.
|
6.2
|
4.60
|
incl.
|
5.6
|
2.50
|
Note:
true width estimated at 70-95% (Ramula) and 70-80% (Miruka and
Anomaly 22) of the intercept core length and gold values
uncapped
Ramula Camp Drilling
Campaign
The Ramula target is located about 40 km northwest of
Kisumu City and 40 km west-southwest from the Isulu-Bushiangala
deposit. It is the most advanced prospect in the Ramula region.
Ramula Camp currently includes 3 high priority targets including
Ramula, Miruka and Anomaly 22, located less than 5 km from
Ramula.
Ramula Deposit
The Ramula deposit lies primarily within a small
dioritoid stock and its contact zones. The stock has intruded a
sequence of intermediate volcanic rocks comprised of intermediate
volcaniclastic breccias and tuffs and volcanic extrusive rocks. The
deposit is situated less than 1 km from the district-scale fault
and unconformity with the polymictic 'Timiskaming-style'
conglomerates. Minor quartz feldspar porphyries are present. The
elongate dioritoid body is approximately 300 m by 500 m with a
northwest-southeast trending long axis. Mineralisation at Ramula is
hosted within a series of stacked, shallow-dipping, thin quartz
tension veins primarily hosted in the strongly altered dioritoid
and extending into the surrounding intermediate volcanic units.
Gold-bearing quartz veins are clustered in well-identifiable zones,
which have been modelled and now verified by the 2022 infill
drilling. Lower-grade gold mineralisation also occurs between the
veins. The style of mineralisation of the Ramula deposit resembles
Sigma-Lamaque style at the Val'd-Or Camp of the Abitibi Gold Belt,
Canada, where recent systematic exploration resulted in discovery
of several proximal gold deposits within the camp, which was
previously considered as overmatured.
The drilling programme that commenced in 2023 and
continued in the first quarter of 2024 at the Ramula deposit was
aimed at upgrading ounces from the Inferred Mineral Resource
Estimate into the Indicated Resource category within the pit shell
used to constrain the current resource. Average drill intersection
spacing for the recently completed program is 30-40 m. A mineral
resource estimate update is scheduled for Q2 2024. Following the
completion of 2022 drilling, the Ramula modelled zones were
updated, and the updated mineral resource estimate (469,800 ounces
grading 2.41 g/t, using a cut-off grade of 0.7g/t Au and
constrained within US $2,000 pit shell) was announced in February
2023.
Previous infill drilling verified the extent and
geometry of the mineralised zones developed for the current
resource model. Ramula mineralisation is open for extension to the
northwest and southeast and Shanta's recent drilling to 600 m depth
confirms mineralisation is open at depth, hence the potential for
underground mineable resources exists.
The composited assay results shown below are for 24
diamond drill holes received since the Company's most recent
exploration update on 2 November 2023. The lengths shown are the
down hole metres and it is estimated that the true widths of the
mineralised zones are approximately 70-95% of the widths
intersected in the drill holes. All assays are reported without
application of a top cut. Samples were analysed at an accredited
