Goldstone Resources Ltd Operational Update (0811M)
17 September 2021 - 4:00PM
UK Regulatory
TIDMGRL
RNS Number : 0811M
Goldstone Resources Ltd
17 September 2021
17 September 2021
GOLDSTONE RESOURCES LIMITED
("GoldStone" or the "Company")
Operational Update
GoldStone Resources Limited (AIM: GRL), the AIM quoted gold
exploration and development company focused on bringing the Homase
Mine within its Akrokeri-Homase Gold Project ("AKHM") in Ghana into
production, announces an operational update.
During July and August 2021, we successfully commissioned the
Carbon in Solution ("CIS') plant on-site and mined the first four
benches of the Krodua Pit within the Homase Mine. All indications
are that the grade and tonnes mined to date are within
expectations. Despite some initial commissioning issues with
stacking and agglomeration, which have impacted our targeted mining
schedule, the Heap Leach pad crushing and conveyor systems are now
operating as planned.
The Company has mined 133,000 tonnes of ore and 385,700 tonnes
of waste and stacked 87,300 tonnes of ore on the Heap Leach pads.
Whilst this is behind our initial forecast schedule, we are now
stacking the balance of the stockpile at a consistent 120 tonnes
per hour. We have temporarily paused further mining whilst the
existing stockpile is being depleted, and expect to recommence
shortly.
The Company is pleased with the initial permeability and
dissolution of the leachate, and the CIS plant is operating well
and at expected recovery rates to produce loaded carbon. The
Company is continuing to make any improvements necessary to the CIS
plant and investigating further ramping up the speed of stacking
and the subsequent processing. We have now taken our first batch of
loaded carbon out of the CIS plant for further processing, but
unfortunately have not yet been able to elute the gold.
As previously announced, the Company had been seeking to elute
the gold from the loaded carbon at a nearby rented facility,
however approval from the Minerals Commission of Ghana for use of
this facility has not yet been forthcoming. In light of this, the
Company is now accelerating its plans to complete its own elution
facility on site, which we are endeavouring to complete in the
shortest possible timeframe. A further update with respect to
timing of the commissioning of the elution facility will be
provided in due course.
Gold Loan Update
As per the Company's announcement of 2 September 2021, the Board
notes that it remains in ongoing discussions with Asia Investments
Management Services Limited ("AIMS") with respect to the US$3m
secured gold loan which matures on 19 September 2021 and associated
interest payments.
We look forward to updating shareholders on progress in due
course.
Emma Priestley, CEO of GoldStone, commented :
"Whilst we are obviously disappointed that we have not been able
to commence gold production, we are pleased with the continued
progress on the Homase Mine and the rate at which this is now
operating following some initial operational hurdles. We look
forward to providing further updates on the completion of our own
elution facility on site and the timing for first gold production
in due course."
- ENDS-
For further information, please contact:
GoldStone Resources Limited
Bill Trew / Emma Priestley Tel: +44 (0)1534 487 757
Strand Hanson Limited
James Dance / James Bellman Tel: +44 (0)20 7409 3494
S. P. Angel Corporate Finance
LLP
Ewan Leggat / Charlie Bouverat Tel: +44 (0)20 3470 0501
About GoldStone Resources Limited
GoldStone Resources Limited (AIM: GRL) is an AIM quoted
exploration and development company with projects in Ghana that
range from grassroots exploration to development.
The Company is focused on developing the Akrokeri-Homase project
in south-western Ghana, which hosts a JORC Code compliant 602,000
oz gold resource at an average grade of 1.77 g/t. The existing
resource is confined to a 4km zone of the Homase Trend, including
Homase North, Homase Pit and Homase South.
The project hosts two former mines, the Akrokerri Ashanti Mine
Ltd, which produced 75,000 oz gold at 24 g/t recovered grade in the
early 1900s, and the Homase Pit which AngloGold Ashanti developed
in 2002/03 producing 52,000 oz gold at 2.5 g/t recovered. 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.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018.
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