TIDMGRL
RNS Number : 3772V
Goldstone Resources Ltd
05 April 2023
5 April 2023
GOLDSTONE RESOURCES LIMITED
("GoldStone" or the "Company")
Exploration Update
GoldStone Resources Limited (AIM: GRL) is pleased to provide a
comprehensive update on recent diamond drilling at the former
Akrokeri Underground Mine ("AUM") and the soil and auger
geochemical programmes within the Akrokeri and Homase prospecting
licences, ("AKHM").
Further to the release of initial drilling results on 27
September 2022, the Company has received the assay results of the
diamond drilling programme at AUM, which confirm the Company's
belief that the Akrokeri mineralization occupies a significant
structural corridor that extends to both the south and north of the
historical underground mine.
Significant Intercepts 2022/23 diamond drilling include:
-- 22AKDD001: 6.50 metres @ 1.63 g/t from 7.7 metres, including 3.5 metres @ 2.35 g/t,
-- 22AKDD002: 4.10 metres @ 11.01g/t from 46.0 metres, including 1 metre @ 41.04g/t,
-- 22AKDD003: 3.60 metres @ 5.77g/t from 69.4 metres, including 1 metre @ 12.06g/t,
-- 22AKDD006: 5.74 metres @ 3.43g/t from 55.66 metres, including 1.1 metres @ 15.25g/t,
-- 22AKDD008: 3.00 metres @ 3.08g/t from 34.8 metres, including 1.0 metre @ 5.23g/t,
-- 22AKDD008: 3.70 metres @ 2.54g/t from 72.6 metres, including 2.2 metres @ 4.03g/t,
-- 22AKDD009: 4.80 metres @ 7.31 g/t from surface, including 1.0 metre @ 25.8 g/t,
-- 22AKDD015: 1.0 metre @ 4.53 g/t from 61.9 metres,
-- 22AKDD015: 1.10 metres @ 11.23 g/t from 95.7 metres, including 0.5 metre @ 20.01 g/t,
-- 22AKDD016: 12.0 metres @ 0.93 g/t from 79.3 metres, including 1.6 metres @ 2.97 g/t, and
-- 22AKDD019: 2.80 metres @ 1.84 g/t from 72.0 metres, including 2.2 metres @ 2.21g/t
Key findings
-- A total of 20 diamond drillholes have now been drilled, 14
probing the southern extension of the South Shaft and the remaining
6 holes around the North Shaft,
-- Results show the wide mineralised lode hosting gold at 4.1m @
11.01 g/t, including 1m @ 41.04 g/t in hole 22AKDD002,
-- Results give strong grounds for continued exploration and
further core drilling at Akrokeri, and
-- At Homase, the results from soil and auger sampling has
confirmed anomalies that demonstrate a new mineralised zone to the
west of the main Homase orebody and also shows further extension
along strike to the north and south of the known Homase Trend.
Emma Priestley, Chief Executive Officer of Goldstone, commented
:
"These results on Akrokeri spur us forward to discovering
further deposits in order to secure a long-term pipeline of
resources. While more investigation is needed, these initial
findings from our latest exploration activity in both our DD
programme at Akrokeri and from the auger programme at the west of
the Homase Mine provide us with renewed confidence as we seek to
extend our operations in the prospective area and extend the mine
life at the Homase Mine. In addition to these positive exploration
results, we look forward to announcing an operational update for
the Homase Mine in the coming weeks."
Exploration around the Akrokeri Underground Mine
The 20-diamond drill hole programme, totalling 1,979.5 metres,
at the former Akrokeri Underground Mine ("AUM"), comprised 14
diamond drillholes probing the southern extension of the Akrokeri
South Shaft and the remaining 6 in the vicinity of the North Shaft
of the historical Akrokeri Mine Plan 1, highlights are shown at
Table 1 . Following this programme, the company undertook a
thorough geological review integrating the new drilling results
with the historical drill campaigns of Birim Goldfields Inc (1996)
and Pan African Resources Plc, (2008), totalling 5,200 metres,
highlights are shown on the Table 2.
