Ghana Drilling Update

RNS Number : 4687P

Goldstone Resources Ltd

25 October 2012

 



GOLDSTONE RESOURCES LIMITED

("GoldStone" or the "Company")

Ghana Drilling Update

GoldStone (AIM; GRL), the AIM quoted exploration company focused on gold exploration in West and Central Africa, is pleased to provide the final drill results from its recently completed drilling campaign at the Company's Homase/Akrokerri project in Ghana.

Highlights:

·     Drilling results confirm further depth extensions of the Homase/Akrokerri gold resource along 700 metres of strike

·     Best gold intersects include 30.4 metres @ 1.8 g/t, including 8.2 metres @ 3.9 g/t, 10 metres @ 2.2 g/t, 6.6 metres @ 2.2 g/t and 12.2 metres @ 1.5 g/t

·     The latest drill data have been submitted to SEMS Exploration Services Limited to update the resource estimate

The Company recently received all of the outstanding assay results from its drilling programme in the Homase/Akrokerri project area.  The results are for fifteen drill holes and are included in the table hereunder.

Drill Hole	From (m)	To (m)	Apparent Width (m)	Au Grade (g/t)	True Width (m)
12HMRD009	246.0	250.0	4.0	2.3	2.7
12HMRD010	209.0	221.0	12.0	2.0	7.9
12HMRD011	118.0	126.0	8.0	2.4	4.7
12HMRD012	187.0	200.0	13.0	1.2	9.5
12HMRD013	297.0	309.0	12.0	2.2	10.0
12AKDD008	163.0	173.0	10.0	2.2	6.6
12AKDD009	157.0	166.0	9.0	0.9	5.6
12AKDD010	222.0	234.0	12.0	0.5	7.5
12AKDD011	224.0	235.0	11.0	0.8	6.9
12AKDD012	245.0	252.0	7.0	1.6	4.4
12AKDD013	298.0	346.0	48.0	1.8	30.4
Including			13.0	3.9	8.2
12AKDD014	221.0	240.0	19.0	1.5	12.2
12AKDD015	239.0	268.2	29.2	0.4	18.1
Including			5.7	0.9	3.6
12AKDD016	116.8	119.0	2.2	0.4	1.3
12AKDD017	193.6	212.0	18.4	0.9	11.2
and	231.0	238.0	7.0	0.8	4.4

The latest holes were drilled along strike of GoldStone's four kilometre long JORC compliant 502,000 ounce gold resource in the project area.  Of the fifteen holes eleven holes intersected significant mineralisation under the existing resource above the 0.5 g/t gold cut off, confirming the potential for further depth extensions of the resource.  These eleven holes cover a cumulative strike length of approximately 700 metres and intersected mineralisation between 155 metres and 280 metres vertically below surface.

Results include 30.4 metres @ 1.8 g/t gold, including 8.2 metres @ 3.9 g/t gold, in drill hole 12AKDD013.  Of the remaining four drill holes three holes (12HMRD011, 012 and 013) intersected the ore body shallower than anticipated and therefore confirmed mineralisation within the current resource (4.7 metres @ 2.4 g/t, 9.5 metres @ 1.2 g/t and 10 metres @ 2.2 g/t gold) above the average gold grade of the current resource (1.74 g/t) while only one drill hole (12AKDD016) failed to intersect mineralisation above the resource cut off.

The drill data set has been submitted to SEMS Exploration Services Limited and work has now commenced to update the resource estimate. 

Field activities at Homase/Akrokerri are presently focused on pitting and trenching of various regional targets outside of the resource area.  Pitting results for the Adubrim prospect were recently received and included gold values of up to 2 g/t, justifying trenching of this prospect.

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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