Gabon Drilling Update

RNS Number : 7443T

Goldstone Resources Ltd

18 December 2012

 



GoldStone Resources Limited

("GoldStone" or the "Company")

Positive Initial Drill Results from Oyem Project in Gabon

GoldStone (AIM: GRL), the AIM quoted company focused on gold exploration in West and Central Africa, is pleased to provide the first drill results for its Oyem Project in Gabon.

Highlights:

·     Gold identified in first round of drilling

·     Best results include 2 metres @ 5.3 g/t (including 1 metre @ 9.5 g/t) and 2.3 metres @ 1.3 g/t gold

·     Initial interpretation suggests that the first hole intersected a 120m wide deformational zone containing high grade primary gold mineralisation

·     Results from the remaining 7 holes are expected early in the New Year

Exploration Director Dr. Hendrik Schloemann commented: "These first results confirm our expectation of significant mineralisation at Oyem.  Assay results have been received from only two holes of the nine hole program.  From the initial interpretation we have been able to identify a 120m wide deformational zone that appears to control the mineralisation. We are especially pleased that the first hole into this 120m wide deformational zone has yielded meaningful grades and are optimistic that similar results can be achieved in the holes currently being assayed."

The Company has received assay results for the first two holes of its nine hole diamond drilling programme targeting the central part of the fifteen kilometre long gold-in-soil anomaly in the Oyem permit area.  Both drill holes 12OYDD002 and 12OYDD003 are located on the first of two north-south trending drill traverses across the east-west linear gold anomaly.  These two drill traverses are approximately 400 metres apart and cover only a small portion of the total 15 km strike length of the soil anomaly.

The following link shows a map of the locations of the nine drill holes along the two traverses.  Holes 12OYDD001, 002, 004, 006, 007 and 008 intersected the interpreted deformational zone.

http://www.rns-pdf.londonstockexchange.com/rns/7443T_-2012-12-17.pdf

 Drill hole 12OYDD002 intersected the southern half of an identified 120 m wide deformational zone that appears to control the mineralisation and underlies the best part of the soil anomaly.  Best gold intersects for hole 12OYDD002 are given in the table below.

Drill Hole	From (m)	To (m)	Width (m)	Au Grade (g/t)
12OYDD002	102	104	2	5.3
including			1	9.5
12OYDD002	140	142.3	2.3	1.3

Importantly, hole 12OYDD002 ended in mineralisation and is planned to be deepened in the 2013 drilling campaign.  Hole 12OYDD003, which did not intersect high-grade gold mineralisation, is interpreted to lie outside the deformational zone to the south.  

Notably, the concentration of gold in both drill holes appears to be generally elevated with 22% of the 234 samples analysed yielding gold concentrations above 50 ppb.  Inspection of the drill core revealed the gold-in-soil anomaly to be underlain by a ± 120 metre wide deformational zone in gneiss, dioritic gneiss and amphibolite.  Fractured and sheared units within this zone commonly contain disseminated sulphide and quartz-feldspar veins.  Along the first line (L21800E) drill holes 12OYDD001, 002 and 004 intersected the deformational zone while drill holes 12OYDD003 and 005 lie outside of the zone to the south and north, respectively.  Holes 12OYDD006 to 009 were drilled along the second line (L21400E).  Drilling along this line confirmed the strike extent and width of the deformational zone.  Assay results for hole 12OYDD001 and holes 12OYDD004 to 009 are still pending.  A section of line L21800E showing the deformational zone and the declination of the intercepting holes 12OYDD001, 002 and 004 is shown in the following link:

 http://www.rns-pdf.londonstockexchange.com/rns/7443T_1-2012-12-17.pdf

Holes were drilled at 50 metre intervals along the two lines for a total of 993 metres.  Hole depths range from 98 to 142 metres, averaging 110 metres.  The analyses of the first samples were carried out by Performance Laboratories in South Africa using the fire assay method.  The lower limit of detection was reported to be 0.02 g/t gold. 

In addition to the Oyem licence, the Company also owns and is exploring the Ngoutou licence, some 500 km to the south-east of Oyem, in Gabon.  The two licences share three common and prospective characteristics.  Firstly, both hold large contiguous and compelling gold-in-soil anomalies.  Secondly, the anomalies on both licences coincide with geological contacts and/or deformational zones, which are indicated by geophysical data and field mapping, and finally, both contain significant artisanal gold workings in the streams that drain the gold-in-soil anomalies.  Drilling is to commence at Ngoutou, as well as recommencing at Oyem, early in the New Year.

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

 

END

 

 

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