DRILL RESULTS FROM THE HOMASE/AKROKERRI PROJECT

RNS Number : 4953Q

Goldstone Resources Ltd

20 October 2011

 



Goldstone Resources Limited

DRILL RESULTS FROM THE HOMASE/AKROKERRI PROJECT, ASHANTI GOLD BELT, GHANA

GoldStone Resources Ltd ("GoldStone" or the "Company"), the West and Central Africa focused gold exploration company, is pleased to announce results for six drill holes (11HMRD006 to 11HMRD011) at the Homase/Akrokerri project.

Key Points

·     Three drill holes intersected significant gold mineralisation beneath the Homase open pit

·     Intersections include 3.6 metres at 4.6 g/t, 5.5 metres at 3.4 g/t and 28.9 metres at 1.5 g/t

·     Potential for a previously unknown, deeper zone with widely disseminated gold mineralisation identified

·     Results indicate that a higher-grade zone previously intersected close to surface may extend to depth 

·     Drilling contract extended for an additional 4,500 metres

A summary of the drilling results is shown below.

Drill hole	From (m)	To (m)	Width (m)*	Gold grade (g/t)
11HMRD006	201.0	204.0	1.7	0.8
11HMRD007	226.0	231.5	3.6	4.6
11HMRD008	232.0	234.0	1.5	1.6
11HMRD009	190.0	198.0	5.5	3.4
11HMRD010	173.4	175	0.8	1.4
11HMRD011	157.0	225.4	28.9	1.5
including			9.2	3.0

* The widths given in the table are true widths

Drill hole 11HMRD007 intersected the high-grade shoot deeper than previous drill holes under the northern part of the Homase pit.  The mineralisation of this shoot still remains open at depth.  Drill hole 11HMRD009 intersected mineralisation 110 metres below the bottom of the central part of the pit.  The results indicate that a higher-grade zone previously intersected close to surface may extend to this depth.  Drill hole 11HMRD011 detected a new zone of widely disseminated gold mineralisation 190 metres below the bottom of the southern part of the pit.  Importantly all intersects yielded gold values above the 0.5 g/t gold cut-off value applied to GoldStone's 405,600 ounce resource.

In view of the positive results from the Company's first phase drilling campaign, GoldStone has renewed the drilling agreement for a second phase 4,500 metre drilling programme.  This programme will extend the first phase 4,500 metre drilling programme of which 15 drill holes totalling 3,612 metres have been drilled to date.  Future drilling will be focused on increasing the resource base along the Homase trend and testing new exploration targets in the Akrokerri granite area.

APPROVAL

Dr. Hendrik Schloemann, who holds a PhD in geology, has reviewed and approved the geological content of this announcement.

Enquiries:

GoldStone Resources Limited	[phone]
Jurie Wessels / Hendrik Schloemann
Westhouse Securities Limited	[phone]
Tim Feather / Matthew Johnson
Optiva Securities Limited
Jason Robertson	[phone]
Jeremy King	[phone]
Walbrook PR	[phone]
Louise Mason Bob Huxford

 

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