Potential to revitalise the old Akrokeri mine

RNS Number : 3290C

Goldstone Resources Ltd

19 January 2018

 

19 January 2018

GOLDSTONE RESOURCES LIMITED

("GoldStone" or the "Company")

Potential to revitalise the old Akrokeri mine

GoldStone Resources Limited (AIM: GRL), is pleased to announce that as part of the review of historical data, the Company has initiated a project to potentially revitalise the old Akrokeri underground mine ("Akrokeri Mine" or "Mine").

The Akrokeri Mine is situated within the Akrokeri prospecting licence, approximate 1.5 km south of the proposed AK01 South pits, shown in Figure 1. It is recorded by the Ghanaian Minerals Commission that the Akrokeri Mine produced some 75,000 ounces of gold between 1904 and 1909, from about 104,000 tons (94,347 tonnes) of ore, equating to a recovered grade of about 0.73 ozs/t, equivalent to 24g/t.  However, the mine closed in 1909, due to a high inflow of water.

The Mine was developed from two shafts 1,400 feet (426.7 metres) apart, to a maximum depth of some 500 feet (152.4 metres) vertical.  The gold bearing quartz vein was recorded as being about 4 feet (1.2 metres) in width and produced free milling non-refractory ore.  It is situated within the sediments near the contact of a suite of greywackes/ phyllites and the Akrokeri granite.

Two drilling campaigns were undertaken by Birim Goldfields Ltd ("Birim") in 1996, comprising nine Diamond Drill holes totalling 2,000 metres and, Pan African Resources Ltd ("Pan African Resources") in 2008, comprising 10 Diamond Drill holes totalling some 3,200 metres.  These holes were located north and south of Akrokeri town along the known quartz vein.  From the historic data, it is recorded that the drilling encountered unknown narrow high grade quartz veins within the granite, with samples up to 51g/t.  This indicates the potential of a high grade deposit within the entire contact zone (both within the sediments and the granite).

The review of data and assets in 2017 highlighted that the core was incomplete in the Company's core shed housed at site.  GoldStone has managed to locate the entire 5,200 metres of core drilled by Birim and Pan African Resources and has relocated it to its core shed, and re-logging is currently underway and, if appropriate, further assaying of the core may be undertaken.

GoldStone is currently reviewing the possibility of opening up the old underground workings at the Akrokeri Mine, to explore the potential mineralised zones along strike extensions and within the old workings, as substantial areas remain untested.

The GoldStone team is continuously examining the historical data for the Homase/Akrokeri mineralised zone, which is opening up new areas to re-assess, as exemplified here.

Figure 1: Location of the Akrokeri Mine

http://www.rns-pdf.londonstockexchange.com/rns/3290C_-2018-1-18.pdf

Emma Priestley, Chief Executive Officer of GoldStone, commented: 

"GoldStone continues to review all the historical data for its licences and this has lead to the re-examination of the former mine which we are really excited about.  There is a huge opportunity to find and exploit an existing resource and also expand on these resources, not to mention the huge value in the existing infrastructure and underground development."

For further information, please contact:

GoldStone Resources Limited
Emma Priestley	Tel: [phone]
Strand Hanson Limited
Richard Tulloch / James Bellman	Tel: [phone]
SI Capital Limited
Nick Emerson	Tel: [phone]

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.

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About GoldStone Resources Limited

GoldStone Resources Limited (AIM: GRL) is an AIM quoted exploration company with projects in Ghana, Senegal, and Gabon that range from grassroots to advanced exploration.

The Company is focused on developing the Homase-Akrokeri project in south-western Ghana, which hosts an existing 602,000 oz gold JORC Code compliant resource at an average grade of 1.77g/t, along strike from the Obuasi Gold Mine, one of the World's major gold mines with a total historical and current resource in excess of 70 million ounces of gold.  It is the Company's intention to build a portfolio of high-quality gold projects in Ghana, with a particular focus on the highly prospective Ashanti Gold Belt.

 

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