Update on Drilling Programme for Homase

RNS Number : 3589Q

Goldstone Resources Ltd

29 November 2016

 

29 November 2016

GOLDSTONE RESOURCES LIMITED

("GoldStone" or the "Company")

Update on Drilling Programme for the Homase licence area, Ghana

GoldStone Resources Limited (AIM: GRL), the West and Central Africa-focused gold exploration company quoted on AIM, is pleased to announce that the first-phase diamond drilling programme (three holes totalling 797 metres) on the Homase licence to explore the strike extensions of known ore shoots beneath the open pits that exploited higher-grade oxide material in 2001/02, has now been completed.

Initial examination of core indicates encouraging signs of gold mineralisation and the Company is awaiting assay results from the laboratory.  However, until the assays are received, no specific value, if any, can be attributed to these initial observations nor can it be determined at this stage whether the results will add to the existing JORC-compliant resource for Homase-Akrokerri of 602,000 oz gold.  The Company will provide an update as soon as the data becomes available.

For further information, please contact:

GoldStone Resources Limited
Emma Priestley/ Neil Gardyne	[phone] / [phone]
Strand Hanson Limited
Richard Tulloch / James Bellman	[phone]
SI Capital Limited
Nick Emerson / Andy Thacker	[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 ("MAR").

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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-Akrokerri project in south-western Ghana, which hosts an existing JORC-compliant resource of 602,000 oz gold with an average grade of 1.77g/t.  The project is located in the highly prospective Birimian-age Ashanti Gold Belt and close to AngloGold Ashanti's Obuasi Gold Mine, one of the World's largest gold mines that sits in the Ashanti Gold Belt, which contains resource of at least 70 million ounces of gold.

 

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