Plan 1 - Plan of Akrokeri core drilling, indicating the
projected mineralised trend
The assay results of this drilling campaign continue to
highlight the potential of the mineralised system originally
exploited at the Akrokeri Mine. The gold-bearing zone has been
defined over a distance of approximately 360 metres southwards from
the South Shaft, at which point it appears that there may be a
significant fault that displaces the zone westwards. These results,
in Table 2, provide an explanation for why the southern extension
has not been identified at surface in the past and provide a basis
to continue exploring this part of the historical mine area.
The main ore body at Akrokeri is a lenticular quartz-carbonate
vein, in places with parallels, within a substantial structural
corridor, all combined are trending north and dipping to the west
at about 70deg. It lies on the eastern contact of a massive
granitoid within Birimian-age meta-sedimentary units, predominantly
phyllites that dip steeply north-west. The contained gold
mineralisation occurs as coarse visible gold and is also associated
with pyrite, arsenopyrite, and galena in the vein-quartz and in
altered wallrocks.
In addition, sulphide-rich sheared metasediments have been
identified approximately 2km south of the South Shaft, the
interpretation of the drilling results from this area underpins the
probability that this southern area has considerable potential and
merits further systematic exploration.
The Company continues to review all current and historical data
derived from within the AUM area in order to evaluate the next
steps for the exploration program at Akrokeri, including targeted
soil geochemistry, ground geophysical surveys, and further
drilling, with a particular focus on the southern area.
Table 1: Akrokeri Drilling Results - New Data
Drill Area Hole_ID Depth Depth Width Gold grade
from (metres) to (metres) (ppm)
Akrokeri quartz vein in artisanal
South 22AKDD001 workings 45.1
----------- -------------------------------------- -----------
7.7 14.2 6.5 1.63
------------------------ --------------- ------------- ------ -----------
Akrokeri
South 22AKDD002 0 4.4 4.4 1.085
------------ ----------- --------------- ------------- ------ -----------
46 50.1 4.1 11.01
------------------------ --------------- ------------- ------ -----------
Akrokeri
South 22AKDD003 0 3.9 3.9 1.74
------------ ----------- --------------- ------------- ------ -----------
69.4 73 3.6 5.77
------------------------ --------------- ------------- ------ -----------
Akrokeri
South 22AKDD004 44.8 45.9 1.1 0.94
----------- --------------- ------------- ------ -----------
Akrokeri
South 22AKDD004 3.1 4.4 1.3 2.72
----------- --------------- ------------- ------ -----------
Akrokeri
South 22AKDD006 0 6.6 6.6 1.26
------------ ----------- --------------- ------------- ------ -----------
55.66 61.4 5.74 3.435
------------------------ --------------- ------------- ------ -----------
Akrokeri
South 22AKDD007 17.3 19.3 2 0.845
------------ ----------- --------------- ------------- ------ -----------
Akrokeri
South 22AKDD008 0 4.8 4.8 1.22
------------ ----------- --------------- ------------- ------ -----------
22.8 24.3 1.5 0.34
------------------------ --------------- ------------- ------ -----------
34.8 37.8 3 3.08
--------------- ------------- ------ -----------
52 53 1 3.11
--------------- ------------- ------ -----------
72.6 76.3 3.7 2.54
--------------- ------------- ------ -----------
82.3 84.1 1.8 0.48
------------------------ --------------- ------------- ------ -----------
Akrokeri
South 22AKDD009 0 4.8 4.8 7.31
------------ ----------- --------------- ------------- ------ -----------
Akrokeri
South 22AKDD010 0 4.4 4.4 0.62
------------ ----------- --------------- ------------- ------ -----------
Akrokeri
North 22AKDD015 8.9 10.4 1.5 0.68
------------ ----------- --------------- ------------- ------ -----------
61.9 62.9 1 4.53
------------------------ --------------- ------------- ------ -----------
66.2 67.3 1.1 0.32
--------------- ------------- ------ -----------
79.8 81.3 1.5 1.88
