TIDMGRL
RNS Number : 9253R
Goldstone Resources Ltd
20 June 2018
20 June 2018
GOLDSTONE RESOURCES LIMITED
("GoldStone" or the "Company")
Gold anomaly of over 8km identified at Akrokeri-Homase
Project
GoldStone Resources Limited (AIM: GRL), is pleased to announce
the identification of a >8 km gold-in-soil anomaly at its
Akrokeri-Homase Gold Project ("AKHM" or the "Project"), located 12
km along strike from AngloGold Ashanti's +70 million ounce Obuasi
Gold Mine in South-West Ghana.
The >8 km gold-in-soil anomaly, which runs from the historic
Akrokeri underground mine ("Akrokeri Mine") to north of the Homase
open pit ("Homase Pit"), see Figure 1 below, has been identified
following a review of the results from the recent geochemical soil
sampling programme (announced 25 January 2018) ("2018 Soil
Programme") and historic field work.
Overview
-- >8 km gold-in-soil anomaly identified following the review
of results for the 2018 Soil Programme and historic data
-- Gold anomaly contains the historic Akrokeri Mine and the
Homase Pit, as well as demonstrating along strike extensions to
both mines
-- Historic trenching indicates high grade gold mineralisation,
including 15.0 metres @ 6.31 g/t Au which includes 4.5 metres @
18.23 g/t Au from a trench in the Homase North Resource Zone
-- Scoping study commenced to better define the oxide resource
potential of the >8 km Homase Mineralised Trend ("Homase Trend")
to the north and south of the Homase Pit
-- 2018 Soil Programme has also defined a gold in soil anomaly
for 2.4 km south of the Akrokeri Mine
-- Parallel mineralised gold structures also delineated, which
may provide further mineral resource upside potential following
evaluation work
GoldStone's Chief Executive Officer, Emma Priestley,
commented:
"The potential size, scale and grades at our AKHM continue to
improve, providing significant support for our recently implemented
strategy to commence commercial gold production within two
years.
"These results of the 2018 Soil Programme, when combined with
historic data, significantly upgrade the prospectivity of the
Project and enhance our understanding of the exciting potential of
AKHM to contain significant gold mineralised zones. In particular,
the Homase North Resource Zone and the zone between the Homase Pit
and the Akrokeri Mine now represent two very strong and consistent
anomalous areas with significant potential for high grade oxide
resources.
"We have commenced a scoping study to evaluate the potential of
these oxide zones along the Homase Trend and we look forward to
providing further updates in the months ahead."
Further Information
As part of the 2018 Soil Programme, approximately 5,500 samples
were collected from grids on a close- spaced pattern of 20 metres
by 50 metres over six target areas along the Homase Trend and south
of the Akrokeri mine as detailed in the announcement of 25 January
2018. Together with the review of historic data, the Company has
identified a >8 km gold in soil anomaly at AKHM which runs from
the Akrokeri Mine to north of the Homase Pit, as shown in Figure 1
below.
Figure 1: Map of AKHM showing the >8 km gold in soil
anomaly
http://www.rns-pdf.londonstockexchange.com/rns/9253R_1-2018-6-19.pdf
From the results of the 2018 Soil Programme, along with the
review of historic fieldwork, the Company has defined a 2 km long,
> 250 parts per billion (ppb), gold-in-soil anomaly immediately
north of the Homase Pit, the Homase North Resource Zone - see
Figure 2. below. Several soil values from within this zone exceed
1.0 g/t Au and the Board believes that historic, shallow, RC
drilling over this zone, completed in 1999 on 200 metre spaced
sections, did not fully evaluate the soil anomaly. Additionally,
the Company's on-going review of historic data has highlighted
significant historic trench results which have not been drill
tested. Most notably, trench TH925A, in the centre of the Homase
North Resource Zone, reported 15 metres @ 6.31 g/t Au including 4.5
metres @ 18.23 g/t Au.
The recent soil results from the Homase North Resource Zone have
produced an anomaly of similar size and tenor to that defined
previously south of the Homase Pit. The oxide portion of the
gold-in-soil anomaly immediately south of the Homase Pit was RC
drill tested by GoldStone in October 2017 on 25 metre spaced
sections. As announced on 9 November 2017, better than expected
results were returned, including AKRC012: 12 metres @ 3.78 g/t Au
and AKRC018: 30 metres @ 2.22 g/t Au. On the basis of these drill
results, Goldstone is designing two shallow oxide pits south of the
Homase Pit. Deeper drilling is planned for the next dry season, Q4
2018, to test the depth extensions of these encouraging
intersections.
Results from the 2018 Soil Programme have also defined a
gold-in-soil anomaly for 2.4 km south of the Akrokeri underground
mine. Values up to 2,890 ppb have been reported from soils that
overlie the interpreted southern extensions of the Akrokeri mine
structure. GoldStone will undertake a programme of air core
drilling of this anomaly, in the next dry season, on close-spaced
sections over the southern projection of the Akrokeri mine as far
as the boundary with AngloGold Ashanti's Mining Lease, which hosts
the Obuasi Gold Mine, a strike length of approximately 2.75 km.
The recent soil results have also delineated two parallel
structures, namely the Adubriem trend to the west of Homase and the
Krodua trend to the east. Both prospects will be explored further
in due course.
Figure 2: Detailed map of the >8 km soil anomaly and two
parallel structures
http://www.rns-pdf.londonstockexchange.com/rns/9253R_2-2018-6-19.pdf
Qualified Person
Simon Meadows-Smith is a Qualified Person as defined by
"National Instrument 43-101 - Standards of Disclosure for Mineral
Projects" and has approved the disclosure of the scientific and
technical information contained in this news release. Mr
Meadows-Smith holds a BSc degree in geology from Nottingham
University, England, and has been involved in mineral exploration
since 1988, including 20 years of experience working in West
Africa. He is a Fellow in good standing of the Institute of
Materials, Minerals & Mining in London.
For further information, please contact:
GoldStone Resources Limited
Emma Priestley Tel: +44 (0)7867 785177 / +233 (0)55
581 8855
Strand Hanson Limited
Richard Tulloch / James Tel: +44 (0)20 7409 3494
Bellman
SI Capital Limited
Nick Emerson Tel: +44 (0)1483 413 500
Citigate Dewe Rogerson
Louise Mason-Rutherford Tel: +44 (0)20 7282 2932
St Brides Partners Ltd
Susie Geliher / Juliet Tel: +44 (0)20 7236 1177
Earl
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.
- 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 Akrokeri- Homase
project in south-western Ghana, which hosts a JORC Code compliant
602,000 oz gold resource at an average grade of 1.77 g/t. The
existing resource is confined to a 4km zone of the Homase Trend,
including Homase North, Homase Pit and Homase South.
The project hosts two former mines, the Akrokerri Ashanti Mine
Ltd, which produced 75,000 oz gold @ 24 g/t recovered grade in the
early 1900s, and the Homase Pit which AngloGold Ashanti developed
in 2002/03 producing 52,000 oz gold @ 2.5 g/t recovered. 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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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