TIDMGRL
RNS Number : 1368V
Goldstone Resources Ltd
26 January 2017
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26 January 2017
GOLDSTONE RESOURCES LIMITED
("GoldStone" or the "Company")
Update on diamond drilling at Homase, Ghana
GoldStone Resources Limited (AIM: GRL), the AIM quoted company
focused on gold exploration in Central and West Africa, is pleased
to provide results of the recently completed diamond drilling
programme at the Homase project in Ghana that targeted the deeper
and higher grade sulphide ore shoots beneath the Homase oxide
resource and the historical open pit previously exploited by
AngloGold Ashanti in 2002/2003.
Highlights
-- Results for the three diamond drill-holes have returned very encouraging results
- 16HMDD-0001: 21.3 metres @ 1.98 g/t from 143.4 metres,
including 7.4 metres @ 3.37g/t from 155.2 metres
- 16HMDD-0002: 23.3 metres @ 1.39 g/t from 170 metres, including
6 metres @ 4.44g/t from 187.3 metres and 3 metres @ 8.21g/t from
190.3 metres
- 16HMDD-0003:14.7 metres @ 0.83 g/t from 174.5 metres,
including 3.30 metres @ 2.0g/t from 185.9 metres
- 16HMDD-0003: 6.1 metres @ 3.31 g/t from 248.5 metres
-- The drilling confirmed continuity of the mineralised zone to
vertical depths of between 120 metres and 180 metres beneath the
base of the historic open pit
-- The deeper intersection from the third hole suggests a
potential for identifying parallel orebodies within the major
structural corridor
-- The Company's immediate focus is to identify additional
resources within the upper zones of the Homase mineralised corridor
to facilitate near-term planning for exploitation
Neil Gardyne, Chairman, commented: "This three-hole drilling
programme on the Homase licence has produced encouraging results by
starting the process of targeting 'information gaps' within the
existing resource. These results provide important insights to the
controls on the mineralisation as well as confirming continuity of
the mineralised zone. Importantly, they will allow us to plan
further drilling with a view to adding to the existing resource,
whilst at the same time improving confidence levels in the
categorisation of the existing 0.62 million ounce JORC Code
compliant resource. Although there is little doubt that the ore
shoots continue to greater depths, our focus will be on identifying
resources at depths that can exploited in the foreseeable
future."
Further Details
The three-hole diamond drill programme, totalling 797 metres and
completed on 29 November 2016, was designed to provide new
information on the depth- and strike-continuity of the
Homase-Akrokerri mineralised zone beneath the known Homase oxide
resource and the area previously exploited by AngloGold Ashanti for
oxide material, which lies within the Homase licence. The steeply
NW-dipping mineralised zone occupies a major NE-trending structural
corridor 10-15 km north-east of the multiple ore zones that
comprise the Obuasi Mine, one of the World's largest gold deposits
with a combined production and resource base of >70 million
ounces of gold.
The three holes were inclined at 60(o) , 65(o) and 65(o)
respectively towards 115(o) and targeted the mineralised zone at
vertical depths of at least 100 metres beneath the base of the open
pit. All three holes intersected significant widths of sulphide
mineralisation, thus confirming the continuity of the zone with
depth.
Fig. 1. Location of the three diamond drillholes at Homase
(Please see link at top of announcement for the image)
Significant intersections >0.3 g/t Au are summarised in Table
1.
Table 1. 2016 Diamond drilling: significant intersections
>0.3 g/t Au*
Hole_ID Depth from Depth to Interval Weighted Intersection Calculated
(metres) (metres) length average grade true width of
(metres) g/t the
intersection
(metres): ore
body dip 85(o)
, dip
direction
300(o)
--------------- --------------- --------------- ---------------
16HMDD-0001 37.90 38.90 1.00 0.53 1m @ 0.53 g/t 0.56
------------- --------------- ---------------- --------------- --------------- --------------- ---------------
69.60 70.60 1.00 0.39 1m @ 0.39 g/t 0.57
------------- --------------- ---------------- --------------- --------------- --------------- ---------------
2.5m @ 0.39
123.00 125.50 2.50 0.39 g/t 1.50
--------------- ---------------- --------------- --------------- --------------- ---------------
143.40 164.70 21.30 1.98 21.30m @ 1.98 13.20
g/t, including
7.4m @ 3.37g/t
from 155.2m
------------- --------------- ---------------- --------------- --------------- --------------- ---------------
16HMDD-0002 170.00 193.30 23.30 1.39 23.30m @ 1.39 14.10
g/t, including
3.0m @ 8.21g/t
from 190.3m;
------------- --------------- ---------------- --------------- --------------- --------------- ---------------
221.70 224.70 3.00 0.55 3m @ 0.55 g/t 1.83
------------- --------------- ---------------- --------------- --------------- --------------- ---------------
3.8m @ 0.18
237.40 241.20 3.80 0.18 g/t 2.33
------------- --------------- ---------------- --------------- --------------- --------------- ---------------
16HMDD-0003 135.00 136.00 1.00 0.99 1m @ 0.99 g/t 0.52
------------- --------------- ---------------- --------------- --------------- --------------- ---------------
152.50 153.50 1.00 0.39 1m @ 0.39 g/t 0.54
------------- --------------- ---------------- --------------- --------------- --------------- ---------------
160.70 161.70 1.00 0.33 1m @ 0.33 g/t 0.55
--------------- ---------------- --------------- --------------- --------------- ---------------
174.50 189.20 14.70 0.83 14.7m @ 0.83 8.26
g/t, including
3.30m @ 2.0g/t
from 185.9m
--------------- ---------------- --------------- --------------- --------------- ---------------
234.00 235.00 1.00 0.92 1m @ 0.92 g/t 0.60
--------------- ---------------- --------------- --------------- --------------- ---------------
1.5m @ 0.86
240.00 241.50 1.50 0.86 g/t 0.91
--------------- ---------------- --------------- --------------- --------------- ---------------
6.10m @ 3.31
248.50 254.60 6.10 3.31 g/t 3.76
------------- --------------- ---------------- --------------- --------------- --------------- ---------------
* Maximum internal dilution of intervals more than 2 metres is 1
metre within continuous 3 metre zone.
