High Grade Drill Results from Homase/Akrokerri

RNS Number : 1611M

Goldstone Resources Ltd

11 August 2011

 



GOLDSTONE RESOURCES LTD

HIGH GRADE DRILL RESULTS FROM THE HOMASE/AKROKERRI PROJECT, ASHANTI GOLD BELT, GHANA

Key Points

·     All initial drill results confirm the extension of the high grade gold shoot under the northern part of the Homase pit

·     Best results include 13.6 metres at 5.9 g/t and 8.5 metres  at 9.5 g/t gold

·     Ongoing drilling will continue to test down dip and along strike for further extensions to the current 405,600 ounce gold resource

·     A second phase drilling programme of 4,500 metres is planned

·     Homase licence extended to July 2012

GoldStone Resources Ltd ("GoldStone" or the "Company"), the West and Central Africa focused gold exploration company, is pleased to announce results for the first five drill holes targeted at down-dip extensions of GoldStone's 405,600 ounce gold resource at the Homase/Akrokerri project, Ghana.

All five drill holes intersected significant gold mineralisation and confirmed that the targeted high-grade gold shoot under the northern part of the previously mined Homase open pit extends to a depth of at least 140 metres below the bottom of the dormant pit.  A summary of the drill results is tabled below.

Drill hole	From (m)	To (m)	Width (m)*	Gold Grade (g/t)
11HMRD001 including	159	172.6	13.6 8.3	5.9 7.2
11HMRD002 including	158	171	13.0 10.0	6.4 8.2
11HMRD003	181	189.5	8.5	9.5
11HMRD004 including	142	150	8.0 6.0	4.9 6.5
11HMRD005 including	177	190	13.0 6.5	4.7 8.9

* The widths given in the table are down-hole widths.

The gold mineralisation is hosted by greywacke which occurs within a succession of sheared phyllites.  Importantly, the ore zone is easily identifiable by graphitic marker horizons at the base and top of the mineralised unit. 

To date seven drill holes totalling 1,578 metres, being the first phase of a 4,500 metre drill programme, have been completed.  All holes intersected the targeted mineralised unit.   A second phase drill programme for another 4,500 metres will commence after the first phase results have been reviewed.  The remainder of the drill programme will be aimed at further extending the resource.

DIRECTOR OF EXPLORATION COMMENT

Dr. Hendrik Schloemann, GoldStone's Exploration Director, commented: "The intersects achieved during the first part of this drill programme demonstrate that the high grade portion of the gold deposit extends to depth.  Considering that mining at the nearby Obuasi gold mine in the same geological environment presently extends to almost 2,000 metres depth, the significant grades and widths intersected at Homase/Akrokerri further support our view that we may be able to follow this zone much further down dip.  Future work will also be directed to locate additional high grade shoots along strike."

LICENCE RENEWAL

The Company's Ghanaian joint venture partner, Cherry Hill Mining Limited has received notice from the Minerals Commission of Ghana informing the partnership that the Homase licence has been extended for a further period of 12 months and is now due to expire at the end of July 2012.  

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]
Tim Feather / Matthew Johnson
Optiva Securities Limited
Jason Robertson	[phone]
Jeremy King	[phone]
Walbrook PR	[phone]
Bob Huxford
Louise Mason

 

END

 

 

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