TIDMGRL
RNS Number : 9895V
Goldstone Resources Ltd
09 November 2017
9 November 2017
GOLDSTONE RESOURCES LIMITED
("GoldStone" or the "Company")
Results of Akrokerri pit definition drilling
GoldStone Resources Limited (AIM: GRL) announces that it has
successfully completed its pit definition Reverse Circulation
("RC") drilling programme in the Southern part of the 2012 JORC
compliant resource area within the 100% owned Akrokerri licence,
with results continuing to confirm the expected gold content.
The RC drilling programme consisted of 26 holes for a total of
1,470 metres at the Akrokerri project. The programme, which is the
first part of the Akrokerri open pit project, identified as AK01
North and AK01 South, confirmed the results of the historical
drilling and recent trenching to further support the economic
potential of the project.
The preliminary assessment of the RC drilling programme shows
that 22 of the 26 holes intersected the mineralised zone with
economic values and mining widths for the target zone - Table 1
below shows the results of the intervals that will be used for the
Pit design. The four sub-economic holes (AKRC022, 23, 24 and 26)
are situated at the southern end of the proposed southern pit (see
Figure 1). All of the assays were undertaken by the ALS Laboratory
in Kumasi, Ghana.
The results from two of the RC infill drillholes exceeded
expectations, with AKRC018 returning 2.22g/t over 30 metre drill
length between intervals 41 metres and 71 metres at a vertical
depth below surface of 27 metres to 48 metres and AKRC012 returning
3.78g/t over 12 metres drill length between intervals 22 metres and
34 metres at a vertical depth below surface of 15 metres to 23
metres. In addition, hole AKRC017 delivered one of the best results
on the Akrokerri licence to date, with 12.4g/t over a 1 metre
length between intervals 20 metres and 21 metres at a vertical
depth below surface of 13 metres.
Based on these assays from this RC drilling programme, the
arithmetic average of the grades is 1.8 g/t over 10.5 metres
drilling width (approximately 7 metres true width) within the
mineralised zone of the two proposed pits (sample cut-off 0.5g/t).
The continuous strike length over these two proposed pits is
approximately 1,500 metres, compared to the approximately 700
metres strike length of the existing Homase pit which was mined by
Ashanti Goldfields between 2002 and 2003 and produced 52,452 oz
gold at an average grade of 2.85g/t.
A grade distribution analysis indicates a relatively
disseminated pattern, no nugget effect is expected. Therefore, the
grade forecast is expected to be close to the mine grade.
A detailed spatial analysis including an estimation of mineable
resources is currently being undertaken using MicroMine software
and metallurgical tests are on-going.
This programme has indicated that the mineralisation may split
towards the South. If this is confirmed by 3D analysis, a sub-
parallel second zone may be available for mining within the
proposed pit.
Bill Trew, Chairman, commented: "We are very pleased that this
programme continues to confirm our expectations of the Akrokerri
deposit. We are narrowing the gaps in past drilling and improving
the confidence in the resource as required in order to move towards
the earliest possible development of a mine. These results are
encouraging, in particular the two infill drillholes that exceeded
our expectations and the extent of the near surface oxidised,
mineralisation zone. We look forward to keeping you updated as we
seek to move the project forward."