Drillholes 1 and 2 intersected the main mineralised zone at
approximately 120 metres and 150 metres below the base of the
Homase open pit respectively and returned relatively high-grade
central zones within wide lower-grade envelopes. The third hole
intersected a wide low-grade zone of mineralisation that appears to
correlate with the down-dip projection of the mineralised zone; it
also intersected a higher-grade footwall zone that may be
indicative of a parallel zone of interest.
The results from the first two holes provide significant
encouragement to undertake additional drilling along the north-east
extension of the mineralised zone beyond the existing open pit with
a view to adding to the existing resource base. A systematic
evaluation of the third hole is necessary to determine the
potential for adding to the resource beyond the south-western limit
of the open pit but the presence of the higher-grade footwall
intersection is very encouraging and not unexpected in the wide and
complex structural corridor that hosts the mineralisation.
A detailed understanding of the controls of the ore shoots at
Homase and Akrokerri is critical to the planning of further
exploration and resource drilling. Structurally and lithologically
controlled ore shoots at Obuasi extend to vertical depths of more
than 1,500 metres and the Company believes there is a reasonable
potential that the ore shoots at Homase-Akrokerri will also have
significant depth continuity.
However, the Company's immediate focus is to identify additional
resources within the upper zones of the mineralised corridor
through, subject to funding, further drilling to firstly add to and
secondly to improve the categorisation of the existing JORC Code
compliant resource for Homase to facilitate near-term planning for
exploitation.
Sampling, assaying, and QA/QC
GoldStone's sampling of drill core, and other geological
materials conforms to industry-wide good practise. The Company
maintains QA/QC on all analytical work via the use of certified
reference materials, field duplicates, and blank samples in
addition to monitoring of internal laboratory check-analyses. Chain
of custody is observed for all samples. Determination of gold, by
fire assay of 50g sub-samples and atomic absorption finish, was
undertaken by ALS Minerals Limited in Kumasi, Ghana.
Information in this announcement is based on information
compiled and reviewed by Issouf Ouedraogo, who is a Member of the
Australasian Institute of Mining and Metallurgy. Mr Ouedraogo has
sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the
activity he is undertaking to qualify as a Competent Person as
defined in the 2012 'Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves'. Mr Ouedraogo consents
to the release of this information in the form and context in which
it appears.
Mr Ouedraogo is an employee of Stratex International Plc, an AIM
quoted company that has a 33.45% equity stake in GoldStone. He
provides geological support to GoldStone via the technical
agreement between the two companies announced on 20 October
2016.
For further information, please contact:
GoldStone Resources
Limited
Emma Priestley/ Neil Tel: +44 (0)20 7830
Gardyne 9650 /
+27 (0)82 490 4427
Strand Hanson Limited
Richard Tulloch / James Tel: +44 (0)20 7409
Bellman 3494
SI Capital Limited
Nick Emerson / Andy Tel: +44 (0)1483
Thacker 413 500
Blytheweigh
Nick Elwes / Tim Blyth Tel: +44 (0)20 7138
3553
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
- END -
About GoldStone Resources Limited
GoldStone Resources Limited (AIM: GRL) is an AIM quoted
exploration company with projects in Ghana, Senegal, and Gabon that
range from grassroots to advanced exploration.
The Company is focused on developing the Homase-Akrokerri
project in south-western Ghana, which hosts an existing 602,000 oz
gold JORC Code compliant resource at an average grade of 1.77g/t,
along strike from the Obuasi Gold Mine, one of the World's major
gold mines with a total historical and current resource in excess
of 70 million ounces of gold. It is the Company's intention to
build a portfolio of high-quality gold projects in Ghana, with a
particular focus on the highly prospective Ashanti Gold Belt.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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