Proactive Investors - Shanta Gold Limited has upped the indicated resource estimate for its West Kenya acreage by 58% after incorporating drill results from a programme at the Ramula deposit.
Total resources at the West Kenya project are now 1.76mln ounces of gold, out of which 1.14mln are in the more certain indicated category.
In January, Shanta upgraded the resource at the Isulu/Bushiangala deposits to 722,000 indicated ounces and has now added 417,000 from Ramula.
Some 89% of the Ramula resource is in the indicated category, said the junior.
Eric Zurrin, Shanta's chief executive, commented: "We are delighted that the excellent drilling results from the fourth quarter of 2022 at Ramula have resulted in a significant increase in indicated resources across the whole of West Kenya, further decreasing the risk of this project and confirming its quality nature.
“The initial indications that Ramula has open pit mining potential is particularly attractive from a cost and timing perspective when considering how to ultimately develop the asset.”