TIDMGRL
RNS Number : 9242O
Goldstone Resources Ltd
11 November 2016
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11 November 2016
GOLDSTONE RESOURCES LIMITED
("GoldStone" or the "Company")
Update on exploration of the Akrokerri licence area, Ghana
GoldStone Resources Limited (AIM: GRL), the West and Central
Africa focused gold exploration company quoted on AIM, is pleased
to provide an update on the recent drilling programme comprising
3,000 metres of auger and some 1,500 metres of Reverse Circulation
("RC") drilling of the AK02 prospect, located immediately south
west and along strike of the Homase/Akrokerri deposit and within
the Akrokerri licence.
Highlights
-- RC drilling of a 750 metre-long gold-enriched saprolite zone
identified within the AK02 prospect by the 2015 auger drilling
programme confirmed mineralization at depth and returned
significant intersections of 14 metres @ 1.18 g/t gold ("Au") and 8
metres @ 1.88 g/t Au
-- A 120 hole infill auger programme defined a new 1,250 metre x
350 metre zone of gold enrichment in saprolite located
approximately 100-200 metres east of the 2015 auger anomaly
-- Geological interpretation of the 2016 auger and RC drilling
indicates that the complex structural zone between Homase and
AngloGold Ashanti's Obuasi Mine is prospective and that the
south-western extension of the main Homase mineralized zone has
been offset 200 metres eastward by faulting
-- RC drilling of the southern part of the previously identified
Homase-Akrokerri resource zone confirmed continuity of the zone but
limited potential for identifying additional oxide resource
-- Diamond drilling, targeting vertical depths of 200-300
metres, commenced to evaluate high-grade ore shoots beneath the
known Homase oxide resource.
Neil Gardyne, Non-Executive Chairman, commented: "This phase of
exploration, focused on the Akrokerri licence that straddles the
linking structural zone between the Homase resource and the
world-class Obuasi Mine, has demonstrated significant potential in
terms of the deeper RC drilling of the target area identified in
2015 and also the identification of parallel zones of gold
enrichment in saprolite resulting from the 2016 programme. These
results and the juxtaposition of Akrokerri with Obuasi provide
considerable encouragement to undertake further exploration in this
area.
"In the meantime we have also commenced a preliminary programme
of diamond drilling to probe the strike extensions of some of the
deeper and higher-grade sulphide ore shoots previously identified
within the known Homase 602,000 oz gold JORC-compliant
resource.
"By focusing on adding to the oxide resource and also evaluating
the deeper sulphide resource, we are looking to upgrade the total
resource base and thus provide various options for exploiting both
oxide and sulphide ores, a key corporate objective given the
recovering gold price."
Further Details
The programme of auger drilling and RC drilling announced on 13
September 2016 has now been completed with 120 auger holes, for a
total of 3,000 metres, and 13 RC holes totalling 1,424 metres, and
all gold assays received. The original work programme (announced on
13 September 2016) proposed up to 2,500 metres of RC drilling but
the initial drilling results proved adequate to confirm the
anticipated zone of mineralization.
The work was focused on the AK02 prospect, located immediately
south-west and along strike of the Homase/Akrokerri deposit and
within the Akrokerri licence with the intention of utilising the
auger drilling to evaluate specific areas not covered by the 2015
exploration programme and also to undertake RC drilling to
investigate gold anomalies identified during the 2015 campaign
(Figures 1 and 2).
The results of the 2015 auger programme confirmed the presence
and continuity of a zone of gold enrichment in saprolite (in situ
weathered bedrock), defined as exceeding a threshold of 44 ppb Au
(up to 94 ppb Au), over a distance of approximately 1,500 metres.
The follow-up RC programme targeted the 750 metre-long northern
part of this zone. Interpretation of geophysical (magnetic) data
indicates that the northern sector is probably an extension of the
main Homase-Akrokerri mineralized shear zone but offset
approximately 200 metres to the east by faulting.
Fig. 1. Results of 2015 and 2016 drilling on the Akrokerri
licence.
(Please see link at top of announcement for images)
Fig. 2. Plan of the 2016 Auger drilling and RC drilling on the
Akrokerri licence.
(Please see link at top of announcement for images)
The AK02 prospect and much of the Akrokerri licence overlies the
south-west extension of the main Homase resource zone, which has a
JORC-compliant resource of 602,000 oz Au. Akrokerri is a
geologically complex area extending approximately 2,500 metres from
the Homase resource south-westwards to the licences of AngloGold
Ashanti's Obuasi Mine, which has a combined exploited and remaining
resource of as much as 45 million oz Au. The recently completed
120-hole infill auger programme identified widespread moderate gold
anomalism (>10 ppb Au, up to 94 ppb) over an area of 1,250
metres x 350 metres to the east of the 2015 zone and a narrow
anomalous zone to the west. In the opinion of the Directors, this
confirmation of widespread gold anomalism in this area is not
surprising and the Directors believe it to be indicative of the
exploration potential of the Akrokerri licence.
