Shanta Gold Limited (AIM:SHG, OTC:SAAGF) said it has hit further encouraging gold grades in drilling on targets at the Ramula Camp on the West Kenya project in Kenya.
"I am delighted to announce further exciting news from West Kenya, with today's drill results confirming our long-held belief that the Project has the potential to become one of Africa's next quality, high-grade gold mines,” said Shanta’s chief executive Eric Zurrin in a statement.
“The team has encountered excellent intersections from three new targets at the Ramula Camp that, in time, may see the resource potentially increase from the original maiden inferred resource of 434,000 ounces grading 2.08 grams per tonne to at least another plus-1.5 million ounce gold camp within West Kenya," he added.
And Zurrin reminded investors that Ramula Camp isn’t the only resource at West Kenya: “Alongside the Ramula Camp and its growing resource, we have the 1.2mln ounce resource already established at the Isulu/Bushiangala Camp. We look forward to providing shareholders with a mineral resource update from Isulu/Bushiangala before the year-end. Our focus will then turn to updating the market on the Ramula mineral resource in the New Year where we have confidence in a material upgrade to Indicated resources."
The three new and recently reassessed targets, Anomaly 22, the Miruka system, and the Ochiegue system, situated within a five kilometre radius from the Ramula deposit, present several exciting additional open-pit and underground development options for the company in what is a large prolific district.
Among the highlights from the recent drilling are 1.5 metres at 29.5 grams per tonne gold, seven metres at 3.06 grams, and two metres at 28.9 grams.
Meanwhile, the company is also returning promising results from Miruka, two kilometres away from Ramula.