Name of the Project
West Kenya gold project.

Location
Kakamega County, in western Kenya.

Project Owner/s
East Africa-focused gold producer, developer and explorer Shanta Gold.

Project Description
The project comprises the greenfield Isulu and Bushiangala prospects, which are the main resource targets.

A pit optimisation study has suggested the potential of developing an initial openpit at each of the deposits.

Following pit optimisation results, a pit shell has been selected for each deposit. Standard drill, blast, truck and shovel methods will be used for openpit mining.

Underground mining will start after openpit mining, with the proposed mining method for the deposits being longhole open stoping with backfill. The envisaged underground mine will be accessed through two portals, at Isulu and Bushiangala, from which declines will be driven down at each deposit.

The project will include a 480 000 t/y carbon-in-leach processing plant.

Average gold production over the project’s nine-year mine life is estimated at 105 000 oz/y.

The project also includes Ramula – a new resource-stage target.

Other highlight targets include:

• Miruka, Ochegue and Anomaly 22 that have the potential for a discovery of a reasonably sized deposit in proximity to Ramula. 
• Kimingini – an advanced-stage target potential to deliver a resource in proximity to Isulu-Bushiangala.  
• Rosterman-Kakamega – an early-stage, poorly tested target in immediate proximity to the historical colonial mine.
• several highly prospective additional targets in different exploration stages have been identified 10 to 30 km from the Ramula and Isulu centres, including Barding-Masumbi, Aila, Nairobi Hill and Viyalo.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at an 8% discount rate, of $507-million and an internal rate of return of 196%.

Capital Expenditure
The project has an estimated preproduction cost of $161-million.

Planned Start/End Date
Not stated.

Latest Developments
Shanta Gold has reported “encouraging results” in an exploration update for the West Kenya project for the fourth quarter of 2023 and the first quarter of this year.

The drilling programmes started in 2023 and have continued in the first quarter of this year, primarily to convert inferred resources to indicated resources at the Ramula deposit.

A mineral resource estimate update is scheduled for completion by the end of the second quarter.

The programmes included testing of the most prospective early- to midstage targets around the Ramula camp, including Miruka and Anomaly 22. These updates relate to 2 911 m of drilling from 24 diamond holes, 1 045 m of drilling from four diamond holes at Miruka and 841 m of drilling from two diamond holes at Anomaly 22.

The results from the holes at Miruka have returned intercepts with economic range mineralisation, confirming the continuity of the mineralisation to more than 120 m at depth and more than 150 m lateral extent. The mineralisation is open at depth and along strike.

The results from the holes at Anomaly 22 have returned intercepts with economic range mineralisation, confirming the continuity of the mineralisation that is still open at depth and along strike.

Sterilisation drilling around Ramula, covering the area for the potential infrastructure placement, continued in the first quarter of 2024, with 1 443 m of drilling from six diamond holes having been completed.

Key Contracts, Suppliers and Consultants
Bara Consulting (scoping study review and cash-flow modelling); Adiuvare Geology & Engineering (mineral resource estimate); ALS Global and SGS Laboratories (metallurgical testwork); Lycopodium Mineral (process engineering and infrastructure); Rescology (permitting, baseline and environmental studies); Knight Piésold (tailings, waste rock and surface water management); and MineScope Service (scoping study management).

Contact Details for Project Information
Shanta Gold, tel +255 22 2925148 or email mining@shantagold.com.