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RNS Number : 4713X

Goldstone Resources Ltd

30 August 2022

30 August 2022

GOLDSTONE RESOURCES LIMITED

("GoldStone" or the "Company")

Start of Drill Programme at Akrokeri Gold Mine , Ghana

GoldStone Resources Limited (AIM: GRL), the emerging gold producer and developer focused on Ghana, is pleased to announce the commencement of a 1,5 00 metre Diamond Drilling (" DD ") programme on the 100% owned and previously producing high-grade Akrokeri underground mine ("Akrokeri Mine" or "Mine"), which has from the re-logging of core in 2018, announced 8 June 2018, returned individual assays of up to 24.8g/t and 51g/t gold. The drill programme is in line with the Company's strategy to advance additional high-priority gold targets towards production to augment current production from the Company's Homase Open Pit Mine.

The Akrokeri Mine is located in a highly prospective region and is approximately 12km NNE and along strike from the Obuasi Mine, owned by AngloGold Ashanti Ltd, and 6km south of the Company's producing Homase Mine, shown in Figure 1. It is recorded by the Ghanaian Minerals Commission that the Akrokeri Mine produced some 75,000 ounces of gold from approximately 104,000 tons (94,347 tonnes) of ore in the early 1900's, equating to an average recovered grade of approximately 0.73 oz/t, equivalent to 24g/t.

Figure 1: Location Plan for the Former Akrokeri Mine

2022 Drilling Programme

GoldStone has c ommenced a 1 , 5 00 metre diamond drilling programme , comprising 15 drill holes, focused on testing extensions of the mineral lode that was formerly mined between 1905 and 1909, shown in Figure 2.

Figure 2: Schematic Plan Showing the Akrokeri Mine Mineralised Structure and Exploration Targets

The 2022 drill programme builds on previous work conducted at Akrokeri by GoldStone, including re-logging and assaying of 5,200m of core. The core was derived from two drilling campaigns undertaken by Birim Goldfields Ltd ("Birim") in 1996 and Pan African Resources Ltd ("Pan African Resources") in 2008, which encountered unknown narrow high-grade quartz veins within the granite, with samples up to 24.8g/t and 51g/t. This confirms the potential of a high-grade deposit within the entire sheared and faulted contact zone between the granite and the sedimentary rocks.

As announced on 7 June 2018, the review and re-logging of the Akrokeri Mine DD core also revealed two further DD holes totalling 666 metres, drilled in 2012 by Goldstone to the north of the Akrokeri Mine, which identified significant intersections in the footwall zones , including 2.1m assaying 6.10g/t.

Emma Priestley, CEO of GoldStone, commented :

"Akrokeri has always been a source of significant excitement for our geologists, with previous work returning some exceptional intersections of 24.8g/t and 51g/t. Our production strategy at Homase is coming to fruition, and we believe that Akrokeri has the potential to make a significant contribution to our total gold inventory.

"We are pleased to be operating on the ground drilling at Akrokeri again and I speak on behalf of the whole team when I say we are extremely enthusiastic about our prospects here. This drill programme is focused on defining the one or more mineral lodes that comprise the extensions of the Akrokeri system, and we look forward to reporting results 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 
 St Brides Partners Ltd           Tel: +44 (0)20 7236 1177 
  Susie Geliher / Max Bennett 
 
 

About GoldStone Resources Limited

GoldStone Resources Limited (AIM: GRL) is an AIM quoted mining and development company with projects in Ghana that range from grassroots exploration to production.

The Company is focused on developing the Akrokeri-Homase project in south-western Ghana, which hosts a JORC Code compliant 602,000oz 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. Production is currently focussed on the Homase Mine however 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.

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