Table 1: 2017 RC pit definition drilling programme - Results of
significant intersections that will be used for the Pit Design on
AK01 North and AK01 South
Hole ID Depth Depth Sample g/t Approximate
from to (metres) Id True Vertical
(metres) Depth (metres)
----------- ---------- ------------- ------- ------ ----------------
17AKRC001 17 18 Q 1319 1.12 11.4
----------- ---------- ------------- ------- ------ ----------------
18 19 Q 1320 0.56 12.1
----------- ---------- ------------- ------- ------ ----------------
19 20 Q 1321 0.84 12.7
----------- ---------- ------------- ------- ------ ----------------
17AKRC002 46 47 Q 1404 0.64 30.8
----------- ---------- ------------- ------- ------ ----------------
47 48 Q 1405 2.76 31.5
----------- ---------- ------------- ------- ------ ----------------
48 49 Q 1406 2.07 32.2
---------- ------------- ------- ------ ----------------
49 50 Q 1407 2.36 32.8
---------- ------------- ------- ------ ----------------
50 51 Q 1408 2.11 33.5
---------- ------------- ------- ------ ----------------
51 52 Q 1409 1.66 34.2
----------- ---------- ------------- ------- ------ ----------------
17AKRC003 31 32 Q 1453 0.94 20.8
----------- ---------- ------------- ------- ------ ----------------
32 33 Q 1454 1.16 21.4
----------- ---------- ------------- ------- ------ ----------------
33 34 Q 1455 2.00 22.1
---------- ------------- ------- ------ ----------------
34 35 Q 1456 1.52 22.8
----------- ---------- ------------- ------- ------ ----------------
17AKRC004 39 40 Q 1515 1.02 26.1
----------- ---------- ------------- ------- ------ ----------------
40 41 Q 1517 1.36 26.8
----------- ---------- ------------- ------- ------ ----------------
41 42 Q 1518 0.88 27.5
---------- ------------- ------- ------ ----------------
42 43 Q 1519 0.58 28.1
---------- ------------- ------- ------ ----------------
43 44 Q 1520 0.72 28.8
----------- ---------- ------------- ------- ------ ----------------
17AKRC005 64 65 Q 1601 2.14 42.9
----------- ---------- ------------- ------- ------ ----------------
65 66 Q 1602 1.86 43.6
----------- ---------- ------------- ------- ------ ----------------
66 67 Q 1603 1.26 44.2
---------- ------------- ------- ------ ----------------
67 68 Q 1604 1.34 44.9
----------- ---------- ------------- ------- ------ ----------------
17AKRC006 10 11 Q 1617 1.15 6.7
----------- ---------- ------------- ------- ------ ----------------
11 12 Q 1618 1.05 7.4
----------- ---------- ------------- ------- ------ ----------------
12 13 Q 1619 2.09 8.0
---------- ------------- ------- ------ ----------------
13 14 Q 1620 1.70 8.7
---------- ------------- ------- ------ ----------------
14 15 Q 1621 4.70 9.4
---------- ------------- ------- ------ ----------------
15 16 Q 1622 0.75 10.1
---------- ------------- ------- ------ ----------------
16 17 Q 1623 1.13 10.7
---------- ------------- ------- ------ ----------------
17 18 Q 1624 0.30 11.4
---------- ------------- ------- ------ ----------------
18 19 Q 1625 0.51 12.1
---------- ------------- ------- ------ ----------------
19 20 Q 1626 0.55 12.7
---------- ------------- ------- ------ ----------------
20 21 Q 1628 3.21 13.4
---------- ------------- ------- ------ ----------------
21 22 Q 1629 1.62 14.1
---------- ------------- ------- ------ ----------------
22 23 Q 1630 1.21 14.7
----------- ---------- ------------- ------- ------ ----------------
17AKRC007 13 14 Q 1678 2.58 8.7
----------- ---------- ------------- ------- ------ ----------------
14 15 Q 1679 1.85 9.4
----------- ---------- ------------- ------- ------ ----------------
15 16 Q 1680 1.25 10.1
---------- ------------- ------- ------ ----------------
16 17 Q 1681 1.30 10.7
---------- ------------- ------- ------ ----------------
