Shanta Gold, a gold mining and exploration company with operations in western Kenya and Tanzania, has announced the finding of new gold reserves in Kakamega.
In a report to investors, the company verified that visible gold was found in 7 separate intersections across 11 holes drilled.
The gold is believed to be worth Ksh164 billion based on the firm’s assessment of 1.31 million ounces of deposit.
The results have surpassed earlier drilling results from March, when the company confirmed gold feasibility at Isulu near Kakamega.
The West Kenya Project spans 1,162 square kilometers in western Kenya, covering the majority of the highly promising and underexplored greenstone Archaean Busia-Kakamega Gold Belt.
When Shanta Gold CEO Eric Zurrin announced to shareholders that the business will increase its drilling activity in the region, he couldn’t contain his joy.
“Results so far have been strong with some intersections demonstrating remarkably high grades and we look forward to updating the market on ongoing performance in due course.”, wrote Zurrin.
The company in previous revelations to investors had allocated over Ksh 1B to exploration in western Kenya and is on track to complete approximately 40% of total planned drilling in Western Kenya by end of 2021.
Officials from the London-based gold mining corporation met with Kakamega County’s authorities on August 20, 2020 to explore mining in the region.
Gold ore is abundant in western Kenya near Lake Victoria. Small-scale craftspeople are responsible for the majority of mining activities.
The great bulk of their operations are carried out informally, with inadequate equipment and no legal framework in place to protect them against abuse.
The county government intends to limit the number of illicit miners in order to maximize earnings.
Seven gold mining licenses in Western Kenya were sold for Ksh1.4 billion in February 2020, covering a 1,161-square-kilometer area spanning Kakamega, Kisumu, Siaya, and Vihiga counties.
