Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Shares of Shanta Gold (LON: SHG) are rallying on Tuesday after the company reported additional high-grade drilling results at the West Kenya Project.
The company said the update relates to 2,489m of drilling across 11 holes conducted at the Isulu deposit, where gold was identified in 7 different intersections.
The true width of mineralisation is estimated at approximately 60-70% of the intercept core length.
Shanta is on track to complete approximately 40% of the total planned drilling at West Kenya by the end of 2021. So far, 16% of the drilling scheduled for 2021 and 7% of the complete planned drilling over three phases has been reported.
“The intersection of 219.5 g/t over 6 metres in hole 237 has a grade x width of over 1,300 g/t Au, the highest to date on this metric at the West Kenya Project. These new intercepts verify the current model and can be linked with other high-grade intercepts nearby, indicating that exceptionally high-grade shoots should be present not only below the 400 m depth, as previously thought, but also at the higher levels of the deposit,” said Eric Zurrin, CEO of Shanta Gold.
“We will soon be transitioning into Phase 2 drilling as well as expanding our exploration drilling to regional high priority targets across our portfolio of 1,162 km2 licences at West Kenya,” added Zurrin.
Shanta Gold's share price is currently 9.93% above Monday's close at 16.48p.
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