Shanta Gold Limited announced an updated mineral resource estimate for the West Kenya Project in Kenya to 1.72 Moz gold, including a 91% increase in Indicated Resource to 722 Koz gold grading 11.45 g/t. Highlights in 2022 (Isulu and Bushiangala): Resources of 1.29 million ounces ("Moz") grading 10.60 g/t Au at Isulu and Bushiangala, of which 56% have been upgraded to Indicated category up from 34% in March 2022; 91% increase in Indicated ounces to 721,900 grading 11.45 g/t Au; Current oxides for Bushiangala and Isulu in the Indicated category contain 100,600 oz grading 10.44 g/t Au, providing potential high margin cash flow during future construction ramp-up; and Mineral Resource Estimate update, including the conversion of the significant part of the Ramula deposit into Indicated category, is expected in February. West Kenya Project Resource Update - 2022: The West Kenya Project covers 580 km² of the highly prospective and underexplored greenstone Archaean Busia-Kakamega Gold Belt in western Kenya. Ongoing drilling at the Isulu and Bushiangala deposits is aimed at upgrading ounces from the Inferred Mineral Resource Estimate into the Indicated Resource category down to a depth of 800 metres by means of three drilling campaigns.

All work carried out and reporting of the resource has been completed in accordance with Canadian NI 43-101 standards, unless otherwise noted. This infill drilling is aimed at verifying the extent and geometry of the known mineralised zones developed for the current resource model. Gold mineralisation at the Isulu and Bushiangala deposits is hosted by sheared pillowed to massive basalts, bounded between ultramafic volcanics and polymictic conglomerates on one side and carbonaceous mudstones and sandstones on the other side.

The deposits occur within the Liranda Corridor area, a 12 km structural trend located on the eastern limb of a broad synclinal structure intruded in the center by granitoids and diorites, termed the Kakamega Dome. Mineralisation is associated with quartz and quartz-carbonate veinlets, which liewithin the mineralised shear zones ranging from 0.5 m to 10 m in true width. The mineralisation style is classified as orogenic, shear-zone-hosted quartz-carbonate vein subtype.

The strike lengths of the steeply-dipping zones range from 100 m to 300 m. Average drill intersection spacing is 40 m at Isulu and 30 m at Bushiangala. Resources have been stated using a 1.0 g/t Au cut-off grade value for the oxidised rock and 3.0 g/t Au for fresh rock. The effective date of this resource is 31 December 2022.

In total, Isulu and Bushiangala contain 721,970 ounces grading 11.45 g/t Au Indicated category with cut-off grades applied of 1.0 Au g/t for oxidised rock and 3.0 Au g/t for fresh rock. The total Isulu and Bushiangala resource currently stands at 1,285,470 ounces grading an average of 10.60 g/t Au. Resource classifications have been assigned according to the continuity of mineralisation, known geological controls and drill spacing.

Each zone is divided into oxidised and fresh rock and a cut-off value supplied by Shanta (and accepted by the Independent Competent Person) has been applied. Mineralisation is well constrained withing the mineralised shears, resulting in potentially increasing the number of resource ounces by lowering the cut-off while not significantly reducing the average gold grade.