17 18 Q 1682 0.97 11.4
---------- ------------- ------- ------ ----------------
18 19 Q 1683 3.58 12.1
---------- ------------- ------- ------ ----------------
19 20 Q 1684 0.86 12.7
---------- ------------- ------- ------ ----------------
20 21 Q 1686 0.75 13.4
---------- ------------- ------- ------ ----------------
21 22 Q 1687 0.57 14.1
---------- ------------- ------- ------ ----------------
22 23 Q 1688 0.76 14.7
---------- ------------- ------- ------ ----------------
23 24 Q 1689 1.31 15.4
---------- ------------- ------- ------ ----------------
24 25 Q 1690 0.82 16.1
---------- ------------- ------- ------ ----------------
25 26 Q 1691 0.99 16.8
---------- ------------- ------- ------ ----------------
26 27 Q 1692 2.29 17.4
---------- ------------- ------- ------ ----------------
27 28 Q 1693 1.85 18.1
---------- ------------- ------- ------ ----------------
28 29 Q 1694 1.20 18.8
----------- ---------- ------------- ------- ------ ----------------
17AKRC008 39 40 Q 1761 1.78 26.1
----------- ---------- ------------- ------- ------ ----------------
40 41 Q 1763 2.19 26.8
----------- ---------- ------------- ------- ------ ----------------
41 42 Q 1764 1.53 27.5
---------- ------------- ------- ------ ----------------
42 43 Q 1765 1.85 28.1
---------- ------------- ------- ------ ----------------
43 44 Q 1766 1.54 28.8
---------- ------------- ------- ------ ----------------
44 45 Q 1767 2.05 29.5
---------- ------------- ------- ------ ----------------
45 46 Q 1768 1.81 30.2
---------- ------------- ------- ------ ----------------
46 47 Q 1769 1.12 30.8
---------- ------------- ------- ------ ----------------
47 48 Q 1770 0.87 31.5
---------- ------------- ------- ------ ----------------
48 49 Q 1771 0.46 32.2
---------- ------------- ------- ------ ----------------
49 50 Q 1772 0.47 32.8
---------- ------------- ------- ------ ----------------
50 51 Q 1773 0.13 33.5
---------- ------------- ------- ------ ----------------
51 52 Q 1774 1.73 34.2
---------- ------------- ------- ------ ----------------
52 53 Q 1775 2.03 34.8
---------- ------------- ------- ------ ----------------
53 54 Q 1776 1.14 35.5
---------- ------------- ------- ------ ----------------
54 55 Q 1777 0.74 36.2
----------- ---------- ------------- ------- ------ ----------------
17AKRC009 6 7 Q 1807 0.60 4.0
----------- ---------- ------------- ------- ------ ----------------
7 8 Q 1808 0.37 4.7
----------- ---------- ------------- ------- ------ ----------------
8 9 Q 1809 0.82 5.4
---------- ------------- ------- ------ ----------------
9 10 Q 1810 1.09 6.0
----------- ---------- ------------- ------- ------ ----------------
17AKRC010 20 21 Q 1876 1.06 13.4
----------- ---------- ------------- ------- ------ ----------------
21 22 Q 1877 0.79 14.1
----------- ---------- ------------- ------- ------ ----------------
22 23 Q 1878 0.49 14.7
---------- ------------- ------- ------ ----------------
23 24 Q 1879 0.50 15.4
----------- ---------- ------------- ------- ------ ----------------
17AKRC011 18 19 Q 1941 0.79 12.1
----------- ---------- ------------- ------- ------ ----------------
19 20 Q 1942 2.73 12.7
----------- ---------- ------------- ------- ------ ----------------
20 21 Q 1944 0.66 13.4
---------- ------------- ------- ------ ----------------
21 22 Q 1945 0.70 14.1
----------- ---------- ------------- ------- ------ ----------------
17AKRC012 22 23 Q 1984 0.98 14.7
----------- ---------- ------------- ------- ------ ----------------
23 24 Q 1985 1.01 15.4
----------- ---------- ------------- ------- ------ ----------------
24 25 Q 1986 0.70 16.1
---------- ------------- ------- ------ ----------------
25 26 Q 1987 7.11 16.8
---------- ------------- ------- ------ ----------------