--------------- ------------- ------ -----------
95.7 96.8 1.1 11.23
--------------- ------------- ------ -----------
102.1 104 1.9 1.44
------------------------ --------------- ------------- ------ -----------
Akrokeri
North 22AKDD016 79.3 91.3 12 0.928
------------ ----------- --------------- ------------- ------ -----------
Akrokeri
North 22AKDD017 48.3 52.3 4 1.48
------------ ----------- --------------- ------------- ------ -----------
68.5 70.3 1.8 1.28
------------------------ --------------- ------------- ------ -----------
Akrokeri
North 22AKDD018 55.3 56.3 1 0.71
------------ ----------- --------------- ------------- ------ -----------
58.7 59.8 1.1 1.07
------------------------ --------------- ------------- ------ -----------
Akrokeri
North 22AKDD019 72 74.8 2.8 1.84
----------- --------------- ------------- ------ -----------
Akrokeri
North 22AKDD020 85.7 87.1 1.4 1.97
----------- --------------- ------------- ------ -----------
Table 2: Akrokeri Drilling Results - Historical data
Drill Area Hole ID Depth Depth Width Gold
from (metres) to (metres) grade
(ppm)
North Shaft ABD3 142 143 1 1.77
------------ --------------- ------------- ------ -------
North Shaft ABD4 97 106 9 0.38
------------ --------------- ------------- ------ -------
179 182 3 0.72
-------------------------- --------------- ------------- ------ -------
North Shaft ABD5 41 44.8 3.8 0.55
------------ --------------- ------------- ------ -------
99 101 2 0.53
-------------------------- --------------- ------------- ------ -------
138 140 2 0.65
-------------------------- --------------- ------------- ------ -------
North Shaft ABD8 102 103.07 1.07 0.64
------------ --------------- ------------- ------ -------
North Shaft ABD9 72 73.4 1.4 1.84
------------ --------------- ------------- ------ -------
North Shaft ABD10 58.75 61.5 2.75 4.3
------------ --------------- ------------- ------ -------
North Shaft ABD11 165 174 9 1.14
------------ --------------- ------------- ------ -------
316.5 318 1.5 0.47
-------------------------- --------------- ------------- ------ -------
South Shaft AKR-PAR005 32.35 33.05 0.7 0.99
------------ --------------- ------------- ------ -------
53.9 54.45 0.55 1.52
-------------------------- --------------- ------------- ------ -------
55.75 56.3 0.55 0.53
--------------- ------------- ------ -------
66.7 67.2 0.5 1.85
--------------- ------------- ------ -------
71.15 72.3 1.15 0.64
--------------- ------------- ------ -------
80 80.5 0.5 0.8
-------------------------- --------------- ------------- ------ -------
South Shaft AKR-PAR006 89.7 90.2 0.5 1.12
------------ --------------- ------------- ------ -------
165.4 166.16 0.76 0.33
-------------------------- --------------- ------------- ------ -------
174.55 175.55 1 1.17
--------------- ------------- ------ -------
177.6 178.85 1.25 1.41
--------------- ------------- ------ -------
183 195.67 12.67 0.53
--------------- ------------- ------ -------
213 218.06 5.06 1.36
--------------- ------------- ------ -------
235 236.6 1.6 4.56
--------------- ------------- ------ -------
245.13 248 2.87 0.64
--------------- ------------- ------ -------
253 261 8 0.47
-------------------------- --------------- ------------- ------ -------
South Shaft AKR-PAR007 82.95 87.6 4.65 1.44
------------ --------------- ------------- ------ -------
193 194.26 1.26 0.95
-------------------------- --------------- ------------- ------ -------
204 210.4 6.4 1.16
-------------------------- --------------- ------------- ------ -------
South Shaft AKR-PAR008 92.2 92.85 0.65 2.42
------------ --------------- ------------- ------ -------
106.1 107.1 1 1.52
-------------------------- --------------- ------------- ------ -------
114.5 115.3 0.8 1.64
--------------- ------------- ------ -------
137.2 139.4 2.2 0.63
--------------- ------------- ------ -------
151.9 153.4 1.5 3.18
--------------- ------------- ------ -------
184.5 186.3 1.8 0.42
--------------- ------------- ------ -------
204.2 205 0.8 1.99
--------------- ------------- ------ -------
213 215 2 0.58
-------------------------- --------------- ------------- ------ -------
