Senegal and Gabon Operations Update

RNS Number : 3459Y

Goldstone Resources Ltd

29 February 2012

 



GoldStone Resources Limited

("GoldStone" or the "Company")

Senegal and Gabon Operations Update

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

Highlights:

·     Drill contract signed with drilling to commence in March 2012 on the first of three gold anomalous areas previously identified at Sangola, Senegal.

·     A high resolution airborne magnetic and radiometric survey is planned to detect structures associated with the gold anomalies at Sangola, Senegal.

·     In-fill soil sampling confirmed gold in soil values over the entire 400 metre width of the Oyem anomaly in Gabon.  

·     Drill contract signed to further explore the Company's Oyem and Ngoutou license areas in Gabon. 

Jurie Wessels, GoldStone's CEO, commented: "We have now engaged drilling services for three of our five projects and have as a result moved closer to potentially making a discovery in Senegal and Gabon in the coming months.  We are very excited by the prospects and are looking forward to providing further updates once drilling is underway at Sangola and Oyem.  Additionally, we have two drills operating on our properties in Ghana and results will be announced as soon as available. "

SENEGAL

Sangola Project

In August 2011 the Company announced the discovery of three major elongated gold anomalies in Sangola, all of which were identified from the results of a termite mound sampling programme that covered the largest part of the 471 km² Sangola project area.   The Baraboye, Tiabedji and Tiobo anomalies were detected parallel, and in close proximity to, the Main Transcurrent Shear Zone ("MTZ"), which controlled the formation of Randgold's 3.4 million ounce Massawa gold deposit further to the north-east. 

The Company recently received results of an in-fill sampling programme conducted over the central Tiabedji gold anomaly.  These results confirmed the robust geometry of the six kilometre long anomaly which appears to be associated with a splay off the MTZ.  In addition, elevated concentrations of certain gold pathfinder elements such as silver, arsenic and cobalt confirmed the prospectivity of the splay structure that underlies the anomaly.  In view of these results the Company committed to a first phase 15,000 metre Rotary Air Blast ("RAB") drill programme in order to test large parts of the Tiabedji anomaly along nine drill lines.  This drilling programme is scheduled to commence in March 2012 and will be carried out by IDC Senegal (SARL).  A second phase RAB drilling programme, which will be directed at other targets in the area, is planned to follow before the wet season commences in July 2012. 

Simultaneous to the first phase drill programme an airborne high resolution magnetic and radiometric survey covering the entire permit area will be carried out by Xcalibur Airborne Geophysics.  The survey's purpose is to detect any structures that coincide with the gold anomalies at surface, aid with the generation of drill targets in the Baraboye and Tiobo gold anomalous areas and add to an improved general geological understanding of the permit area.

GABON

Oyem and Ngoutou Project Areas

Geoserve Exploration Drilling Limited was engaged to execute an initial 3,000 metre diamond drilling programme over the Oyem anomaly.  The fifteen kilometre long Oyem gold in soil anomaly is to be drill tested once a drill rig has been mobilised from Johannesburg, South Africa.  The drilling programme will be directed at testing the central part of the large anomaly. 

Confirmatory and in-fill soil sampling conducted by the Company over the central parts of the Oyem anomaly clearly confirmed earlier results attained by the European Union sponsored government survey.  Elevated gold in soil values indicate that the width of the anomaly is 400 metres.  At Ngoutou, initial confirmatory soil sampling will be carried out once construction of the field camp has been finalised and line cutting is completed.

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

 

 

END

 

 

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