Operational Update

RNS Number : 8729E

Goldstone Resources Ltd

07 June 2012

 



GoldStone Resources Limited

("GoldStone" or the "Company")

Operational Update

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

Highlights:

·     Drill holes at Homase/Akrokerri confirms wide depth extension of gold resource

·     46 drill holes totalling 13 220 metres completed at Homase/Akrokerri

·     Drilling of 7 440m (354 holes) completed at Sangola over the Thiabedji anomaly

·     High-resolution magnetic and radiometric survey completed in Sangola

·     Drilling to commence shortly in Gabon

GHANA

Drill Results

The Company recently received assay results for five additional drill holes in the Homase/Akrokerri project area.  These five 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 since June 2011.

Drill Hole	From (m)	To (m)	Apparent Width (m)	Au Grade (g/t)	True Width (m)
11HMRD001	159.0	172.6	13.6	5.9	11.2
Including			8.3	7.2	6.8
11HMRD002	158.0	171.0	13.0	6.4	10.1
Including			10.0	8.2	8.2
11HMRD003	181.0	189.5	8.5	9.5	5.8
11HMRD004	142.0	150.0	8.0	4.9	6.3
Including			6.0	6.5	4.7
11HMRD005	177.0	190.0	13.0	4.7	9.2
Including			6.5	8.9	4.6
11HMRD006	201.0	204.0	3.0	0.8	1.7
11HMRD007	226.0	231.5	5.5	4.6	3.6
11HMRD008	232.0	234.0	2.0	1.6	1.4
11HMRD009	190.0	98.0	8.0	3.4	5.5
11HMRD010	173.4	175.0	1.6	1.4	0.8
11HMRD011	157.0	225.4	68.4	1.5	28.9
Including			22.4	3.0	9.2
11HMRD012	212.0	219.8	7.8	0.9	5.6
11HMRD013	218.0	227.0	9.0	1.7	5.9
11HMRD014	Abandoned
11HMRD015	252.0	258.0	6.0	4.9	4.3
Including			3.2	8.4	2.3
11HMRD016	295.0	308.6	13.6	4.4	10.4
Including			5.4	7.9	4.1
11HMRD017	237.0	248.0	11.0	11.1	8.1
11HMRD018	Abandoned
11HMRD019	275.0	280.0	5.0	6.7	4.0
11HMRD020	268.0	281.0	13.0	6.1	9.7
11HMRD021	223.0	259.0	36.0	0.9	18.5
12HMRD001	187.0	201.0	14.0	3.8	6.4
Including			8.3	5.9	3.8
12HMRD002	211.0	225.0	14.0	1.6	9.3
12HMRD003	163.0	173.0	10.0	2.1	7.1
Including			6.0	3.0	4.2
12HMRD004*	229.0	231.0	2.0	0.8	1.4
12HMRD005	Assays Pending
12HMRD006	Assays Pending
12HMRD007*	133.4	157.8	24.4	1.4	15.7
Including			7.0	3.3	4.5
12HMRD008	Assays Pending
12HMRD009	Assays Pending
12AKDD001	Assays Pending
12AKDD002*	42.6	44.0	1.4	1.5	N/A
	156.0	156.4	0.4	3.0	N/A
	295.0	298.1	3.1	4.3	N/A
12AKDD003*	50.6	52.8	2.2	1.9	N/A
	157.0	158.2	1.2	0.8	N/A
12AKDD004*	116.1	118.3	2.2	1.7	N/A
	309.0	311.1	2.1	6.1	N/A
12AKDD005	Assays Pending
12AKDD006	Assays Pending
12AKDD007	Assays Pending
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

Of particular note is drill hole 12HMRD007, which intersected gold mineralisation approximately 200 metres below the surface for 15.7 m @ 1.4 g/t including 4.5 m @ 3.3 g/t.   This intercept is south of drill hole 11HMRD011 which intercepted gold mineralisation for 28.9 m @ 1.5 g/t reported in October 2011.  This new intercept confirms that a wide depth extension of GoldStone's JORC compliant gold resource exists under the southern portion of the Homase pit.

Drill holes 12AKDD002 (1.4 m @ 1.5 g/t, 0.4 m @ 3.0 g/t and 3.1 m @ 4.3 g/t) and 12AKDD003 (2.2 m @ 1.9 g/t and 1.2  @ 0.8 g/t) targeted gold mineralisation along the north-west trending structures associated with artisanal gold mining activity in the Akrokerri granite and confirmed multiple, south-west dipping and gold-bearing quartz veins in the granite.

