REG - Goldstone Resources - Update on Diamond Drilling at Akrokeri, Ghana

Goldstone ResourcesAnnouncement

27/09/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220927:nRSa7176Aa&default-theme=true

RNS Number : 7176A  Goldstone Resources Ltd  27 September 2022

27 September 2022

 

GOLDSTONE RESOURCES LIMITED

("GoldStone" or the "Company")

 

Update on Diamond Drilling at Akrokeri, Ghana

 

 

GoldStone Resources Limited (AIM: GRL), the emerging gold producer and
developer focused on Ghana, is pleased to provide the assays from the first
three holes of the Diamond Drilling ("DD") programme, announced 30 August
2022. These holes are the first in a programme designed to probe the southward
extension  of the high-grade orebody exploited in the Akrokeri mine
("Akrokeri Mine" or "Mine") down to a depth of around. 70 m vertical, and
along initial strike distance of around 600 m.  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.

 

Highlights

·        Results for the three diamond drill-holes have returned very
encouraging results, including:

-  22AKDD001: 6.5 metres @ 1.63g/t from 7.7 metres, including 3.5 metres @
2.35g/t

-  22AKDD002: 4.1metres @ 11.01g/t from 46 metres, including 1metre @
41.04g/t

-  22AKDD003: 3.6 metres @ 5.77g/t from 69.4 metres, including 1metre @
12.06g/t

·        The drilling confirmed continuity of the mineralised zone at
vertical depths of between 36 metres and 65 metres and extending a minimum of
180 m beyond the known southern limit of the mine

·        These results and the ongoing drill programme underpin
GoldStone's focus on delineating near-surface resources that can be exploited
in the near future

 

Emma Priestley, CEO of Goldstone, commented:

"The ramp up of gold production at Homase is gaining momentum, and we are now
increasingly contemplating our longer-term production profile. A key feature
of this expansion plan is the delineation of potentially high-grade resources
along strike and down dip of the Akrokeri orebody. Historically, the Akrokeri
Mine yielded 75,000 oz gold at an average grade of 24 g/t and, more recently,
has returned some exceptional results from exploration activities.

 

"The first three holes of this drilling programme at Akrokeri have delivered
significant intersections and confirmed the continuity of the mineralised zone
for a minimum distance of 180 m southwards from the known limit of the former
Akrokeri Mine workings.  These initial results have confirmed the nature and
overall geometry of a structurally controlled mineralised channel and allow
planning of the continuing drill programme with a high degree of confidence.
Although the evidence from the old Akrokeri Mine indicates that the orebody
should extend to a vertical depth of around 150m, our focus will be on
identifying relatively near-surface resources that can be exploited in the
foreseeable future."

 

Further Details

 

The drilling results shows mineralisation extends along strike, displays the
vein widths and also demonstrates the extent of the former underground
workings.  Mineralisation intersected in this drilling is consistent with
projections of the drilling campaigns, previously started by Birim Gold Plc in
1996, and Pan African Resources Plc in 2007.   The Company relogged the core
from these former campaigns, announced 7 June 2018.  The assaying of the core
identified mineralised zones, which are basis for this current drilling
campaign.

 

The first three-holes from the 1,500 metre diamond drill programme, totalling
268.1 metres, were designed to provide new information on the depth and
strike-continuity of the mineralised zone at the former Akrokeri Mine
previously exploited between 1905 and 1909.

 

The steeply west-dipping mineralised zone occupies a major
North-South-trending structural corridor 12 km north-north-east (NNE) of the
multiple ore zones that comprise the Obuasi Mine, one of the world's largest
gold mines with a combined historical and current production and resource base
of >70 million ounces of gold.

 

Two of the three holes were inclined at 55(o) and one at 75(o) respectively
and intersected the mineralised zone at vertical depths between 37 m and 66 m
beneath surface.  All three holes intersected significant widths of
approximately 2.2 metres mineralisation, thus confirming the continuity of the
zone along strike and with depth.

 

The mineralised intercepts in the three DD holes are characterised by quartz
and quartz carbonate veinlets. In the intervals reported with significant
intercepts, much of the mineralisation is oxidized, transitioning through
patchy weathering with low pyrite content and quartz being the dominate vein
component.

