22nd Sep 2021 07:46
Shanta Gold Ltd - East Africa-focused gold producer - Announces first indicated resource of 117,600 ounces for its West Kenya Project. Results follow Phase 1 drilling of 9,383 metres through to June 30. These results include 82,700 ounces, grading at 10.6 grams per tonne at the Isulu area, with an implied resource conversion ratio of around 130% from the inferred resource. Also includes resources of 34,900 ounces grading at 3.9 grams per tonne at Bushiangala, with an implied resource conversion ratio of around 110% from the inferred resource.
Targets around 994,000 ounces of inferred resources in its Phase 2 and 3 drilling for potential conversion into an indicated resource. Notes 38 unassigned significant intersections at Bushiangala yet to be included in the resource. Expects to issue mineral resource estimate when Phase 2 drilling results are completed in first quarter of 2022.
Chief Executive Eric Zurrin says: "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 metres. 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."
Current stock price: 13.20 pence at close on Tuesday
Year-to-date change: down 22%
By Scarlett Butler; [email protected]
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