Shanta Gold Limited provided an exploration update for the West Kenya Project (West Kenya) in Kenya. Highlights: Phase 2 drilling programme aimed at converting resources to Indicated at Isulu-Bushiangala; this update relates to 10,082 metres ("m") of drilling across 35 holes conducted in first quarter and second quarter of 2022 at the Isulu and Bushiangala deposits; Visible gold was identified in 15 intersections across 35 holes drilled. Visible gold, including spectacular occurrences,has been identified in 53 intersections across 142 holes drilled since January 2021; and Intersections reported include the fifth set of results received from Phase 2 of the ongoing drilling campaign, which is targeting up to 550 vertical metres below surface.

Isulu and Bushiangala Drilling Campaign: This infill drilling is aimed at verifying the extent and geometry of the known mineralised zones developed for the current resource model. Shanta has now completed 65% of total planned drilling at West Kenya as at the end of middle of July 2022. 55% of total planned drilling over three phases has now been reported.

Gold mineralisation at the Project 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 centre by granitoids and diorites, termed the Kakamega Dome. Mineralisation is associated with quartz, quartz-carbonate veinlets within 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 vary between 150 m and 650 m. Phase 1 drilling at the Project, completed in June 2021, sought to infill two modelled zones at Isulu (IZ1.0 and IZ3.0) and three modelled zones at Bushiangala (BZ1, BZ2 and BZ3). This drilling was carried out to generate an average spacing of 40 m at Isulu and 30 m at Bushiangala, up to a depth of 150-200 m from surface, and targeted both oxides and sulphides within these zones.

Following the completion of Phase 1 drilling, an updated mineral resource estimate was announced in September 2021. Phase 2 of the ongoing diamond drilling campaign at the Project is seeking to infill 20 modelled zones at Isulu and 23 modelled zones at Bushiangala. This drilling phase amounts to 75,000 m of planned drilling and is due to be completed in Fourth Quarter 2022.

Phase 2 drilling is expected to generate an average spacing of 40 m at Isulu and 30 m at Bushiangala, up to a depth of 450-550 m from surface. Following the completion of 2021 drilling the Isulu and Bushiangala modelled zones were updated, and an updated mineral resource estimate was announced in March 2022.