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Kenya

West Kenya Project

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Summary

Mine TypeOpen Pit & Underground
Study CompletedPreliminary Economic Assessment
Study in ProgressFeasibility
StagePermitting
Commodities
  • Gold
Mining Method
  • Truck & Shovel / Loader
  • Longhole open stoping
Backfill type ... Lock
Mine Life... Lock
SnapshotThe West Kenya Gold Project (WKGP) is a proposed gold mining development comprising two key deposits: the Ramula-Mwibona and Isulu-Bushiangala deposits.

Ramula-Mwibona deposit will be developed as an open-pit mining operation.

Isulu-Bushiangala deposits, which host a very high-grade resource, will be developed as underground mining operations.

In 2025, key project milestones include the finalisation of the feasibility study, securing regulatory approvals, progressing project financing, ongoing exploration, and the commencement of various early works programmes.

Additional early- and mid-stage discoveries at nearby satellite deposits, currently not included in the life-of-mine (LOM) plan or feasibility study are expected to unlock significant future value.

Owners

SourceSource
CompanyInterestOwnership
ETC Holdings Ltd. 100 % Indirect
On May 10, 2024, Saturn Resources Ltd (Bidco), a wholly-owned subsidiary of ETC Holdings (Mauritius) Limited, acquired the share capital of Shanta Gold Limited.

Shanta Gold Kenya Limited (SGKL) is a wholly owned subsidiary of Shanta Gold Ltd. SGKL was incorporated in Kenya in 2010 and exists to conduct mineral exploration and mining in Kenya, including the West Kenya project.

Contractors

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Deposit type

  • Orogenic
  • Vein / narrow vein

Summary:

The West Kenya Project Licence Area including Isulu and Bushiangala deposits in Kakamega Camp and Ramula deposit in the Ramula Camp.

Isulu and Bushiangala
The Liranda Corridor is located on the eastern most margin of the Busia-Kakamega Belt. Here rocks form a broad synclinal structure intruded in the centre by granitoids and dioritoids, informally termed the Kakamega Dome. The Liranda Corridor is situated on the eastern limb of this synclinal structure within a 12 km structural zone known informally as the Liranda Corridor. Lithologies of the Isulu and Bushiangala prospects include sediments, iron-rich basalts, ultramafic volcanic rocks, gabbros, dolerites and small felsic intrusions. The mafic volcanic unit also includes thin layers of sulphidic carbonaceous interflow mudstone.

The Isulu and Bushiangala prospects mineralisation are classified as orogenic, shear-zone-hosted quartz-carbonate vein subtype. Mineralisation of this sub-type consists of quartz-carbonate veins and veinlet arrays associated with Mg-Fe carbonate alteration and sulphidation, which are developed within shear zones and their splays, within competent rock units. Mineralisation is concentrated in zones of enhanced fluid flow, such as jogs or changes in strike along the larger-scale fault zones.

The main zones of mineralisation at Isulu extend up to 240m along strike. The resource estimate (Phase 1) generally includes mineralisation down to 250m depth.

At Bushiangala the mineralisation extends over 270m along strike in the NNW-SSE trend and 150m along strike in the E-W trend. The resource estimate extends to a maximum depth of 250m.

Both deposits remain open along strike and at depth.

Ramula
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 extrusive rocks. The deposit is situated less than 1 km from the district-scale thrust fault and unconformity with the polymictic ‘Timiskamingstyle’ 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 dioritoid and extending into the surrounding intermediate volcanic units. Gold-bearing quartz veins are clustered in wellidentifiable zones. Lowergrade gold mineralisation also occurs between the veins. The style of mineralisation of the Ramula deposit resembles Sigma-Lamaque style at the Val’d-Or Camp of the Abitibi Gold Belt, Canada, where recent systematic exploration resulted in discovery of several proximal gold deposits within the camp, which was previously considered as overmatured.

Ramula mineralisation is open for extension to the northwest and southeast and Shanta’s recent drilling to 600 m depth confirms mineralisation is open at depth, hence potential for underground mineable resources exists.

The main zones of mineralisation at Ramula extend up to 480m along strike. The resource estimate includes mineralisation down to 225m depth.

The deposit remains open along strike and at depth.

Reserves

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Mining Methods

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Required Heavy Mobile Equipment

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EV - Electric

Comminution

Crushers and Mills

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Processing

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Commodity Production

CommodityUnitsAvg. AnnualLOM
Gold oz 105,000949,000
All production numbers are expressed as metal in doré.

Operational metrics

Metrics
Plant annual capacity  ....  Subscribe
Ore tonnes mined, LOM  ....  Subscribe
Tonnes milled, LOM  ....  Subscribe
* According to 2020 study.

Production Costs

CommodityUnitsAverage
All-in sustaining costs (AISC) Gold USD  ....  Subscribe
C1 cash costs Gold USD  ....  Subscribe
All-in costs Gold USD  ....  Subscribe
Assumed price Gold USD  ....  Subscribe
* According to 2020 study / presentation.

Operating Costs

CurrencyAverage
Combined mining costs ($/t milled) USD  ....  Subscribe
Processing costs ($/t milled) USD  ....  Subscribe
G&A ($/t milled) USD  ....  Subscribe
Total operating costs ($/t milled) USD  ....  Subscribe
* According to 2020 study.

Project Costs

MetricsUnitsLOM Total
Pre-Production capital costs $M USD  ......  Subscribe
Sustaining CapEx $M USD  ......  Subscribe
Total CapEx $M USD  ......  Subscribe
OP/UG OpEx $M USD  ......  Subscribe
Processing OpEx $M USD 104
G&A costs $M USD 35
Total OpEx $M USD  ......  Subscribe
Royalty payments $M USD  ......  Subscribe
Gross revenue (LOM) $M USD  ......  Subscribe
Operating margin, %  ......  Subscribe
EBITDA (LOM) $M USD  ......  Subscribe
Pre-tax Cash Flow (LOM) $M USD  ......  Subscribe
After-tax Cash Flow (LOM) $M USD  ......  Subscribe
Pre-tax NPV @ 8% $M USD  ......  Subscribe
After-tax NPV @ 10% $M USD  ......  Subscribe
After-tax NPV @ 8% $M USD  ......  Subscribe
Pre-tax IRR, %  ......  Subscribe
After-tax IRR, %  ......  Subscribe

Personnel

Mine Management

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Jul 27, 2025
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Workforce

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