laboratory operated by MSALABS (Vancouver, Canada), an independent
third party:
Drill Hole
|
Interval (m)
|
Au
(g/t)
|
From (m)
|
To
(m)
|
Prospect
|
RMD0062
|
2.1
|
9.26
|
0.0
|
2.1
|
Ramula
|
|
1.5
|
2.14
|
15.6
|
17.1
|
|
|
1.5
|
2.13
|
30.6
|
32.1
|
|
|
1.6
|
3.43
|
44.1
|
45.7
|
|
|
0.8
|
4.62
|
77.6
|
78.4
|
|
|
0.7
|
2.27
|
99.8
|
100.5
|
|
RMD0067
|
No
Significant Intercepts
|
Ramula
|
RMD0068
|
3.3
|
3.45
|
170.2
|
173.5
|
Ramula
|
|
including:
|
|
|
|
|
|
0.6
|
16.0
|
170.2
|
170.8
|
|
|
1.0
|
202.5
|
188.6
|
189.6
|
|
|
including:
|
|
|
|
|
|
0.5
|
404.1
|
188.6
|
189.1
|
|
RMD0069
|
1.0
|
0.5
|
96.0
|
97.0
|
Ramula
|
RMD0071
|
Assays
Pending
|
Ramula
|
RMD0072
|
5.9
|
2.7
|
80.3
|
86.2
|
Ramula
|
|
including:
|
|
|
|
|
|
1.2
|
9.38
|
80.3
|
81.5
|
|
RMD0073
|
0.5
|
1.04
|
74.0
|
74.5
|
Ramula
|
RMD0074
|
4.5
|
4.44
|
21.6
|
26.1
|
Ramula
|
|
including:
|
|
|
|
|
|
1.5
|
9.77
|
23.1
|
24.6
|
|
|
1.5
|
4.18
|
48.6
|
50.1
|
|
RMD0075
|
10.5
|
1.09
|
12.9
|
23.4
|
Ramula
|
|
including:
|
|
|
|
|
|
3.0
|
1.74
|
12.9
|
15.9
|
|
|
0.8
|
2.50
|
105.2
|
106.0
|
|
RMD0076
|
Assays
Pending
|
Ramula
|
RMD0077
|
No
Significant Intercepts
|
Ramula
|
RMD0079
|
1.5
|
3.19
|
12.8
|
14.3
|
Ramula
|
|
3.0
|
2.71
|
46.0
|
49.0
|
|
|
1.0
|
2.05
|
57.0
|
58.0
|
|
RMD0080
|
3.0
|
2.13
|
21.8
|
24.8
|
Ramula
|
RMD0081
|
3.0
|
5.04
|
24.7
|
27.7
|
Ramula
|
RMD0083
|
1.5
|
1.81
|
17.1
|
18.6
|
Ramula
|
|
4.5
|
1.37
|
23.1
|
27.6
|
|
RMD0084X
|
1.5
|
1.81
|
12.7
|
14.2
|
Ramula
|
|
1.5
|
2.46
|
24.7
|
26.2
|
|
RMD0084
|
1.5
|
2.23
|
24.8
|
26.3
|
Ramula
|
|
1.6
|
2.07
|
104.5
|
106.1
|
|
RMD0086
|
0.8
|
1.30
|
27.3
|
28.1
|
Ramula
|
|
1.0
|
1.08
|
59.0
|
60.0
|
|
RMD0088
|
1.5
|
1.20
|
6.6
|
8.1
|
Ramula
|
RMD0091
|
0.5
|
0.72
|
71.0
|
71.5
|
Ramula
|
RMD0093
|
0.8
|
2.20
|
0.0
|
0.8
|
Ramula
|
|
3.0
|
0.64
|
5.3
|
8.3
|
|
RMD0095
|
0.7
|
3.93
|
112.8
|
113.5
|
Ramula
|
RMD0097
|
0.5
|
1.40
|
258.7
|
259.2
|
Ramula
|
RMD0101
|
1.5
|
5.89
|
26.1
|
27.6
|
Ramula
|
|
1.0
|
1.19
|
86.8
|
87.8
|
|
|
1.8
|
6.66
|
101.9
|
103.7
|
|
RMD0105
|
No
Significant Intercepts
|
Ramula
|
RMD0107
|
No
Significant Intercepts
|
Ramula
|
RMD0108
|
1.2
|
1.97
|
45.8
|
47.0
|
Ramula
|
|
0.6
|
1.15
|
97.8
|
98.4
|
|
Note:
true width estimated at 70-95% of the intercept core length and
gold values uncapped
Miruka
The Miruka target is located 2 km from the Ramula
deposit. It is one of the high priority targets in the Ramula
region, that had previously been delineated by geochemical,
geophysical and geological data and this data was recently
reassessed. RC drill intercepts from a 2017 drill program confirmed
potential for economic mineralisation with better intercepts of 4m
@ 5.43 g/t Au and 6m @ 2.20 g/t Au, both at shallow depths returned
from two holes. A drilling program aimed at testing continuity and
the grades of the mapped mineralised structure, confirmed by the
2017 RC intercepts was completed in 2022 with better intercepts of
5.7m @ 4.23 g/t Au, 9m @ 4.65 g/t Au and 9.2m @ 4.35 g/t Au.
Miruka's geology is comprised of volcanics of
intermediate composition, intruded by intermediate and felsic
porphyries and diorite. The main target is defined by an east-west
trending gold in soil (>50ppb Au) anomaly, extending over 600 m
strike length, coincident with a shear structure mapped on surface.
