Ghana Operational Update

RNS Number : 4827H

Goldstone Resources Ltd

12 July 2012

 



GoldStone Resources Limited

("GoldStone" or the "Company")

Ghana Operational Update

GoldStone (AIM; GRL), the AIM quoted exploration Company focussed on gold exploration in West and Central Africa, is pleased to provide an update on its operations in Ghana.

Highlights:

·     Drilling results confirm further depth extensions of the Homase/Akrokerri gold resource

·     VTEM survey over large parts of Homase/Akrokerri project area completed

·     51 drill holes totalling 14,376 meters have been completed at Homase/Akrokerri

The Company recently received assay results for six additional drill holes in the Homase/Akrokerri project area.  These six holes (marked with an asterisk) are included in a table of drilling results hereunder, which lists all the Company's holes drilled at Homase/Akrokerri this year.

Drill Hole	From (m)	To (m)	Apparent Width (m)	Au Grade (g/t)	True Width (m)
12HMRD001	187	201	14	3.8	6.4
Including			8.3	5.9	3.8
12HMRD002	211	225	14	1.6	9.3
12HMRD003	163	173	10	2.1	7.1
Including			6	3	4.2
12HMRD004	229	231	2	0.8	1.4
12HMRD005*	235	249	14	0.8	10.3
12HMRD006*	208	230	22	0.6	15.3
12HMRD007	133.4	157.8	24.4	1.4	15.7
Including			7	3.3	4.5
12HMRD008*	195	201	6	0.6	3.8
and	203.5	216	12.5	1	8
12HMRD009	Assays Pending
12HMRD010	Assays Pending
12HMRD011	Assays Pending
12HMRD012	Assays Pending
12HMRD013	Assays Pending
12AKDD001	Assays Pending
12AKDD002	42.6	44	1.4	1.5	N/A
and	156	156.4	0.4	3	N/A
and	295	298.1	3.1	4.3	N/A
12AKDD003	50.6	52.8	2.2	1.9	N/A
and	157	158.2	1.2	0.8	N/A
12AKDD004	116.1	118.3	2.2	1.7	N/A
and	309	311.1	2.1	6.1	N/A
12AKDD005*	62	65	3	0.5	N/A
and	180.5	181.7	1.2	1.2	N/A
and	186.8	201.8	15	0.5	N/A
12AKDD006*	104.8	109	4.3	1.7	N/A
and	269	269.6	0.6	1.4
12AKDD007*	231	243.2	12.2	1.7	8.4
Including			9.2	2.2	6.3
12AKDD008	Assays Pending
12AKDD009	Assays Pending
12AKDD010	Assays Pending
12AKDD011	Assays Pending
12AKRD012	Assays Pending
12AKDD013	Assays Pending
12AKDD014	Assays Pending
12AKRD015	Assays Pending
12AKDD016	Assays Pending
12AKDD017	Assays Pending

Drill holes 12HMRD005, 12HMRD006, 12HMRD008 and 12AKDD007 intersected mineralisation under GoldStone's JORC compliant gold resource at Homase/Akrokerri.  The true widths of the intercepts range from 8.0 metres to 15.3 metres and all gold grades are above the 0.5 g/t cut off for the resource estimation, ranging from 0.6 g/t to 2.2 g/t.  These new intercepts confirm that further depth extensions of GoldStone's JORC compliant gold resource exist.

Drill hole 12AKDD006 was targeted at the Akrokerri quartz vein, from which 75,000 ounces of gold at an average grade of 24 g/t were mined by colonial miners from 1900 to 1909, and intersected quartz veins from 104.8 metres (4.3 metres @ 1.7 g/t) and from 269 metres (0.6 metres @ 1.4 g/t).  Drill hole 12AKDD004, for which assay results were previously released, intersected the same quartz veins down dip of 12AKDD006 from 116.1 metres (2.2 metres @ 1.7 g/t) and from 309 metres (2.1 metres @ 6.1 g/t).  The Company's geologists are using these results to further model the consistency and geometry of the quartz veins and to determine if the veins have economic potential.

Drill hole 12AKDD005 (3 metres @ 0.5 g/t, 1.2 metres @ 1.2 g/t and 15 metres @ 0.5 g/t) targeted gold mineralisation along north-west trending structures associated with artisanal gold mining activity in the Akrokerri granite and confirmed additional, south-west dipping and gold-bearing quartz veins in the granite.

Since June 2011, when the drilling programme at Homase/Akrokerri commenced, 51 drill holes totalling 14,376 meters have been completed.  Drilling operations have been suspended temporarily in order to evaluate exploration results, collate and assimilate data and plan the next phase of drilling.  Assay results for an additional 20 drill holes completed along the Homase/Akrokerri trend are pending.

The airborne VTEM (Versatile Time-Domain Electromagnetic) survey over large parts of the Homase/Akrokerri project area has been completed.  The 1,044 line kilometre survey was carried by Geotech Airborne Limited and the electromagnetic, magnetic and radiometric data acquired will be interpreted during the next month.

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]
Martin Davison
Optiva Securities Limited
Jason Robertson	[phone]
Jeremy King	[phone]
Walbrook PR	[phone]
Paul Cornelius / Lianne Cawthorne

 

END

 

 

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