Gabon Drilling Update

RNS Number : 8428Y

Goldstone Resources Ltd

28 February 2013

 



GOLDSTONE RESOURCES LIMITED

("GoldStone" or the "Company")

Positive Drill Results from Oyem Project in Gabon

GoldStone Resources Ltd (AIM: GRL), the AIM quoted company focused on gold exploration in West and Central Africa, is pleased to provide final assay results for its recently completed drilling campaign at the Company's 100% owned Oyem Project in Gabon.

Highlights:

·     High grade gold mineralisation in a 120m wide deformational zone was encountered along two drill lines 400m apart

·     Best results include:

o  2m @ 5.3 g/t (including 1m @ 9.5 g/t) in the first drill line; and

o  2.2m @ 4 5g/t (including 1m at 9.1 g/t) in the second drill line

·     Mineralisation in both drill lines is related to brittle-ductile deformation in amphibolites

Chief Executive Officer, Jurie Wessels commented: "Once again our exploration team has shown the ability to find gold in grassroots environments.  We are very encouraged that high grade mineralisation was encountered in two drill lines 400m apart.  This gives a hint of the potential that may be unlocked."

Exploration Director Dr. Hendrik Schloemann commented: "The results from this limited reconnaissance drilling programme are very positive as they confirm that this 15km long system contains significant gold mineralisation.  To date we have tested only 400m of strike length out of a total of 15km and future work focused on cross structures may still uncover the best parts of this gold trend."

The Company has received the final assay results for its nine hole diamond drilling campaign completed in late 2012 along two north-south trending drill traverses which targeted the central part of the 15km long gold-in-soil anomaly. 

On 18 December 2012 the Company announced its first results for the most easterly drill fence (see map at the following link: http://www.rns-pdf.londonstockexchange.com/rns/8428Y_-2013-2-27.pdf) which included 2m @ 5.3 g/t (including 1m @ 9.5 g/t) and 2.3m @ 1.3 g/t gold from hole 12OYDD002.  Results received since that date include a further high-grade intersect of 4.5 g/t over 2.2m (including 1m at 9.1 g/t) in drill hole 12OYDD008, which was drilled on a drill fence 400m west of 12OYDD002.  Both high-grade intersects occur in a sheared amphibolite and amphibole-rich dioritic gneiss with related brittle-ductile deformation.

Results are summarised in the table below:

Bore hole	From (m)	To (m)	Width (m)	Au (g/t)
12OYDD001	26.0	27.0	1.0	1.83
12OYDD001	34.0	35.0	1.0	1.62
12OYDD001	42.0	50.0	8.0	0.15
12OYDD001	72.5	80.0	7.5	0.18
12OYDD001	89.6	92.4	2.9	0.53
12OYDD002	76.0	77.0	1.0	0.73
12OYDD002	102.0	104.0	2.0	5.35
Including			1.0	9.50
12OYDD002	111.0	116.0	5.0	0.11
12OYDD002	132.0	133.0	1.0	0.50
12OYDD002	140.0	142.3	2.3	1.27
12OYDD003	58.0	63.0	5.0	0.29
12OYDD003	73.0	77.0	4.0	0.15
12OYDD003	93.0	94.0	1.0	0.79
12OYDD004	20.0	23.0	3.0	0.26
12OYDD004	43.0	46.0	3.0	0.18
12OYDD004	54.0	60.0	6.0	0.12
12OYDD005	11.0	15.0	4.0	0.14
12OYDD006	13.0	26.0	13.0	0.19
12OYDD007	12.0	13.0	1.0	0.81
12OYDD007	87.0	98.0	11.0	0.11
12OYDD007	106.0	107.0	1.0	0.51
12OYDD008	40.0	41.0	1.0	1.23
12OYDD008	88.0	90.2	2.2	4.45
Including			1.0	9.10
12OYDD008	103.0	104.0	1.0	0.93
12OYDD008	108.0	110.0	2.0	0.54

The following link shows cross sections of the two drill fences at

http://www.rns-pdf.londonstockexchange.com/rns/8428Y_1-2013-2-27.pdf

 

In addition to the high-grade intersects the programme yielded a number of wider intersects containing low grade gold mineralisation, further confirming a bedrock gold source to the 15km long gold in soil anomaly.  Notably, both drill lines also confirmed the existence of an approximately 120m wide deformational zone that controls the mineralisation and underlies the best part of the soil anomaly.  The concentration of gold in this zone appears to be generally elevated with 26% of the 978 samples analysed, yielding gold concentrations above 50 ppb.  Inspection of the drill core revealed the significant mineralisation to occur mainly in amphibolite rocks, and in contact zones between amphibolites and more felsic rock types.  Mineralised units often contain brecciated quartz-feldspar veins and minor disseminated pyrite, and are commonly related to brittle-ductile deformational zones. 

GoldStone plans to undertake 3,000m of further diamond drilling to test the magnitude of gold mineralisation along strike and will focus in particular on prospective cross structures across the deformational zone where increased hydrothermal activity may have resulted in the formation of wider and higher grade gold mineralisation.

Holes were drilled at 50m intervals along the two lines for a total of 993 m.  Hole depths range from 98 to 142m, averaging 110m.  Analyses were carried out by Performance Laboratories in South Africa using the fire assay method.  The lower limit of detection was reported to be 0.04 g/t gold. 

APPROVAL

The information in this report that relates to exploration results, is based on information compiled by Dr. Hendrik Schloemann,  who is a Member of the South African Council for Natural Scientific Professions.  Dr. Schloemann is a full-time employee of GoldStone Resources Limited and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a competent person in terms of the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Dr. Schloemann consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Enquiries

GoldStone Resources Limited	[phone]
Jurie Wessels
WH Ireland Limited	[phone]
Tim Feather
Nick Field
Optiva Securities Limited
Jason Robertson	[phone]
Jeremy King	[phone]

 

END

 

 

DRLTRMPTMBBTBIJ