26 27 Q 1988 5.16 17.4
---------- ------------- ------- ------ ----------------
27 28 Q 1989 4.03 18.1
---------- ------------- ------- ------ ----------------
28 29 Q 1990 5.20 18.8
---------- ------------- ------- ------ ----------------
29 30 Q 1991 4.88 19.4
---------- ------------- ------- ------ ----------------
30 31 Q 1992 4.25 20.1
---------- ------------- ------- ------ ----------------
31 32 Q 1993 7.80 20.8
---------- ------------- ------- ------ ----------------
32 33 Q 1994 3.74 21.4
---------- ------------- ------- ------ ----------------
33 34 Q 1995 0.51 22.1
----------- ---------- ------------- ------- ------ ----------------
17AKRC013 9 10 Q 1124 0.55 6.0
----------- ---------- ------------- ------- ------ ----------------
10 11 Q 1125 2.43 6.7
----------- ---------- ------------- ------- ------ ----------------
11 12 Q 1126 1.74 7.4
---------- ------------- ------- ------ ----------------
12 13 Q 1127 0.95 8.0
---------- ------------- ------- ------ ----------------
13 14 Q 1128 1.87 8.7
---------- ------------- ------- ------ ----------------
14 15 Q 1129 0.75 9.4
---------- ------------- ------- ------ ----------------
15 16 Q 1130 0.80 10.1
---------- ------------- ------- ------ ----------------
16 17 Q 1131 0.80 10.7
----------- ---------- ------------- ------- ------ ----------------
17AKRC014 33 34 Q 1202 0.79 22.1
----------- ---------- ------------- ------- ------ ----------------
34 35 Q 1203 2.27 22.8
----------- ---------- ------------- ------- ------ ----------------
35 36 Q 1204 6.22 23.5
---------- ------------- ------- ------ ----------------
36 37 Q 1205 1.40 24.1
----------- ---------- ------------- ------- ------ ----------------
17AKRC015 7 8 Q 1254 1.24 4.7
----------- ---------- ------------- ------- ------ ----------------
8 9 Q 1255 2.42 5.4
----------- ---------- ------------- ------- ------ ----------------
9 10 Q 1256 3.56 6.0
---------- ------------- ------- ------ ----------------
10 11 Q 1257 1.04 6.7
---------- ------------- ------- ------ ----------------
11 12 Q 1258 0.72 7.4
---------- ------------- ------- ------ ----------------
12 13 Q 1259 0.67 8.0
---------- ------------- ------- ------ ----------------
13 14 Q 1260 0.43 8.7
---------- ------------- ------- ------ ----------------
14 15 Q 1261 0.70 9.4
---------- ------------- ------- ------ ----------------
15 16 Q 1262 1.09 10.1
---------- ------------- ------- ------ ----------------
16 17 Q 1263 0.38 10.7
---------- ------------- ------- ------ ----------------
17 18 Q 1264 2.20 11.4
---------- ------------- ------- ------ ----------------
18 19 Q 1265 2.01 12.1
---------- ------------- ------- ------ ----------------
19 20 Q 1266 0.60 12.7
----------- ---------- ------------- ------- ------ ----------------
17AKRC016 46 47 S 1154 1.71 30.8
----------- ---------- ------------- ------- ------ ----------------
47 48 S 1155 1.19 31.5
----------- ---------- ------------- ------- ------ ----------------
48 49 S 1156 1.86 32.2
---------- ------------- ------- ------ ----------------
49 50 S 1157 2.88 32.8
----------- ---------- ------------- ------- ------ ----------------
17AKRC017 1 2 S 1160 0.53 0.7
----------- ---------- ------------- ------- ------ ----------------
2 3 S 1161 1.18 1.3
----------- ---------- ------------- ------- ------ ----------------
3 4 S 1162 1.72 2.0
---------- ------------- ------- ------ ----------------
4 5 S 1163 1.52 2.7
---------- ------------- ------- ------ ----------------
5 6 S 1164 1.71 3.4
---------- ------------- ------- ------ ----------------
6 7 S 1165 2.00 4.0
---------- ------------- ------- ------ ----------------
7 8 S 1166 1.39 4.7
---------- ------------- ------- ------ ----------------
8 9 S 1167 0.73 5.4
