Senegal and Ghana Projects Update

RNS Number : 9676G

Goldstone Resources Ltd

20 May 2011

 



GoldStone Resources Limited

("GoldStone" or the "Company")

Positive early exploration results from Senegal and Ghana

Key Points:

·    Initial results from surface sampling in Senegal (Sangola) highlight an eight kilometre prospective corridor for hydrothermal mineralisation.  Anomalous gold has been identified over an interpreted splay off the Main Transcurrent Fault Zone

·    Soil sampling in Ghana at Manso Amenfi has detected multiple gold in soil anomalies which are interpreted to be parallel to the gold-bearing Salman and Ayanfuri structures

Dr. Hendrik Schloemann, GoldStone's Exploration Director, commented: "These are the first results received for two of our key exploration properties in Ghana and Senegal.  We are very encouraged by the results received to date as they display multiple surface gold anomalies peaking at values above 100 parts per billion ("ppb") gold and occurring over a total strike length of 40 kilometres.  Once all data has been collated, we plan to rapidly analyse these anomalies to define trenching targets and to further assess their economic significance."

Sangola Permit - Senegal

A termite mound sampling progamme covering most of the 471 km² permit area in Eastern Senegal has been completed.  A total of 8,150 samples were taken from termite mounds along north-south trending lines to detect any gold mineralisation in the underlying Birimian rocks.  The analyses of pathfinder elements has been completed for all samples, however the Company has received gold results for only 2,500 of the 8,150 samples.  The results for silver and arsenic clearly confirm the location of the gold-fertile Main Transcurrent Shear Zone ("MTZ") in the permit area.  Further to the north-east the same structure controlled the formation of the 3.4 million ounce Massawa gold deposit.  The limited number of gold results received to date indicates that gold mineralisation is present at various locations and in one case is associated with secondary structures (splays) along the margin of the MTZ.  A full interpretation of the data will be provided once the gold results have been received for all samples.

Manso Amenfi Permit - Ghana

A soil sampling programme covering the central and northern parts of the permit area was completed during April.  Samples were collected every 100 metres along north-west trending lines 400 metres apart.  Gold assays have been received for all 1,695 samples submitted to the laboratory.  The results clearly demonstrate the presence of multiple robust (up to 2.4 g/t gold) and elongated gold in soil anomalies (up to five kilometres in strike).  The strikes of the anomalies appear to be parallel to gold-fertile Salman and Ayanfuri structures.  The programme also resulted in the discovery of a circular gold in soil anomaly in the south-eastern corner of the Manso Amenfi permit area.  The eastern part of this anomaly appears to be within Golden Star's Pampe Permit and is within three kilometres of the Pampe open pit.  Follow-up work may include airborne geophysics and multi-element geochemistry in order to rank the discovered anomalies for follow-up soil sampling and trenching.

During the field programme the Company's geologists also located various artisanal gold mining sites in the permit area which seem to be exploiting mainly alluvial deposits.  It was, however, noted that the catchment of the stream that hosts the most prominent alluvial mine sites, in the south-western portion of the permit, is completely within the Manso Amenfi permit area.  This strongly suggests that the hard-rock gold source of the alluvial deposits also lies within the Manso Amenfi permit area.  The soil sampling in the south-western portion of the permit area is still on-going.

Approval

Dr. Hendrik Schloemann, who holds a PhD in Geology, has reviewed and approved the technical 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
Jack Rich

About GoldStone Resources

GoldStone Resources is an AIM quoted exploration company based in South Africa with exploration skills that focus on gold in West and Central Africa.  The Company's projects are located in Ghana, Senegal and Gabon, and range from grassroots (Sangola in Senegal, Manso Amenfi in Ghana, and Oyem and Ngoutou in Gabon) to advanced exploration (Homase-Akrokerri in Ghana).

 

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