GoldStone Resources gets its hands on Gabon exploration licences

Wednesday, Apr 20 2011 by
GoldStone Resources gets its hands on Gabon exploration licences

Goldstone Resources (LON:GRL), the AIM quoted gold exploration company working in West Africa, has been granted the Ngoutou and Oyem exploration licences in Gabon by the Gabonese Mining Department. The licences have both been awarded for a period of three years and can be renewed twice for a period of three years. The GoldStone share price responded with a rise of nearly 6% to 9p.

In March 2010 GoldStone submitted licence applications for the two permits which each contain distinct gold-in-soil anomalies. The Ngoutou licence covers 516 sq km and the Oyem licence covers 515 sq km. The anomalies were discovered between 2005 and 2009 when The European Union pumped in €14 million to assess the mineral prospectivity of Gabon and make the country more attractive to investors.

The gold-in-soil anomaly associated with the Oyem permit in the northern part of Gabon covers a well-known regional geological structure and gold-prospective Archean rocks. The Ngoutou anomaly in the eastern central part of Gabon has been reported to contain artisanal gold workings and covers Archean and Birimian age rocks. Both gold anomalies are consistent and in excess of fifteen kilometres long. GoldStone said that follow-up soil sampling, trenching and possibly augering would be carried out in order to firm up initial drill targets.

Dr. Hendrik Schloemann, GoldStone's Exploration Director, comments: “The award of the exploration licences in Gabon adds two exciting grassroots exploration opportunities to the company’s portfolio. Our exploration activities now encompass early stage exploration in Gabon through to our more advanced Homase project in Ghana. As a geologist I am particular excited about the granting of the Gabon permits because I believe they both bear the potential for the discovery of substantial gold deposits.”

In an interview with Stockopedia in February, GoldStone’s chief executive Jurie Wessels, said the prospect of snapping up licence awards in Gabon was very significant. He said the awards would move the company significantly up the value curve “simply because both those projects are company makers in their own right”.


Filed Under: Mining,
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GoldStone Resources Limited is an exploration company. The Company's principal activity is exploration and mining of gold and associated elements. The Company's projects include Homase and Akrokerri permits (Ghana), the Manso Amenfi permit (Ghana), Sangola permit (Senegal), Oyem permit (Gabon) and Ngoutou permit (Gabon). Its Homase/Akrokerri project is located near AngloGold Ashanti's Obuasi mine within the mineralized Ashanti Gold Belt in Ghana. It owns 100% interest in the Akrokerri license through its wholly owned subsidiary. The Company has defined a gold resource for the Homase/Akrokerri project as around 602,000 ounces at an average grade of about 1.77 grams per ton. In Senegal, the Company holds the Sangola Permis de Recherche. The Oyem and Ngoutou permits in Gabon (Central Africa) both contain robust gold in soil anomalies in excess of 15 kilometers length. more »

Share Price (AIM)
2.38p
Change
 
Mkt Cap (£m)
1.5
P/E (fwd)
n/a
Yield (fwd)
n/a



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