The main mineralisation zone is hosted in a fractured
sericite-carbonate altered intermediate volcanic rock/porphyry with
the gold found in the fractured quartz-carbonate veinlets or
associated with pyrite. The Miruka system extends over 2 km and is
situated less than 1 km from the district-scale fault and shows
unconformity with the polymictic 'Timiskaming-style'
conglomerates.
The drilling program was aimed at testing continuity
and infilling the mineralised zone, confirmed by the 2022 DD
intercepts to be able to report a maiden classified mineral
resource estimate. A total of 11 diamond holes were drilled in Q4
2023 and Q1 2024. Results from these holes returned intercepts with
economic range mineralisation, confirming continuity of the
mineralisation to +120m depth and +150m lateral extent. The
mineralisation is open both at depth and along strike.
The composited assay results shown below are for 4
out of the 11 diamond holes drilled at the target in 2023 - 2024.
The lengths shown are the down hole metres and it is estimated that
the true widths of the mineralised zones are approximately 70-80%
of the widths intersected in the drill holes. All assays are
reported without application of a top cut. Composited assay results
for these 4 drill holes are tabulated below. Samples were analysed
at an accredited laboratory operated by MSALABS (Vancouver, Canada)
an independent third party:
Drill Hole
|
Interval (m)
|
Au
(g/t)
|
From (m)
|
To
(m)
|
Prospect
|
RMD0078
|
2.1
|
1.08
|
222.0
|
224.1
|
Miruka
|
|
2.2
|
1.95
|
302.9
|
305.1
|
|
RMD0082
|
1.6
|
1.97
|
90.2
|
91.8
|
Miruka
|
|
7.8
|
2.38
|
95.2
|
103.0
|
|
RMD0090
|
8.0
|
2.30
|
237.0
|
245.0
|
Miruka
|
|
3.8
|
3.77
|
237.0
|
240.8
|
|
RMD0094
|
7.2
|
4.33
|
159.0
|
166.2
|
Miruka
|
Note:
true width estimated at 70-80% of the intercept core length and
gold values uncapped
Anomaly
22
Anomaly 22 is located in the vicinity of Ramula. It
is the most recently identified prospect in the potential Ramula
Mining Camp and was delineated based on geological, geophysical and
geochemical data.
Anomaly 22 is primarily hosted within intermediate
volcanics, diorite, felsic and intermediate porphyries and cherty
sediments. An ultramafic unit has been identified in a recently
drilled diamond hole. The target is delineated by a strong and
continuous (>1.5 km) gold in soil anomaly coincident with
pathfinder elements Bi (Bismuth), Te (Tellurium) and Mo
(Molybdenum). Anomaly 22 mineralisation is developed on or near the
contact of the intermediate porphyry and diorite based on
interpretation of results for the holes drilled at the target to
date. The results also show that the porphyry and diorite carry
continuous anomalous gold values.
The first hole was completed in Q4 2021, and two more
holes were completed in Q3 2022. Results from these holes returned
intercepts with economic range mineralisation, confirming the
presence of a large mineralised system as outlined by the gold (and
pathfinders) in soil anomaly footprint.
The 2023 - 2024 drilling program was aimed at testing
continuity and infilling the mineralised zones, confirmed by the
2021 - 2022 DD intercepts. A total of 5 diamond holes were drilled
in Q4 2023 and Q1 2024. Results from these holes returned
intercepts with economic range mineralisation, confirming
continuity of the mineralisation that still is open, both at depth
and along strike.
The composited assay results shown below are for 2
out of the 5 diamond holes drilled at the target in 2023 - 2024.
