REG - Goldstone Resources - Start of Drill Programme at Akrokeri Gold Mine

Goldstone ResourcesAnnouncement

30/08/2022 07:16

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220830:nRSd4713Xa&default-theme=true

RNS Number : 4713X  Goldstone Resources Ltd  30 August 2022

30 August 2022

 

GOLDSTONE RESOURCES LIMITED

("GoldStone" or the "Company")

 

Start of Drill Programme at Akrokeri Gold Mine, Ghana

 

GoldStone Resources Limited (AIM: GRL), the emerging gold producer and
developer focused on Ghana, is pleased to announce the commencement of a
1,500 metre Diamond Drilling ("DD") programme on the 100% owned and previously
producing high-grade Akrokeri underground mine ("Akrokeri Mine" or "Mine"),
which has from the re-logging of core in 2018, announced 8 June 2018, returned
individual assays of up to 24.8g/t and 51g/t gold. The drill programme is in
line with the Company's strategy to advance additional high-priority gold
targets towards production to augment current production from the Company's
Homase Open Pit Mine.

 

The Akrokeri Mine is located in a highly prospective region and is
approximately 12km NNE and along strike from the Obuasi Mine, owned by
AngloGold Ashanti Ltd, and 6km south of the Company's producing Homase Mine,
shown in Figure 1. It is recorded by the Ghanaian Minerals Commission that the
Akrokeri Mine produced some 75,000 ounces of gold from approximately 104,000
tons (94,347 tonnes) of ore in the early 1900's, equating to an average
recovered grade of approximately 0.73 oz/t, equivalent to 24g/t.

 

Figure 1: Location Plan for the Former Akrokeri Mine

 

 

 

 

2022 Drilling Programme

 

GoldStone has commenced a 1,500 metre diamond drilling programme, comprising
15 drill holes, focused on testing extensions of the mineral lode that was
formerly mined between 1905 and 1909, shown in Figure 2.

 

Figure 2: Schematic Plan Showing the Akrokeri Mine Mineralised Structure and
Exploration Targets

 

 

 

The 2022 drill programme builds on previous work conducted at Akrokeri by
GoldStone, including re-logging and assaying of 5,200m of core.  The core was
derived from two drilling campaigns undertaken by Birim Goldfields Ltd
("Birim") in 1996 and Pan African Resources Ltd ("Pan African Resources") in
2008, which encountered unknown narrow high-grade quartz veins within the
granite, with samples up to 24.8g/t and 51g/t.  This confirms the potential
of a high-grade deposit within the entire sheared and faulted contact zone
between the granite and  the sedimentary rocks.

 

As announced on 7 June 2018, the review and re-logging of the Akrokeri Mine DD
core also revealed two further DD holes totalling 666 metres, drilled in 2012
by Goldstone to the north of the Akrokeri Mine, which identified significant
intersections in the footwall zones, including 2.1m assaying 6.10g/t.

 

Emma Priestley, CEO of GoldStone, commented:

 

"Akrokeri has always been a source of significant excitement for our
geologists, with previous work returning some exceptional intersections of
24.8g/t and 51g/t.  Our production strategy at Homase is coming to fruition,
and we believe that Akrokeri has the potential to make a significant
contribution to our total gold inventory.

 

"We are pleased to be operating on the ground drilling at Akrokeri again and I
speak on behalf of the whole team when I say we are extremely enthusiastic
about our prospects here.  This drill programme is focused on defining the
one or more mineral lodes that comprise the extensions of the Akrokeri system,
and we look forward to reporting results in due course."

 

- 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.

 

 

 

 

 

 

 

 

 

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DRLBCGDIUUDDGDC