South Shaft AKR-PAR001 392.9 393.2 0.3 3.6
------------ --------------- ------------- ------ -------
405 406 1 5.25
-------------------------- --------------- ------------- ------ -------
South Shaft AKR-PAR002 197 198 1 5.94
------------ --------------- ------------- ------ -------
South Shaft AKR-PAR003 9 12 3 5.49
------------ --------------- ------------- ------ -------
15.25 19.5 4.25 1.07
-------------------------- --------------- ------------- ------ -------
39 39.5 0.5 2.42
--------------- ------------- ------ -------
50 51 1 51.01
--------------- ------------- ------ -------
74.1 75 0.9 0.77
--------------- ------------- ------ -------
145 146 1 17.72
--------------- ------------- ------ -------
171 172 1 1.03
--------------- ------------- ------ -------
215 217.2 2.2 2.25
--------------- ------------- ------ -------
299 301 2 2.35
--------------- ------------- ------ -------
336 338 2 0.94
-------------------------- --------------- ------------- ------ -------
South Shaft AKR-PAR004 33.2 33.9 0.7 1.12
------------ --------------- ------------- ------ -------
36.25 37 0.75 1.51
-------------------------- --------------- ------------- ------ -------
46.6 47.1 0.5 0.59
--------------- ------------- ------ -------
55 55.9 0.9 0.53
-------------------------- --------------- ------------- ------ -------
South Shaft AKR-PAR005 32.35 33.05 0.7 0.99
------------ --------------- ------------- ------ -------
53.9 54.45 0.55 1.52
-------------------------- --------------- ------------- ------ -------
66.7 67.2 0.5 1.85
-------------------------- --------------- ------------- ------ -------
South Shaft 12AKDD001 20.71 22.68 1.97 2.42
------------- ------------ --------------- ------------- ------ -------
198.48 198.98 0.5 2.83
-------------------------- --------------- ------------- ------ -------
242 242.75 0.75 46.9
-------------------------- --------------- ------------- ------ -------
South Shaft 12AKDD003 90.1 90.6 0.5 4.02
------------ --------------- ------------- ------ -------
231.08 231.58 0.5 4.56
-------------------------- --------------- ------------- ------ -------
Homase Mineralised Trend - Soil and Auger Sampling
Programmes
Within the AKHM area, a soil- and auger-sampling programme
continued during Q3 and Q4 2022 and into Q1 2023. The soils were
targeting two areas, Esuaya in the north-east and Adubriem West,
and a targeted augering programme was also undertaken over an area
to the south-west of known Homase Trend, with a total of 579
samples collected.
These results have been combined with the historical data to
update the geochemical anomalies identified in the announcements of
17 June 2018 and 25 March 2022. This exploration has further
confirmed the presence of multiple exploration targets, which are
yet to be fully evaluated.
These new targets, shown at Plan 2, are being prioritised for
follow-up work and the Company is focused on evaluating these
systematically, with the objective being to expand the mineral
resource that is currently being exploited at Homase.
The Company is confident that the results of the drilling and
geochemical survey programmes completed over the past three years
demonstrate the potential to add to the total mineral resource and
thus considerably extend mining operations in the coming years.
Prioritisation will be given to the most promising prospects and a
more detailed drilling programme will begin in the coming months,
initially focusing on Akrokeri South and the new Homase geochemical
targets.
Plan 2: Exploration Target Areas Defined by Soil and Auger
Samples
Competent Person's Review
The technical information within this announcement has been
reviewed and approved by Clement Koama an independent geologist
with 25 years' experience in gold mining, exploration and resource
estimation. Clement is a Competent Person (JORC) and accordingly,
is a qualified person as required under the AIM Rules.
**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.
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 (as amended).
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