Shanta Gold provided an exploration update for the West Kenya Project in Kenya, including drilling results from three targets forming part of the Ramula Camp. The Ramula target is located about 40 km northwest of Kisumu City and 40 km west-southwest from the Isulu-Bushiangala deposit. It is the most advanced prospect in the Ramula region.

Ramula Camp currently includes 4 high priority targets including Ramula, Miruka, Anomaly 22, and Ochiegue, located less than 5km from Ramula. Several targets e.g., Ramba-Lumba, Aila, Nairobi Hill, Barding-Masumbi, Rera and the former colonial mine Kiboko, are all within 20 km of the Ramula deposit. The Ramula deposit lies primarily within a small dioritoid stock and its contact zones.

The stock has intruded a sequence of intermediate volcanic rocks comprised of intermediate volcaniclastic (breccias and tuffs) and volcanic rocks. The deposit is situated less than 1km from the district-scale thrust fault and unconformity with the polymictic 'Timiskaming-style' conglomerates. Minor quartz feldspar porphyries are present.

The elongate dioritoid body is approximately 300 m by 500 m with a northwest- southeast trending long axis. Mineralisation at Ramula is hosted within a series of stacked, shallow-dipping, thin quartz tension veins primarily hosted in the strongly altered diorite and extending into the surrounding intermediate volcanic units. Gold-bearing quartz veins are clustered in well-identifiable zones, which have been modelled and now verified by the present infill drilling.

Lower-grade gold mineralisation also occurs between the veins. The style of mineralisation of the Ramula deposit closely resembles Sigma-Lamaque style at the Val'd-Or Camp of the Abitibi Gold Belt, Canada. Several drill programs have been completed on the prospect including 14 diamond holes between 2012 and 2018 by Aviva and Acacia (previous operators), Shanta completed an infill drill program in Fourth Quarter 2021 and continued in Third Quarter 2022.

Ramula is open for extension to the southeast and Shanta's drilling to 600 m depth confirms mineralisation is open at depth. The greater upside is in viewing the prospect as part of the larger Ramula-Ochiegue-Miruka-Anomaly22 mineralised system which has potential for new discoveries. The diamond drilling campaign at Ramula is seeking to infill 19 modelled zones to 240 m depth.

This drilling program amounts to approximately 6,000 m of planned drilling and was completed in October 2022. It is expected to generate an average spacing of 20 m to 40 m for conversion of the Inferred resource to Indicated category. Following the completion of 2021 drilling, the Ramula modelled zones were updated, and the maiden mineral resource estimate was announced in March 2022.

Composited assay results shown below are those for 6 diamond drill holes received since the Company's most recent exploration update on Ramula on 07 November 2022. The lengths shown are the down hole metres and it is estimated that the true widths of the mineralised zones are approximately 70-90% of the widths intersected in the drill holes. All assays are reported without application of a top cut.

Composited assay results for these 6 drill holes are tabulated below. The Miruka target is located 2km from the Ramula deposit. It is one of the high priority targets in Ramula region, that had previously been delineated by geochemical, geophysical and geological data; these data were recently reviewed.

RC drill intercepts from a 2017 drill program confirmed potential for economic mineralization with better intercepts of 4m @ 5.43 g/t Au and 6m @ 2.20 g/t Au, both at shallow depths returned from two holes. Miruka's geology is comprised of volcanics of intermediate composition, intruded by intermediate and felsic porphyries and diorite. The main target is defined by an east-west trending gold in soil (>50ppb Au) anomaly, extending over 600 m strike length, coincident with a shear structure mapped on surface.

The main mineralisation zone is hosted in a fractured sericite-carbonate altered intermediate volcanic rock/porphyry with the gold found in the fractured quartz-carbonate veinlets or associated with pyrite. The Miruka system extends over 2km, and is situated in less than 1 km from the district-scale thrust fault and unconformity with the polymictic 'Timiskaming-style' conglomerates. The drilling program was aimed at testing continuity and the grades of the mapped mineralised structure, confirmed by the 2017 RC intercepts.

A total of 4 diamond holes were drilled in Third Quarter 2022. Results from these holes returned intercepts with economic range mineralisation, confirming continuity of the mineralisation to +120m depth and +150m lateral extent. The mineralisation is open both at depth and along strike.

Composited assay results shown below are for 3 out of the 4 maiden diamond holes drilled at the target, the lengths shown are the down hole metres and it is estimated that the true widths of the mineralised zones are approximately 70-80% of the widths intersected in the drill holes. All assays are reported without application of a top cut. Composited assay results for these 3 drill holes are tabulated below.

Anomaly 22 is located in the vicinity of Ramula. It is the most recently identified prospect in the potential Ramula Mining Camp and was delineated based on the geological, geophysical and geochemical data. Anomaly 22 is primarily hosted within intermediate volcanics, diorite, felsic and intermediate porphyries and cherty sediments.

High-magnesium basalts or ultramafic rocks are interpreted by the geochemical indicators and located immediately to the south. The target is delineated by a strong and continuous (>1.5km) NW-SE trending gold in soil anomaly coincident with pathfinder elements Bi (Bismuth), Te (Tellurium) and Mo (Molybdenum). Anomaly 22 mineralisation is developed on or near the contact of the intermediate porphyry and diorite based on interpretation of results for the holes drilled at the target to date.

The results also show that the porphyry and diorite carry continuous anomalous gold values. The first hole was completed in Fourth Quarter 2021, and two more holes were completed in Third Quarter 2022. Results from the second hole returned intercepts with economic range mineralisation, inferably related to the mineralised structure intersected approximately 300m to the north-west by the first hole drilled on the target last year, which returned 7.9m @ 2.45 g/t Au incl.

0.6m @ 20.60 g/t Au from 216m. The drill hole results confirm the presence of a large mineralised system as outlined by the gold (and pathfinders) in soil anomaly footprint. Assay results shown below are for the second hole drilled at the target (out of 3 total diamond holes).

The lengths shown are the down hole metres and it is estimated that the true widths of the mineralised zones are approximately >80% of the widths intersected in the drill holes.