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Shanta Gold (SHG) Shares Rallied 6.4% on Upbeat Phase II Drill Results From West Kenya

Updated: 6 Sep 2021

Shares of Shanta Gold Limited (LON: SHG) gapped 6.4% higher after releasing positive phase 2 drilling results from its West Kenya gold project.

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Today’s update was the sixth such operations update related to the West Kenya project. The gold mining company identified visible gold at three of the 11 holes drilled during the campaign.

Some of the report’s highlights include the intersection of 3.9 metres at 63.8 grams per tonne of gold at an undisclosed location close to an additional prospective hole announced in August.

Shanta Gold has reported significantly positive results from its West Kenya Project, which covers 1,162 km² of the highly prospective and underexplored greenstone Archaean Busia-Kakamega Gold Belt in western Kenya.

The Western Kenya gold belt has remained unexplored for many years. The local community engages in artisanal mining activities in the area, leaving most of the gold further below the surface largely untapped.

Shanta Gold is set to capitalise on the unexplored gold to make Kenya a significant gold producer, given the latest infill drilling results from the region.

Eric Zurrin, Shanta Gold’s CEO, commented: “We are delighted with our second set of results from Phase 2 drilling at West Kenya. Whilst the intersections across the board have been very strong, we are particularly pleased with a new intersection of 3.9 m at 63.80 g/t Au which is 60 meters in proximity to the Undisclosed hole announced last month, which intersected 4.0 m at 706.3 g/t.”

Adding:

“We are almost halfway through our total planned infill drilling programme at West Kenya for 2021 with a resource update due to be released later this month. We believe West Kenya represents significant upside potential for our business, and we are excited to replicate our success in Tanzania across the wider East Africa region.”

Shanta Gold share price.

IG chart of Shanta Gold share price 06-09-2021

Shanta Gold shares jumped 6.4% higher to trade at 14.63p, rising from Friday’s closing price of 13.75p.

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