In a report to investors seen by kenyagist.com, the firm confirmed that visible gold had been identified in 7 different intersections across 11 holes that had been drilled.
The gold is estimated to be worth Ksh164 Billion from the 1.31 million ounces of deposit approximated by the firm.
The results have exceeded previous drilling results that had been done in March when the firm had announced viability of Gold at Isulu in Kakamega.
The West Kenya Project covers 1,162 km², representing the majority of the highly prospective and underexplored greenstone Archaean Busia-Kakamega Gold Belt in western Kenya.
Shanta Gold CEO Eric Zurrin could not hide his excitement announcing to shareholders that the company would escalate its drilling activities in the region.
â€œResults 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.â€, 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.
The London based gold mining company has ramped up its activities in Kenya, with officials earlier meeting Kakamega county’s leadership in August 20, 2020 to discuss mining in the region.
The region of western Kenya near Lake Victoria is rich in gold ore. Most of the mining activities are undertaken by small-scale artisans. The vast majority of their operations are informal with poor equipment or a legal framework to protect the from exploitation.
5 people were killed after a gold mine collapsed Bushiangala village in Ikolomani Constituency, Kakamega County on May 6,2021.
The incident caused mining activities to be stopped in the area for a while until the miners were provided with modern equipment to do the work.
The county government is set to reduce the number of illegal miners to ensure maximum profit is realised.
In February 2020, seven Western Kenya gold mining licenses were sold in a transaction totalling Ksh1.4 billion for over a 1,161-square-kilometre area encompassing Kakamega, Kisumu, Siaya and Vihiga counties.