The lengths shown are the down hole metres and it is estimated that
the true widths of the mineralised zones are approximately 70-80%
of the widths intersected in the drill holes. All assays are
reported without application of a top cut. Samples were analysed at
an accredited laboratory operated by MSALABS in Canada, an
independent third party:
Drill Hole
|
Interval (m)
|
Au
(g/t)
|
From (m)
|
To
(m)
|
Prospect
|
RMD23B
|
12.6
|
1.26
|
All
intersections are between 30-125 meters in depth
|
Anomaly 22
|
|
6.6
|
1.37
|
|
|
including:
|
|
|
|
2.8
|
2.19
|
|
|
17.3
|
1.43
|
|
|
including:
|
|
|
|
5.5
|
2.69
|
|
|
3
|
1.42
|
|
|
17
|
0.95
|
|
|
including:
|
|
|
|
1.5
|
2.37
|
|
|
including:
|
|
|
|
2
|
2.41
|
|
RMD25B
|
24.6
|
2.18
|
Anomaly 22
|
|
including:
|
|
|
|
6.2
|
4.6
|
|
|
including:
|
|
|
|
5.6
|
2.5
|
|
|
including:
|
|
|
|
3.5
|
2.91
|
|
|
4
|
2.85
|
|
|
including:
|
|
|
|
0.9
|
11.63
|
|
Note:
true width estimated at 70-80% of the intercept core length and
gold values uncapped
Enquiries:
Shanta Gold Limited
|
|
Eric Zurrin (CEO)
|
+44 (0) 14 8172 6034
|
Michal Devine (CFO)
|
|
Nominated Adviser and Broker
|
|
Liberum Capital Limited
|
|
Scott Mathieson / Nikhil
Varghese
|
+44 (0) 20 3100 2000
|
Public Relations
|
|
FTI Consulting
|
|
Sara Powell / Nick Hennis /
Lucy Wigney
|
+44 (0) 20 3727 1426
|
Competent Person Statement
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").
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 500 koz grading 2.78 g/t Au, and
exploration licences covering approximately 600 km2 in
the country. Alongside New Luika and Singida, Shanta also owns the
West Kenya Project in Kenya and licences with resources of 1.7
million ounces including 1.1 million ounces in the Indicated
category grading 4.86 g/t Au. With a strong balance sheet, a
growing diversified portfolio and dividends paid since 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 1,051 million shares in issue.
END
Glossary
Glossary of Technical Terms
"Au"
|
chemical symbol for gold
|
|
"cut-off grade" (COG)
|
the lowest grade value that is
included in a resource statement. It must comply with JORC
requirement 19: "reasonable
prospects for eventual economic extraction" the lowest
grade, or quality, of mineralised material that qualifies as
economically mineable and available in a given deposit. It
may be defined on the basis of economic evaluation, or on physical
or chemical attributes that define an acceptable product
specification
|
"g/t"
"DD"
|
grammes per tonne, equivalent to
parts per million
Diamond drilling, also known as core
drilling, is a method used in mineral exploration to extract
cylindrical rock core samples from the earth. It involves drilling
a borehole into the ground using a diamond-tipped drill bit, which
has the ability to cut through hard rocks.
|
"Inferred Resource"
|
that part of a Mineral Resource for
which tonnage, grade and mineral content can be estimated with a
low level of confidence. It is inferred from geological
evidence and assumed but not verified geological and/or grade
continuity. It is based on information gathered through
appropriate techniques from locations such as outcrops, trenches,
pits, workings and drill holes which may be limited or of uncertain
quality and reliability
|
"Indicated Resource"
|
that part of a Mineral Resource for
which tonnage, densities, shape, physical characteristics, grade
and mineral content can be estimated with a reasonable level of
confidence. It is based on exploration, sampling and testing
information gathered through appropriate techniques from locations
such as outcrops, trenches, pits, workings and drill holes.
The locations are too widely or inappropriately spaced to confirm
geological and/or grade continuity but are spaced closely enough
for continuity to be assumed
|
"koz"
|
thousand troy ounces of
gold
|
"Measured Resource"
|
that part of a Mineral Resource for
which tonnage, densities, shape, physical characteristics, grade
and mineral content can be estimated with a high level of
confidence. It is based on detailed and reliable exploration,
sampling and testing information gathered through appropriate
techniques from locations such as outcrops, trenches, pits,
workings and drill holes. The locations are spaced closely
enough to confirm geological and grade continuity
|
"Mineral Resource"
|
a concentration or occurrence of
material of intrinsic economic interest in or on the Earth's crust
in such form, quality and quantity that there are reasonable
prospects for eventual economic extraction. The location,
quantity, grade, geological characteristics and continuity of a
Mineral Resource are known, estimated or interpreted from specific
geological evidence and knowledge. Mineral Resources are
sub-divided, in order of increasing geological confidence, into
Inferred, Indicated and Measured categories when reporting under
JORC
|
"Mt"
|
million tonnes
|
|
"oz"
|
troy ounce (= 31.103477
grammes)
|
|
"Reserve"
"RC"
|
the economically mineable part of a
Measured and/or Indicated Mineral Resource
Reverse circulation (RC) drilling is
a method used in mineral exploration and mining to obtain samples
from the subsurface.
|
|
"t"
|
tonne (= 1 million
grammes)
|
|
|
|
|
|
|