---------- ------------- ------- ------ ----------------
9 10 S 1168 1.19 6.0
---------- ------------- ------- ------ ----------------
10 11 S 1169 1.61 6.7
---------- ------------- ------- ------ ----------------
11 12 S 1170 1.82 7.4
---------- ------------- ------- ------ ----------------
12 13 S 1171 2.04 8.0
---------- ------------- ------- ------ ----------------
13 14 S 1172 3.04 8.7
---------- ------------- ------- ------ ----------------
14 15 S 1173 2.54 9.4
---------- ------------- ------- ------ ----------------
15 16 S 1174 5.05 10.1
---------- ------------- ------- ------ ----------------
16 17 S 1175 3.66 10.7
---------- ------------- ------- ------ ----------------
17 18 S 1176 1.37 11.4
---------- ------------- ------- ------ ----------------
18 19 S 1177 1.44 12.1
---------- ------------- ------- ------ ----------------
19 20 S 1178 1.51 12.7
---------- ------------- ------- ------ ----------------
20 21 S 1180 12.40 13.4
---------- ------------- ------- ------ ----------------
21 22 S 1181 6.92 14.1
---------- ------------- ------- ------ ----------------
22 23 S 1182 0.75 14.7
---------- ------------- ------- ------ ----------------
23 24 S 1183 0.61 15.4
---------- ------------- ------- ------ ----------------
24 25 S 1184 0.25 16.1
---------- ------------- ------- ------ ----------------
25 26 S 1185 0.28 16.8
---------- ------------- ------- ------ ----------------
26 27 S 1186 0.56 17.4
---------- ------------- ------- ------ ----------------
27 28 S 1187 0.34 18.1
---------- ------------- ------- ------ ----------------
28 29 S 1188 2.65 18.8
---------- ------------- ------- ------ ----------------
29 30 S 1189 4.58 19.4
---------- ------------- ------- ------ ----------------
30 31 S 1190 1.13 20.1
---------- ------------- ------- ------ ----------------
31 32 S 1191 0.63 20.8
----------- ---------- ------------- ------- ------ ----------------
17AKRC018 41 42 S 1246 2.78 27.5
----------- ---------- ------------- ------- ------ ----------------
42 43 S 1247 4.93 28.1
----------- ---------- ------------- ------- ------ ----------------
43 44 S 1248 4.56 28.8
---------- ------------- ------- ------ ----------------
44 45 S 1249 2.55 29.5
---------- ------------- ------- ------ ----------------
45 46 S 1250 1.41 30.2
---------- ------------- ------- ------ ----------------
46 47 S 1251 0.95 30.8
---------- ------------- ------- ------ ----------------
47 48 S 1252 0.45 31.5
---------- ------------- ------- ------ ----------------
48 49 S 1253 0.11 32.2
---------- ------------- ------- ------ ----------------
49 50 S 1254 0.06 32.8
---------- ------------- ------- ------ ----------------
50 51 S 1255 0.49 33.5
---------- ------------- ------- ------ ----------------
51 52 S 1256 5.97 34.2
---------- ------------- ------- ------ ----------------
52 53 S 1257 4.36 34.8
---------- ------------- ------- ------ ----------------
53 54 S 1258 3.52 35.5
---------- ------------- ------- ------ ----------------
54 55 S 1259 0.46 36.2
---------- ------------- ------- ------ ----------------
55 56 S 1260 1.08 36.9
---------- ------------- ------- ------ ----------------
56 57 S 1261 1.59 37.5
---------- ------------- ------- ------ ----------------
57 58 S 1262 1.23 38.2
---------- ------------- ------- ------ ----------------
58 59 S 1263 1.78 38.9
---------- ------------- ------- ------ ----------------
59 60 S 1264 1.56 39.5
---------- ------------- ------- ------ ----------------
60 61 S 1266 1.23 40.2
---------- ------------- ------- ------ ----------------
61 62 S 1267 0.39 40.9
---------- ------------- ------- ------ ----------------
62 63 S 1268 0.67 41.5
---------- ------------- ------- ------ ----------------
63 64 S 1269 2.05 42.2
---------- ------------- ------- ------ ----------------