Drill hole 12AKDD004 intersected 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, approximately 250 metres below the surface and yielded 2.1 metres @ 6.1 g/t.  Drill hole 12AKDD006, for which assay results are still pending, intersected the same quartz vein approximately 200 metres below the surface.  The Company's geologists are presently evaluating its geological data base in order to model the consistency and geometry of this quartz vein and to determine if the vein has economic potential.  More drilling will be directed at the vein if the outcome is positive.

All results from the follow-up soil sampling programme over the Adubrim structure have been received and further demonstrated gold mineralisation along this structure.  Pits along two lines across this structure are presently excavated and will be sampled in due course.

A helicopter has been mobilised to Homase to execute an airborne VTEM (Versatile Time-Domain Electromagnetic) survey over large parts of the Homase/Akrokerri project area.  The purpose of the survey is to map potential strike extensions of the mineralised Homase trend in order to identify further drill targets.

Since June 2011, when the drilling programme at Homase/Akrokerri commenced, 46 drill holes totalling 13 220 metres have been completed. Drilling operations will be suspended shortly in order to evaluate exploration results, collate and assimilate data (including VTEM-data) and plan the next phase of drilling.

Pending Resource Upgrade

The Company recently commissioned SEMS Exploration Services Limited to use the results of 23 drill holes (11HMRD001 to 12HMRD004) to update the company's JORC compliant gold resource.  Assay results from an additional 15 completed drill holes targeted at depth extension of the gold resource are still pending and will form part of a future update of the resource estimate intended to occur later this year. 

SENEGAL

Rotary Air Blast drilling of the Thiabedji gold anomaly in the centre of the Company's Sangola permit commenced on the 10th of May and since then 354 drill holes for a total of 7 440 metres have been completed to test the rooting of this surface anomaly.  Weather conditions permitting and subject to further drill rig availability, the Company will also drill test selected portions of the Baraboye anomaly in the northern part and the Tiobo anomaly in the eastern part of the permit.

Recently detected gold in stream sediment anomalies in the northern part of the permit will be followed up with further surface sampling from December 2012 to coincide with the next dry season.  A total of 257 samples taken from prospective rocks outcropping in the Thiabedji area have been received in Dakar and will be shipped to a South African laboratory in the near term.

Xcalibur Airborne Geophysics (Pty) Ltd recently completed an airborne high-resolution magnetic and radiometric survey covering the entire Sangola permit.  The Company expects the results of this survey during June and is optimistic that the interpretation of the data will significantly add to the understanding of the geology and assist with the definition of further drill targets.

GABON

Oyem

A man-portable modularised drill rig suitable to the terrain of both the Oyem and Ngoutou licenses has landed in Libreville and is in the process of being cleared through customs.  The South African drill crew will leave for Gabon as soon as the rig is ready to be mobilised to Oyem.  The rig will be used to execute an initial 3,000 metre diamond drilling programme to test the central part of the fifteen kilometre long Oyem gold in soil anomaly, which covers a splay off a well-known regional geological structure and gold-prospective Archean rocks.

Confirmatory and in-fill soil sampling conducted by the Company over the central part of the anomaly clearly confirmed earlier results attained by a European Union sponsored government survey.  Elevated gold in soil values indicate that the width of the anomaly is 400 metres. 

The camp at Oyem has been completed and 10 drill pads have been prepared for the upcoming drilling programme.

Ngoutou

At Ngoutou, initial confirmatory and in-fill soil sampling along three lines across the centre of the 15 km long gold in soil anomaly (XXX samples) has been completed with results pending.  Geological mapping, pitting and line cutting is on-going.  Access to the centre of the anomaly has been improved significantly via a recently constructed logging road which crosses the anomaly.

GENERAL

The Company has employed Johan Ingwersen as Exploration Manager.  Johan is a professional exploration geologist with over seventeen years experience in exploration, some of which he has spent as Senior Exploration Geologist for Randgold Resources Ltd during the discovery phase of the Tongon Gold Deposit.  He also comes with project evaluation and hands-on gold exploration experience in the most prominent West African gold destinations.  In addition, the Company appointed Siaka Traore, as Senior Exploration Geologist for Gabon. Siaka worked for AngloGold Ashanti since 2007 as Exploration Geologist at Sadiola and Yatela Gold Mines in Mali, West Africa.

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 / Louise Mason

 

END

 

 

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