· At a time when Gold prices are soaring, Mining firm Shanta Gold has announced that it has found high-grade gold at its western Kenya project, in Kakamega County estimated at 1.6 million ounces and worth Sh365 billion at current market value.
Mining firm Shanta Gold has announced that it has found high-grade gold at its western Kenya project, in Kakamega County estimated at 1.6 million ounces and worth Sh365 billion at current market value. The gold prices have shot up as a result of Russia-Ukraine crisis and has touched $2,000 per ounce. The area has a history of small-scale and informal gold mining since decades but commercially viable large-scale mining has remained elusive.
The company announced that it increases total resources at the West Kenya Project by a significant 37 percent to 1.6 million oz. The company believes that further that the region is a major new gold district and an area of massive future growth for the Company according to Shanta chief executive Eric Zurrin. He added that the company plans to expand Ramula into the second significant resource region in the wider West Kenyan Project. The Mining Company viewed Western Kenya’s as an untapped deposits of gold, as the possible future of the country’s gold mining industry.
The firm bought licences from another Canadian miner, Barrick Gold that held licences for rights to mine gold over a 1,161 km2 that straddles Kakamega, Kisumu, Siaya and Vihiga counties.. It hopes to actualise large scale gold mining.
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