GoldStone Resources Limited
("GoldStone" or the "Company")
Operational Update: Homase/Akrokerri Project, Ghana
GoldStone (AIM: GRL), the AIM quoted company focused on gold in West and Central Africa, is pleased to provide an update of its operations and planned exploration at its Homase/Akrokerri Project ("the Project") in Ghana.
- Completion of a comprehensive internal and peer review of existing geological data
- Potential identified for the discovery of additional oxide resources
- Auger programme to be conducted to identify drill targets, following pitting programme to confirm regolith profiles
- Priority drill targets to be aimed at identifying near-surface oxide-gold resources to augment existing oxide resource of approximately 100,000 oz gold
The Company's geological team has completed a review of all historical and Company exploration data with the aim of defining the potential for further resources within the Homase/Akrokerri Project. The team concluded that significant exploration potential exists in previously under-explored areas of the Project and as a consequence further work has been planned to identify priority areas for further work.
The first step has been to conduct a regolith study to understand which parts of the permit area are overlain by transported sediments and derived soils that may mask gold mineralisation in the underlying rocks. This was initiated by completing a pitting programme at selected points within the Homase and Akrokerri licences. The results from the pitting programme are now being evaluated to provide the Company's operational team with information to undertake a comprehensive auger geochemistry programme. The auger programme will be conducted over specific parts of the licence area that are believed to have the potential to host further resources of oxide-gold material and thus could add to the existing oxide resource of approximately 100,000 oz gold.
Jurie Wessels, GoldStone's Chief Executive Officer, commented: "From a re-evaluation of existing exploration data, the Company's geologists determined that potential exists for the discovery of further gold mineralisation at a number of locations across the project area, particularly in areas where the Homase/Akrokerri resource is likely to continue along the trend identified by the host structural zone. Armed with the results of the auger programme, the Company anticipates being able to identify a number of drill targets, the priority being to locate near-surface oxide material that would be readily accessible and potentially amenable to heap-leach processing. The Company has previously identified a deeper sulphide resource at the Project, but further evaluation of this is not a priority at present."
The information in this report that relates to exploration results, is based on information compiled by Dr Bob Foster, who is a Fellow of the Institute of Materials, Minerals and Mining and a Chartered Engineer. Dr Foster is a non-executive director of GoldStone Resources Limited and has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which the Company is undertaking, to qualify as a competent person in terms of the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Dr Foster consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.
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