 

Figure. 1. Location of the three diamond drillholes at Akrokeri

 

 

Significant intersections are summarised in Table 1. The diamond drill holes
were collared in the hangingwall.

 

 

 

 

 

 

Table 1. 2022 Diamond drilling significant intersections

 

 Hole_ID    Hole Depth from (metres)  Hole Depth to (metres)  Interval length (metres)  Weighted average grade g/t  Intersection                                Calculated true width of the intersection (metres):

                                                                                                                    (metres g/t)                                ore body dip 75(o)

                                                                                                                                                                dip direction 270(o)
 Trench     Quartz vein in artisanal workings                                                                       3m @ 45.1 g/t                               3m
 22AKDD001  7.7                       14.2                    6.5                       1.63                        6.5m @ 1.63 g/t, Including 3.5m @ 2.35 g/t  4m
            21.7                      26.1                    4.4                        -                          Void - old workings                         2.7m void
            69.7                      70.8                    1.1                       -                           Void - old workings                         0.87m void
 22AKDD002  0                         4.4                     4.4                       1.085                       4.4m @ 1.09 g/t                              -
            46                        50.1                    4.1                       11.01                       4.1m @ 11.01 g/t, including 1m @ 41.04 g/t  3.14m
 22AKDD003  0                         3.9                     3.9                       1.74                        3.9m @ 1.74 g/t                              -
            69.4                      73                      3.6                       4.36                        3.6m @ 5.77 g/t, including 1m @ 12.06 g/t   1.2m

 

22AKDD001 intersected the old workings at vertical depths of around 18 metres
and 59 metres.  The shallower void was 2.7 metres wide, being along strike
from the known workings of the Akrokeri Mine.  Whilst it is disappointing
that the former miners have mined this section of the mineral zone, it proves
the extension of the mine workings along the first level that was previously
recorded as being 100 feet vertical depth, approximately 30 metres below
surface, noting that some 12m of ground has been worked and dugout since that
time with over 100 years of artisanal mining on the Akrokeri Mine area.

 

The location of 22AKDD001 is opposite the artisanal miners' trench that was
announced 25 March 2022.  The assays from the trench returned relatively
high-grade central zone of 3 metres with an average grade of 45g/t, the
location of the trench appears to correlate with the down-dip projection of
the mineralised zone, which again unfortunately has been mined out by the
former miners.

 

22AKDD002 and 22AKDD003 intersected the mineralised zone at approximately 180
metres along strike from the known workings of the Akrokeri Mine.  The
intersections can be correlated to an intercept within hole PAR007 which was
drilled in 2007. Further intercepts encountered in this hole indicate the
possibility of sub- parallel structures in addition to the main vein.

 

The results from the first three holes drilled in 2022 provide significant
encouragement to undertake additional drilling along the projected extension
of the mineralised zone, as a detailed understanding of the controls of this
zone at Akrokeri is critical to the planning of further exploration
drilling.

 

The old mine's average grade of 24g/t indicates a nuggety deposit. The
preliminary results received so far suggest this mineralisation pattern
continues along strike outside the former mine's boundaries.

 

It also suggests any extension of the mineralised zone, both on strike and on
dip, may be of above average   grade. This justifies expanding the drilling
program beyond the scope of the current program.

 

Sampling, assaying, and QA/QC

 

GoldStone's sampling of drill core, and other geological materials conforms to
industry-wide good practise.  The Company maintains QA/QC on all analytical
work via the use of certified reference materials, field duplicates, and blank
samples in addition to monitoring of internal laboratory check-analyses.
Chain of custody is observed for all samples.  Determination of gold, by fire
assay of 50g sub-samples and atomic absorption finish, was undertaken by
Intertek Minerals Ltd in Tarkwa, Ghana.

 

Competent Person's Statement

 

The technical information within this announcement has been reviewed and
approved by Klaus Kappenschneider, an independent geologist with 30 years'
experience in gold mining, exploration and resource estimation.  Klaus is a
member of the Association of Professional Geoscientist of Ontario (APGO), is a
Competent Person (JORC, SAMREC, PEMREC) and a Qualified Person (NI 43- 101)
and accordingly, is a qualified person as required under the AIM Rules.

 

 

 

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  UPDFFFFLAAIRFIF