TIDMGRL
RNS Number : 0839C
Goldstone Resources Ltd
27 September 2018
27 September 2018
GOLDSTONE RESOURCES LIMITED
("GoldStone" or the "Company")
Operational Update on High Grade Akrokeri Mine
GoldStone Resources Limited (AIM: GRL), is pleased to provide an
update on activities at its Akrokeri-Homase Gold Project ("AKHM" or
"the Project") in the Ashanti Region of Ghana.
A recent work programme has focussed on accessing the historic,
high grade Akrokeri underground gold mine ("Akrokeri Mine" or
"Mine"), one of two previously producing mines within AKHM, to
enable the Company to commence an assessment of the Mine, which
previously produced 75,000 ounces of gold at a recovered average
grade of 24 g/t.
Overview
-- Significant progress made at the high grade Akrokeri Mine
where recently announced mineralised intercepts included 1.0 metre
at 51.01 g/t Au
-- Completion of the Norton Shaft at the Akrokeri Mine to a
total targeted depth of 33 metres (the bottom 3 metres being
allowed for a sump and pump station)
-- Norton Shaft and existing historic North Shaft will be used
as the two access points to the old workings which are expected to
be within 8 metres to the south of the Norton Shaft
-- Access made to old artisanal workings approximately 150
metres north of Norton shaft that sit along strike from the
mineralised structure of the Akrokeri Mine
-- Artisanal workings have opened up into shallow workings
developed by the previous historic operator indicating that the
mineralisation is more extensive than previously thought within the
Akrokeri Mine vicinity
Emma Priestley, CEO of GoldStone, commented:
"These recent developments will support the future evaluation of
the historic underground workings of the Akrokeri Mine, which
produced 75,000 ounces of gold at a final recovered average grade
of 24 g/t in the early part of the 20th century. Our assessment so
far has indicated that the workings from both the former operator
and artisanal miners are more extensive than previously thought and
therefore, the mineralisation is too. We are looking forward to
continuing our geological evaluation and extracting samples for
test work. We are currently working hard in Ghana to progress both
the scoping study for the proposed pits on the Homase Trend and
related test work, and I look forward to keeping shareholders
updated on our progress."
Further Information
To view a location plan of the Norton and North Shafts, and the
historic Mine workings, together with an image of the historic
workings,
http://www.rns-pdf.londonstockexchange.com/rns/0839C_1-2018-9-26.pdf
Update on Akrokeri Mine - Norton and North Shafts
The Company's focus has been on accessing the old workings at
the Akrokeri Mine and it's pleased to confirm that the Norton Shaft
has now been completed to its targeted depth of 33 metres. The
shaft, which will provide access to the Mine, has been fully
timbered to 33 metres with the bottom 3 metres accommodating a sump
and pump station to allow water to be pumped out of the Mine, as
shown in Figures 1 and 2.
Work has also commenced at the North Shaft, which was one of the
main shafts for the historic workings of the Akrokeri Mine. The
Company is seeking to safely re-open this shaft, which was recorded
to be >400 feet (120 metres) deep, to provide direct access to
the levels the historic Mine workings, the extent of which are
still unknown. Whilst the Company has been able to access part of
the shaft, the ground above and around the shaft has been displaced
over the last 109 years, which is currently hindering direct
access.
The Company believes that the shaft has also been blocked near
to the first level (Level 1), which is expected to be approximately
100 feet (30 metres) from surface. As soon as the North Shaft has
been made safe, work will begin to pump the water from the old
workings to a level below Level 1 to allow safe access to the
historic workings.
Both the North Shaft and Norton Shaft are required for access in
to the old workings of the Mine, as they will provide the necessary
two points of access to the old workings as well as giving the
Company options regarding ventilation, pumping and other required
underground services.
As detailed in the announcement of 10 July 2018, access to the
historic ore body will enable the Company to undertake a geological
assessment and mapping of the Mine as well as allowing samples to
the taken for testing.
The Company is also assessing the possibility of drifting to the
north east from the Norton Shaft (see Figure 1), into the known
mineralised zone. However, before committing to this expense, the
Company is currently carrying out an exercise to estimate the
near-surface resource to determine the feasibility of this
action.
Artisanal and Shallower Workings
The GoldStone team has also gained access to old artisanal
workings, approximately 150 metres north of the Norton Shaft that
sit along strike from the mineralised structure of the Akrokeri
Mine. These artisinal workings have opened up into shallow workings
developed by the previous historic operator of the Mine, Akrokeri
Ashanti Mine Ltd, between the surface and 15 metres below ground
(see Figure 3).
Within the area there are numerous artisanal shafts and pits and
GoldStone has identified one further shaft to access the artisanal
workings and is currently focused on making it safe. This will
allow entry for geological evaluation, test work and near surface
resource assessment of these shallower workings.
**ENDS**
For further information, please contact:
GoldStone Resources Limited
Emma Priestley Tel: +44 (0)7867 785 177 / +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.
About GoldStone Resources Limited
GoldStone Resources Limited (AIM: GRL) is an AIM quoted gold
exploration and development 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, 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. GoldStone's existing resource is confined to a 4km
zone of the Homase Trend, including Homase North, Homase Pit and
Homase South.
AKHM hosts two former mines, the underground mine at Akrokeri
mined by Akrokeri 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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