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Firm launches feasibility study, eyes gold reserves – Business Daily

Gold miners in Kakamega. FILE PHOTO | NMG
Exploration firm Shanta Gold Limited has started a feasibility study after exploration efforts returned positive results in the search to establish a mine in western Kenya.
Through its second-quarter update, the firm says the drilling exercise is also in progress across three rigs following a successful campaign at Isulu and Bushiangala in Kakamega County.
“This has been a strong second quarter from the Shanta teams on the ground in West Kenya. We continue to make material inroads at West Kenya with three drill rigs in operation,” the firm’s Ceo Eric Zurin said.
According to the firm, the results of the drilling campaign at Isulu and Bushiangala returned 378,000 oz grading of gold that was converted to Indicated Resources in late March this year.
Shanta Gold notes that the current second phase of the diamond drilling campaign is seeking to infill 20 modelled zones at Isulu and 23 others at Bushiangala.
The second phase of drilling is due to be completed in the fourth quarter of this year.
The West Kenya Project covers 1,162 square kilometres of highly prospective and underexplored greenstone Archaean Busia-Kakamega Gold Belt in western Kenya.
Read: West Kenya gold project posts Sh874 million loss
It is estimated that the mineral is valued at Sh164 billion but the value could rise going by the results the explorer has been netting after every drilling phase.
The Lihranda Corridor is estimated to hold 1.31 million ounces of inferred gold resources and stretches from the counties of Kakamega, Vihiga and parts of Kisumu and Siaya.
A gold refinery is being constructed on a five-acre land in Lidambitsa area, along the Kisumu-Kakamega highway in readiness for the actual mining.
dmusa[email protected]

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admin

Finance specialist with courses ranging from corporate finance, perfonal finance and startup finance. Msc. Acturail Science, Bsc. Finance, COP Insurance and phD. Business Advministration -FInance(ongoing)

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