The RC drilling programme comprised 13 holes totalling 1,424
metres, all declined at 55 degrees towards 115 degrees based on the
latest interpretation of the structural geology. Four holes
targeted the south-western extension of the Homase resource zone
and these returned modest intersections that confirmed the
continuity of the mineralization but indicate that there is limited
opportunity to define additional resources in this area, unless
"blind" ore shoots are present that do not extend to surface - a
characteristic of some of the ore shoots of the nearby Obuasi
Mine.
The remaining nine holes targeted the 750 metre-long 2015
saprolite-gold anomaly along four fence lines and returned
significant intersections (>0.3 g/t Au), from north to south,
of:
-- Fence line 698950N: 8 metres @ 1.88 g/t Au from 102 metres (drill hole 16AKRC005)
-- Fence line 698830N: 2 metres @ 1.19 g/t Au from 58 metres
(16AKRC007) and 2 metres @ 1.01 g/t Au from 48 metres
(16AKRC008)
-- Fence line698730N: 2 metres @ 1.00 g/t from 110 metres
(bottom of hole - 16AKRC009) and 2 metres @ 1.65 g/t Au from 28
metres (16AKRC010)
-- Fence line 698450N: 14 metres @ 1.18 g/t Au from 16 metres
and 4 metres @ 1.34 g/t Au rom 44 metres (16AKRC011)
All significant intersections from the RC drilling of >0.3
g/t Au are summarised in Table 1.
Table 1. 2016 RC drilling: significant intersections >0.3 g/t
Au(1)
Hole ID Depth from Depth to Interval metres Grade Intersection
metres metres g/t Au
----------- ----------- --------- ---------------- -------- ---------------
16AKRC001 90 94 4 0.48 4m @ 0.48 g/t
----------- ----------- --------- ---------------- -------- ---------------
16AKRC001 108 112 4 0.53 4m @ 0.53 g/t
----------- ----------- --------- ---------------- -------- ---------------
16AKRC003 36 40 4 0.51 4m @ 0.51 g/t
----------- ----------- --------- ---------------- -------- ---------------
16AKRC003 46 50 4 0.59 4m @ 0.59 g/t
----------- ----------- --------- ---------------- -------- ---------------
16AKRC003 54 62 8 0.69 8m @ 0.69 g/t
----------- ----------- --------- ---------------- -------- ---------------
16AKRC004 30 36 6 0.91 6m @ 0.91 g/t
----------- ----------- --------- ---------------- -------- ---------------
16AKRC005 64 68 4 0.59 4m @ 0.59 g/t
----------- ----------- --------- ---------------- -------- ---------------
16AKRC005 86 88 2 0.48 2m @ 0.48 g/t
----------- ----------- --------- ---------------- -------- ---------------
16AKRC005 102 110 8 1.88 8m @ 1.88 g/t
----------- ----------- --------- ---------------- -------- ---------------
16AKRC006 0 6 6 0.40 6m @ 0.40 g/t
----------- ----------- --------- ---------------- -------- ---------------
16AKRC006 88 90 2 0.94 2m @ 0.94 g/t
----------- ----------- --------- ---------------- -------- ---------------
16AKRC007 58 60 2 1.19 2m @ 1.19 g/t
----------- ----------- --------- ---------------- -------- ---------------
16AKRC008 48 50 2 1.01 2m @ 1.01 g/t
----------- ----------- --------- ---------------- -------- ---------------
16AKRC008 56 60 4 0.41 4m @ 0.41 g/t
----------- ----------- --------- ---------------- -------- ---------------
16AKRC009 68 72 4 0.69 4m @ 0.69 g/t
----------- ----------- --------- ---------------- -------- ---------------
16AKRC009 102 104 2 0.36 2m @ 0.36 g/t
----------- ----------- --------- ---------------- -------- ---------------
16AKRC009 110 112 2 1.00 2m @ 1.00 g/t
----------- ----------- --------- ---------------- -------- ---------------
16AKRC010 28 30 2 1.65 2m @ 1.65 g/t
----------- ----------- --------- ---------------- -------- ---------------
16AKRC010 68 70 2 0.32 2m @ 0.32 g/t
----------- ----------- --------- ---------------- -------- ---------------
16AKRC011 16 30 14 1.18 14m @ 1.18 g/t
----------- ----------- --------- ---------------- -------- ---------------
16AKRC011 34 40 6 0.63 6m @ 0.63 g/t
----------- ----------- --------- ---------------- -------- ---------------
16AKRC011 44 48 4 1.34 4m @ 1.34 g/t
----------- ----------- --------- ---------------- -------- ---------------
16AKRC011 70 74 4 0.42 4m @ 0.42 g/t
----------- ----------- --------- ---------------- -------- ---------------
16AKRC013 42 44 2 0.37 2m @ 0.37 g/t
----------- ----------- --------- ---------------- -------- ---------------
16AKRC013 50 58 8 0.71 8m @ 0.71 g/t
----------- ----------- --------- ---------------- -------- ---------------
Notes: 1 Maximum internal dilution of any interval is 2
metre.
