GHANA OPERATIONS UPDATE

RNS Number : 9263X

Goldstone Resources Ltd

23 February 2012

 



GoldStone Resources Limited

("GoldStone" or the "Company")

Ghana Operations Update

GoldStone Resources Limited (AIM: GRL), the AIM quoted exploration company focused on gold in West Africa, is pleased to provide an update of its operations in Ghana.

Highlights:

·    Second drill rig added to the Homase/Akrokerri project to test new targets and to accelerate resource drilling programme

·    First results of a soil sampling programme over the Adubrim structure demonstrate gold mineralisation along this trend

·    Airborne electromagnetic survey planned to map potential strike extension of the  mineralised Homase trend

·    High resolution airborne magnetic and radiometric survey planned to map gold prospective structures at Manso Amenfi

Hendrik Schloemann, GoldStone's Exploration Director, commented: "The additional drill capacity and the planned geophysical surveys will add momentum to our exploration programme in Ghana.  We are also encouraged by the positive tenor of the first soil results from the Adubrim structure.  This structure is parallel and in close proximity to the mineralised Homase trend and we now have reason to believe there may be gold mineralisation in this area."

Homase/Akrokerri Project

The Company recently added a second drill rig to its Homase/Akrokerri prospect.  A contract was signed with Geodrill Ghana Limited to provide diamond drilling services to test two geologically-distinct targets in the Akrokerri permit area and to accelerate the Company's resource drilling programme.  The first target is a linear zone of artisanal mining activity on granitic outcrops that coincides with a significant gold in soil anomaly and high gold concentrations in samples of outcropping granite and quartz vein.  Results from rock samples included gold values of 16.0 g/t, 11.8 g/t, 7.3 g/t and 5.7 g/t.  The second target is a quartz vein from which colonial miners extracted 75,000 ounces of gold between 1900 and 1909 at an average grade of 24.7 g/t.  Underground mining of the vein was limited to less than half of its 700 metre known strike extent.  On completion of the drilling of these targets, the new drill rig will be moved close to the present location of the Company's primary drill rig where it will be used to accelerate the systematic testing of down-dip extensions of GoldStone's 405,600 ounce gold resource along its entire four kilometre strike.

An airborne VTEM (Versatile Time-Domain Electromagnetic) orientation survey over the central part of the gold resource at Homase, carried out during July 2010, demonstrated that this survey method accurately maps the structure that controlled the gold mineralisation.  The survey also detected the parallel 3.5 kilometre long Adubrim structure.  An in-fill soil sampling programme over the Adubrim structure is on-going and first results from this programme confirmed that the northern portion of the structure is coincident with a prominent gold in soil anomaly.  Drilling of this mineralised trend would commence once soil sampling results for the central and southern parts of the structure have been received.  In addition, the Company has committed to a second phase VTEM survey covering a much larger portion of the Akrokerri/Homase project area in order to map potential strike extensions of the mineralised Homase structure.  This survey will be carried out by Geotech Airborne Limited.

Manso Amenfi Project

An initial soil survey covering the entire permit area has demonstrated the presence of multiple robust and elongated gold in soil anomalies.  The strikes of the anomalies appear to be parallel to the gold-fertile Salman and Ayanfuri structures.  The Company recently committed to a high-resolution airborne magnetic and radiometric survey in order to detect any structures or other geological features that coincide with these soil anomalies.  The survey will be carried out by Xcalibur Airborne Geophysics.  In-fill soil sampling and possibly trenching or shallow drilling will be focussed on those areas where structural targets, as interpreted from the survey, coincide with gold in soil anomalies.

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 / Martin Davison
Optiva Securities Limited
Jason Robertson	[phone]
Jeremy King	[phone]
Walbrook PR	[phone]
Louise Mason Bob Huxford

 

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