64 65 S 1270 3.92 42.9
---------- ------------- ------- ------ ----------------
65 66 S 1271 4.64 43.6
---------- ------------- ------- ------ ----------------
66 67 S 1272 6.77 44.2
---------- ------------- ------- ------ ----------------
67 68 S 1273 4.24 44.9
---------- ------------- ------- ------ ----------------
68 69 S 1274 1.07 45.6
---------- ------------- ------- ------ ----------------
69 70 S 1275 1.12 46.2
---------- ------------- ------- ------ ----------------
70 71 S 1276 0.66 46.9
----------- ---------- ------------- ------- ------ ----------------
17AKRC019 21 22 S 1300 3.43 14.1
----------- ---------- ------------- ------- ------ ----------------
22 23 S 1301 5.96 14.7
----------- ---------- ------------- ------- ------ ----------------
23 24 S 1302 4.09 15.4
---------- ------------- ------- ------ ----------------
24 25 S 1303 4.24 16.1
---------- ------------- ------- ------ ----------------
25 26 S 1304 5.32 16.8
---------- ------------- ------- ------ ----------------
26 27 S 1305 0.65 17.4
---------- ------------- ------- ------ ----------------
27 28 S 1306 0.61 18.1
----------- ---------- ------------- ------- ------ ----------------
17AKRC020 31 32 S 1398 0.72 20.8
----------- ---------- ------------- ------- ------ ----------------
32 33 S 1399 0.71 21.4
----------- ---------- ------------- ------- ------ ----------------
33 34 S 1400 2.75 22.1
---------- ------------- ------- ------ ----------------
34 35 S 1401 3.20 22.8
----------- ---------- ------------- ------- ------ ----------------
17AKRC021 15 16 S 1430 1.09 10.1
----------- ---------- ------------- ------- ------ ----------------
16 17 S 1431 1.00 10.7
----------- ---------- ------------- ------- ------ ----------------
17 18 S 1432 0.28 11.4
---------- ------------- ------- ------ ----------------
18 19 S 1433 1.52 12.1
---------- ------------- ------- ------ ----------------
19 20 S 1434 1.11 12.7
---------- ------------- ------- ------ ----------------
20 21 S 1436 0.64 13.4
---------- ------------- ------- ------ ----------------
21 22 S 1437 0.72 14.1
----------- ---------- ------------- ------- ------ ----------------
17AKRC025 14 15 S 1667 2.28 9.4
----------- ---------- ------------- ------- ------ ----------------
15 16 S 1668 0.03 10.1
----------- ---------- ------------- ------- ------ ----------------
16 17 S 1669 0.09 10.7
---------- ------------- ------- ------ ----------------
17 18 S 1670 1.22 11.4
---------- ------------- ------- ------ ----------------
18 19 S 1671 0.61 12.1
----------- ---------- ------------- ------- ------ ----------------
Figure 1. 2017 RC Pit Definition Drill Holes to the UTM
(Universal Transverse Mercator) Co-ordinate System on the Akrokerri
Licence
http://www.rns-pdf.londonstockexchange.com/rns/9895V_-2017-11-8.pdf
Information in this announcement has been complied and reviewed
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)20 7830 9650
Strand Hanson Limited
Richard Tulloch / James Tel: +44 (0)20 7409 3494
Bellman
SI Capital Limited
Nick Emerson Tel: +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 south-western Ghana, which hosts an existing 602,000 oz
gold JORC Code compliant resource at an average grade of 1.77g/t,
along strike from the Obuasi Gold Mine, one of the World's major
gold mines with a total historical and current resource in excess
of 70 million ounces of gold. 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 company news service from the London Stock Exchange
END
DRLFSUEEAFWSEFF
(END) Dow Jones Newswires
November 09, 2017 02:01 ET (07:01 GMT)
Goldstone Resources (LSE:GRL)
Historical Stock Chart
From Apr 2024 to May 2024
Goldstone Resources (LSE:GRL)
Historical Stock Chart
From May 2023 to May 2024