REG - Goldstone Resources - Exploration Update
05/04/2023 07:15
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RNS Number : 3772V Goldstone Resources Ltd 05 April 2023
5 April 2023
GOLDSTONE RESOURCES LIMITED
("GoldStone" or the "Company")
Exploration Update
GoldStone Resources Limited (AIM: GRL) is pleased to provide a comprehensive
update on recent diamond drilling at the former Akrokeri Underground Mine
("AUM") and the soil and auger geochemical programmes within the Akrokeri and
Homase prospecting licences, ("AKHM").
Further to the release of initial drilling results on 27 September 2022, the
Company has received the assay results of the diamond drilling programme at
AUM, which confirm the Company's belief that the Akrokeri mineralization
occupies a significant structural corridor that extends to both the south and
north of the historical underground mine.
Significant Intercepts 2022/23 diamond drilling include:
· 22AKDD001: 6.50 metres @ 1.63 g/t from 7.7 metres, including 3.5
metres @ 2.35 g/t,
· 22AKDD002: 4.10 metres @ 11.01g/t from 46.0 metres, including 1 metre
@ 41.04g/t,
· 22AKDD003: 3.60 metres @ 5.77g/t from 69.4 metres, including 1 metre
@ 12.06g/t,
· 22AKDD006: 5.74 metres @ 3.43g/t from 55.66 metres, including 1.1
metres @ 15.25g/t,
· 22AKDD008: 3.00 metres @ 3.08g/t from 34.8 metres, including 1.0
metre @ 5.23g/t,
· 22AKDD008: 3.70 metres @ 2.54g/t from 72.6 metres, including 2.2
metres @ 4.03g/t,
· 22AKDD009: 4.80 metres @ 7.31 g/t from surface, including 1.0 metre @
25.8 g/t,
· 22AKDD015: 1.0 metre @ 4.53 g/t from 61.9 metres,
· 22AKDD015: 1.10 metres @ 11.23 g/t from 95.7 metres, including 0.5
metre @ 20.01 g/t,
· 22AKDD016: 12.0 metres @ 0.93 g/t from 79.3 metres, including 1.6
metres @ 2.97 g/t, and
· 22AKDD019: 2.80 metres @ 1.84 g/t from 72.0 metres, including 2.2
metres @ 2.21g/t
Key findings
· A total of 20 diamond drillholes have now been drilled, 14
probing the southern extension of the South Shaft and the remaining 6 holes
around the North Shaft,
· Results show the wide mineralised lode hosting gold at 4.1m @
11.01 g/t, including 1m @ 41.04 g/t in hole 22AKDD002,
· Results give strong grounds for continued exploration and further
core drilling at Akrokeri, and
· At Homase, the results from soil and auger sampling has confirmed
anomalies that demonstrate a new mineralised zone to the west of the main
Homase orebody and also shows further extension along strike to the north and
south of the known Homase Trend.
Emma Priestley, Chief Executive Officer of Goldstone, commented:
"These results on Akrokeri spur us forward to discovering further deposits in
order to secure a long-term pipeline of resources. While more investigation is
needed, these initial findings from our latest exploration activity in both
our DD programme at Akrokeri and from the auger programme at the west of the
Homase Mine provide us with renewed confidence as we seek to extend our
operations in the prospective area and extend the mine life at the Homase
Mine. In addition to these positive exploration results, we look forward to
announcing an operational update for the Homase Mine in the coming weeks."
Exploration around the Akrokeri Underground Mine
The 20-diamond drill hole programme, totalling 1,979.5 metres, at the former
Akrokeri Underground Mine ("AUM"), comprised 14 diamond drillholes probing the
southern extension of the Akrokeri South Shaft and the remaining 6 in the
vicinity of the North Shaft of the historical Akrokeri Mine Plan 1, highlights
are shown at Table 1. Following this programme, the company undertook a
thorough geological review integrating the new drilling results with the
historical drill campaigns of Birim Goldfields Inc (1996) and Pan African
Resources Plc, (2008), totalling 5,200 metres, highlights are shown on the
Table 2.
Plan 1 - Plan of Akrokeri core drilling, indicating the projected mineralised
trend
The assay results of this drilling campaign continue to highlight the
potential of the mineralised system originally exploited at the Akrokeri Mine.
