Goldstone Resources Ltd Operational Update (6208J)

TIDMGRL

RNS Number : 6208J

Goldstone Resources Ltd

13 September 2016

13 September 2016

GOLDSTONE RESOURCES LIMITED

("GoldStone" or the "Company")

Operational Update

GoldStone Resources Limited (AIM: GRL), the West and Central Africa focused gold exploration company quoted on AIM, is pleased to advise that the auger drilling program at the Homase-Akrokerri Project in the highly prospective Birimian-age Ashanti Gold Belt of West Africa has commenced, with 93 of the planned 120 holes drilled to date.

Highlights:

   --        Two teams mobilised to conduct 120 hole auger programme 
   -   93 auger holes completed, remaining 27 holes to be completed shortly 

-- Multi-purpose reverse circulation ("RC")/diamond drill ("DD") rig will shortly be mobilised on site to test the extensions of the current 602,000 ounce delineated JORC resource

   -   initial program will comprise up to 2,500m of RC drilling 
   -   rig has the capability to undertake deeper drilling if warranted by the initial results 

-- Homase-Akrokerri lies 10km from the Obuasi Mine, one of the world's major gold mines, with combined historical and current resource of c.42 million ounces identified to date

The 2015 auger drilling programme identified, amongst other targets, a 1,500m gold-in-regolith anomaly at the AK02 prospect on the Akrokerri licence, immediately south west and along strike of the 602,000 ounce JORC resource Homase-Akrokerri deposit. The Akrokerri licence is contiguous with the licences of Anglo Gold Ashanti's Obuasi Mine and the geology within Goldstone's Homase-Akrokerri Project area is interpreted to be similar to that which hosts the Obuasi mineralisation.

The AK02 prospect has been prioritised for the planned RC drilling programme of up to 2,500m, whilst the ongoing auger programme is designed to evaluate areas of ground between the anomalous zones identified in 2015.

The multi-purpose RC/DD rig contracted from Geodrill Limited will be on site shortly and is expected to commence drilling operations towards the end of September.

The DD capability will enable the Company to follow-up on zones of interest identified by the planned RC drilling and to test higher-grade zones of mineralisation beneath the existing resource.

For further information, please contact:

 
 GoldStone Resources Limited 
                                    [phone] / 
 Emma Priestley/ Neil Gardyne        [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-Akrokeri project in Southern Ghana, which hosts an existing 602,000 oz gold JORC compliant resource at an average grade of 1.77g/t, along strike from the Anglo Gold Ashanti Obuasi Gold Mine. Goldstone is focussed upon building a portfolio of high quality projects in Ghana, in the highly prospective Birimian-age Ashanti Gold Belt, one of the largest in the world - approximately 70 Moz gold produced to-date.

In Senegal, the Company holds the Sangola "Permis de Recherche", where a permit wide termite mound sampling programme has identified several robust gold anomalies at surface. In Gabon, the Company holds the Oyem and Ngoutou permits, which both contain robust gold in soil anomalies in excess of 15km length. Nine DD holes have been completed at Oyem and assay results yielded gold concentrations of up to 9.5g/t in a 120m wide deformational zone. At Ngoutou, three DD holes have indicated a wide gold mineralisation potentially covering 120m of strike. These licences are currently being reviewed by the Company.

This information is provided by RNS

The company news service from the London Stock Exchange

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September 13, 2016 02:00 ET (06:00 GMT)