The RC results confirm the interpretation of the 750 metre-long
gold-in-saprolite anomaly as a continuous NE-SW-trending zone,
although the intersections along the southernmost fence line could
also relate to an ENE-trending structural zone (Fig.1). Weathering
is still pronounced at the depths at which the mineralization was
intersected and it is possible that leaching of gold has occurred,
a consequence of which is that gold contents below the zone of
weathering may be higher than those reported from the drilling.
These results and other auger data are consistent with
widespread gold mineralization in the complex structural zone
between Homase and Obuasi and are being critically reviewed in
relation to historical geophysical data with a view to further
drilling, possibly preceded by more systematic high-resolution
geophysical surveys.
In the meantime, a diamond drilling programme commenced on 1
November 2016 on the Homase licence with an initial three holes
planned to explore the strike extensions of known ore shoots
beneath the existing mined open pits that exploited higher-grade
oxide material in 2001/02. The holes will be between 250 and 300
metres in length and will seek intersect sulphide mineralization at
vertical depths of 200-250 metres. The Homase mineralized zone
hosts two, possibly three, relatively high-grade steeply plunging
ore shoots. The Company believes that the longer-term future of the
project lies in exploitation of higher-grade Obuasi-style
mineralization and that there is a reasonable expectation that
blind ore shoots still remain to be identified.
Sampling, assaying, and QA/QC
Goldstone's sampling of outcropping rocks, drill core, and other
geological materials conforms to industry-wide good practice, with
chain of custody being observed for all samples. Gold analysis for
material sampled in this campaign is undertaken by ALS Limited in
Kumasi, Ghana.
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.
Dr Bob Foster, FIMMM, CEng, is a Non-Executive Director of the
Company and a Competent Person as defined in the JORC Code for
Reporting of Exploration Results and consents to the inclusion in
the release of the matters based on this information in the form
and context in which it appears. .
For further information, please contact:
GoldStone Resources
Limited
Emma Priestley/ Neil +44 (0)20 7830 9650
Gardyne / +27 (0)82 490 4427
Strand Hanson Limited
Richard Tulloch / James
Bellman +44 (0)20 7409 3494
SI Capital Limited
Nick Emerson / Andy
Thacker +44 (0)1483 413 500
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 ("MAR").
- END -
About GoldStone Resources Limited
GoldStone Resources Limited (AIM: GRL) is an AIM-quoted
exploration company with projects in Ghana, Senegal and Gabon that
range from grassroots to advanced exploration.
The Company is focused on developing the Homase-Akrokerri
project in southern Ghana, which hosts an existing 602,000 oz gold
JORC-compliant resource at an average grade of 1.77g/t, along
strike from AngloGold Ashanti's Obuasi Gold Mine. Goldstone is
focussed upon building a portfolio of high-quality projects in
Ghana, in the highly prospective Birimian-age Ashanti Gold Belt,
one of the most gold-endowed in the world with approximately 70 M
oz gold produced to-date.
In Senegal, the Company holds the Sangola "Permis de Recherche",
where a permit-wide termite mound sampling programme has identified
several robust gold anomalies at surface. In Gabon, the Company
holds the Oyem and Ngoutou permits, which both contain significant
gold-in-soil anomalies in excess of 15 km in length. Nine diamond
drill ("DD") holes have been completed at Oyem and returned best
results of 1 metre @ 9.50 g/t Au and 1 metre @ 9.10 g/t Au within a
120 metre-wide zone of deformation. At Ngoutou, three DD holes have
indicated gold mineralisation along a strike of at least 120 metres
and with a best intersection of 16.0 metres @ 1.3 g/t Au. These
licences are currently being reviewed by the Company.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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