The gold-bearing zone has been defined over a distance of approximately 360
metres southwards from the South Shaft, at which point it appears that there
may be a significant fault that displaces the zone westwards. These results,
in Table 2, provide an explanation for why the southern extension has not been
identified at surface in the past and provide a basis to continue exploring
this part of the historical mine area.
The main ore body at Akrokeri is a lenticular quartz-carbonate vein, in places
with parallels, within a substantial structural corridor, all combined are
trending north and dipping to the west at about 70°. It lies on the eastern
contact of a massive granitoid within Birimian-age meta-sedimentary units,
predominantly phyllites that dip steeply north-west. The contained gold
mineralisation occurs as coarse visible gold and is also associated with
pyrite, arsenopyrite, and galena in the vein-quartz and in altered wallrocks.
In addition, sulphide-rich sheared metasediments have been identified
approximately 2km south of the South Shaft, the interpretation of the drilling
results from this area underpins the probability that this southern area has
considerable potential and merits further systematic exploration.
The Company continues to review all current and historical data derived from
within the AUM area in order to evaluate the next steps for the exploration
program at Akrokeri, including targeted soil geochemistry, ground geophysical
surveys, and further drilling, with a particular focus on the southern area.
Table 1: Akrokeri Drilling Results - New Data
Drill Area Hole_ID Depth from (metres) Depth to (metres) Width Gold grade (ppm)
Akrokeri South 22AKDD001 quartz vein in artisanal workings 45.1
7.7 14.2 6.5 1.63
Akrokeri South 22AKDD002 0 4.4 4.4 1.085
46 50.1 4.1 11.01
Akrokeri South 22AKDD003 0 3.9 3.9 1.74
69.4 73 3.6 5.77
Akrokeri South 22AKDD004 44.8 45.9 1.1 0.94
Akrokeri South 22AKDD004 3.1 4.4 1.3 2.72
Akrokeri South 22AKDD006 0 6.6 6.6 1.26
55.66 61.4 5.74 3.435
Akrokeri South 22AKDD007 17.3 19.3 2 0.845
Akrokeri South 22AKDD008 0 4.8 4.8 1.22
22.8 24.3 1.5 0.34
34.8 37.8 3 3.08
52 53 1 3.11
72.6 76.3 3.7 2.54
82.3 84.1 1.8 0.48
Akrokeri South 22AKDD009 0 4.8 4.8 7.31
Akrokeri South 22AKDD010 0 4.4 4.4 0.62
Akrokeri North 22AKDD015 8.9 10.4 1.5 0.68
61.9 62.9 1 4.53
66.2 67.3 1.1 0.32
79.8 81.3 1.5 1.88
95.7 96.8 1.1 11.23
102.1 104 1.9 1.44
Akrokeri North 22AKDD016 79.3 91.3 12 0.928
Akrokeri North 22AKDD017 48.3 52.3 4 1.48
68.5 70.3 1.8 1.28
Akrokeri North 22AKDD018 55.3 56.3 1 0.71
58.7 59.8 1.1 1.07
Akrokeri North 22AKDD019 72 74.8 2.8 1.84
Akrokeri North 22AKDD020 85.7 87.1 1.4 1.97
Table 2: Akrokeri Drilling Results - Historical data
Drill Area Hole ID Depth from (metres) Depth to (metres) Width Gold grade (ppm)
North Shaft ABD3 142 143 1 1.77
North Shaft ABD4 97 106 9 0.38
179 182 3 0.72
North Shaft ABD5 41 44.8 3.8 0.55
99 101 2 0.53
138 140 2 0.65
North Shaft ABD8 102 103.07 1.07 0.64
North Shaft ABD9 72 73.4 1.4 1.84
North Shaft ABD10 58.75 61.5 2.75 4.3
North Shaft ABD11 165 174 9 1.14
316.5 318 1.5 0.47
South Shaft AKR-PAR005 32.35 33.05 0.7 0.99
53.9 54.45 0.55 1.52
55.75 56.3 0.55 0.53
66.7 67.2 0.5 1.85
71.15 72.3 1.15 0.64
80 80.5 0.5 0.8
South Shaft AKR-PAR006 89.7 90.2 0.5 1.12
165.4 166.16 0.76 0.33
174.55 175.55 1 1.17
177.6 178.85 1.25 1.41
183 195.67 12.67 0.53
213 218.06 5.06 1.36
235 236.6 1.6 4.56
245.13 248 2.87 0.64
253 261 8 0.47
South Shaft AKR-PAR007 82.95 87.6 4.65 1.44
193 194.26 1.26 0.95
204 210.4 6.4 1.16
South Shaft AKR-PAR008 92.2 92.85 0.65 2.42
106.1 107.1 1 1.52
114.5 115.3 0.8 1.64
137.2 139.4 2.2 0.63
151.9 153.4 1.5 3.18
184.5 186.3 1.8 0.42
204.2 205 0.8 1.99
213 215 2 0.58
South Shaft AKR-PAR001 392.9 393.2 0.3 3.6
405 406 1 5.25
South Shaft AKR-PAR002 197 198 1 5.94
South Shaft AKR-PAR003 9 12 3 5.49
15.25 19.5 4.25 1.07
39 39.5 0.5 2.42
50 51 1 51.01
74.1 75 0.9 0.77
145 146 1 17.72
171 172 1 1.03
215 217.2 2.2 2.25
299 301 2 2.35
336 338 2 0.94
South Shaft AKR-PAR004 33.2 33.9 0.7 1.12
36.25 37 0.75 1.51
46.6 47.1 0.5 0.59
55 55.9 0.9 0.53
South Shaft AKR-PAR005 32.35 33.05 0.7 0.99
53.9 54.45 0.55 1.52
66.7 67.2 0.5 1.85
South Shaft 12AKDD001 20.71 22.68 1.97 2.42
198.48 198.98 0.5 2.83
242 242.75 0.75 46.9
South Shaft 12AKDD003 90.1 90.6 0.5 4.02
231.08 231.58 0.5 4.56
Homase Mineralised Trend - Soil and Auger Sampling Programmes
Within the AKHM area, a soil- and auger-sampling programme continued during Q3
and Q4 2022 and into Q1 2023. The soils were targeting two areas, Esuaya in
the north-east and Adubriem West, and a targeted augering programme was also
undertaken over an area to the south-west of known Homase Trend, with a total
of 579 samples collected.
These results have been combined with the historical data to update the
geochemical anomalies identified in the announcements of 17 June 2018 and 25
March 2022. This exploration has further confirmed the presence of multiple
exploration targets, which are yet to be fully evaluated.
These new targets, shown at Plan 2, are being prioritised for follow-up work
and the Company is focused on evaluating these systematically, with the
objective being to expand the mineral resource that is currently being
exploited at Homase.
The Company is confident that the results of the drilling and geochemical
survey programmes completed over the past three years demonstrate the
potential to add to the total mineral resource and thus considerably extend
mining operations in the coming years. Prioritisation will be given to the
most promising prospects and a more detailed drilling programme will begin in
the coming months, initially focusing on Akrokeri South and the new Homase
geochemical targets.
Plan 2: Exploration Target Areas Defined by Soil and Auger Samples
Competent Person's Review
The technical information within this announcement has been reviewed and
approved by Clement Koama an independent geologist with 25 years' experience
in gold mining, exploration and resource estimation. Clement is a Competent
Person (JORC) and accordingly, is a qualified person as required under the AIM
Rules.
**ENDS**
For further information, please contact:
GoldStone Resources Limited,
Bill Trew / Emma Priestley Tel: +44 (0)1534 487 757
Strand Hanson Limited
James Dance / James Bellman Tel: +44 (0)20 7409 3494
S. P. Angel Corporate Finance LLP
Ewan Leggat / Charlie Bouverat Tel: +44 (0)20 3470 0501
St Brides Partners Ltd Tel: +44 (0)20 7236 1177
Susie Geliher / Max Bennett
About GoldStone Resources Limited
GoldStone Resources Limited (AIM: GRL) is an AIM quoted mining and development
company with projects in Ghana that range from grassroots exploration to
production.
The Company is focused on developing the Akrokeri-Homase project in
south-western Ghana, which hosts a JORC Code compliant 602,000oz 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 at 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 at 2.5 g/t recovered. Production is currently focussed on the Homase
Mine, however 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.
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018 (as amended).
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