Results of Akrokerri pit definition drilling

9 November 2017

 

GOLDSTONE RESOURCES LIMITED

("GoldStone" or the "Company")

 

Results of Akrokerri pit definition drilling

 

GoldStone Resources Limited (AIM: GRL) announces that it has successfully completed its pit definition Reverse Circulation ("RC") drilling programme in the Southern part of the 2012 JORC compliant resource area within the 100% owned Akrokerri licence, with results continuing to confirm the expected gold content.

 

The RC drilling programme consisted of 26 holes for a total of 1,470 metres at the Akrokerri project.  The programme, which is the first part of the Akrokerri open pit project, identified as AK01 North and AK01 South, confirmed the results of the historical drilling and recent trenching to further support the economic potential of the project.

 

The preliminary assessment of the RC drilling programme shows that 22 of the 26 holes intersected the mineralised zone with economic values and mining widths for the target zone - Table 1 below shows the results of the intervals that will be used for the Pit design.  The four sub-economic holes (AKRC022, 23, 24 and 26) are situated at the southern end of the proposed southern pit (see Figure 1).  All of the assays were undertaken by the ALS Laboratory in Kumasi, Ghana.

 

The results from two of the RC infill drillholes exceeded expectations, with AKRC018 returning 2.22g/t over 30 metre drill length between intervals 41 metres and 71 metres at a vertical depth below surface of 27 metres to 48 metres and AKRC012 returning 3.78g/t over 12 metres drill length between intervals 22 metres and 34 metres at a vertical depth below surface of 15 metres to 23 metres.  In addition, hole AKRC017 delivered one of the best results on the Akrokerri licence to date, with 12.4g/t over a 1 metre length between intervals 20 metres and 21 metres at a vertical depth below surface of 13 metres.

 

Based on these assays from this RC drilling programme,  the arithmetic average of the grades is 1.8 g/t over 10.5 metres drilling width (approximately 7 metres true width) within the mineralised zone of the two proposed pits (sample cut-off 0.5g/t).  The continuous strike length over these two proposed pits is approximately 1,500 metres, compared to the approximately 700 metres strike length of the existing Homase pit which was mined by Ashanti Goldfields between 2002 and 2003 and produced 52,452 oz gold at an average grade of 2.85g/t.

 

A grade distribution analysis indicates a relatively disseminated pattern, no nugget effect is expected.  Therefore, the grade forecast is expected to be close to the mine grade.

 

A detailed spatial analysis including an estimation of mineable resources is currently being undertaken using MicroMine software and metallurgical tests are on-going.

 

This programme has indicated that the mineralisation may split towards the South.  If this is confirmed by 3D analysis, a sub- parallel second zone may be available for mining within the proposed pit.

 

Bill Trew, Chairman, commented: "We are very pleased that this programme continues to confirm our expectations of the Akrokerri deposit.  We are narrowing the gaps in past drilling and improving the confidence in the resource as required in order to move towards the earliest possible development of a mine.  These results are encouraging, in particular the two infill drillholes that exceeded our expectations and the extent of the near surface oxidised, mineralisation zone.  We look forward to keeping you updated as we seek to move the project forward."

 

 

Table 1: 2017 RC pit definition drilling programme - Results of significant intersections that will be used for the Pit Design on AK01 North and AK01 South

 

Hole ID	Depth from (metres)	Depth to (metres)	Sample Id	g/t	Approximate True Vertical Depth (metres)
17AKRC001	17	18	Q 1319	1.12	11.4
	18	19	Q 1320	0.56	12.1
	19	20	Q 1321	0.84	12.7
17AKRC002	46	47	Q 1404	0.64	30.8
	47	48	Q 1405	2.76	31.5
	48	49	Q 1406	2.07	32.2
	49	50	Q 1407	2.36	32.8
	50	51	Q 1408	2.11	33.5
	51	52	Q 1409	1.66	34.2
17AKRC003	31	32	Q 1453	0.94	20.8
	32	33	Q 1454	1.16	21.4
	33	34	Q 1455	2.00	22.1
	34	35	Q 1456	1.52	22.8
17AKRC004	39	40	Q  1515	1.02	26.1
	40	41	Q  1517	1.36	26.8
	41	42	Q  1518	0.88	27.5
	42	43	Q  1519	0.58	28.1
	43	44	Q  1520	0.72	28.8
17AKRC005	64	65	Q 1601	2.14	42.9
	65	66	Q 1602	1.86	43.6
	66	67	Q 1603	1.26	44.2
	67	68	Q 1604	1.34	44.9
17AKRC006	10	11	Q 1617	1.15	6.7
	11	12	Q 1618	1.05	7.4
	12	13	Q 1619	2.09	8.0
	13	14	Q 1620	1.70	8.7
	14	15	Q 1621	4.70	9.4
	15	16	Q 1622	0.75	10.1
	16	17	Q 1623	1.13	10.7
	17	18	Q 1624	0.30	11.4
	18	19	Q 1625	0.51	12.1
	19	20	Q 1626	0.55	12.7
	20	21	Q 1628	3.21	13.4
	21	22	Q 1629	1.62	14.1
	22	23	Q 1630	1.21	14.7
17AKRC007	13	14	Q 1678	2.58	8.7
	14	15	Q 1679	1.85	9.4
	15	16	Q 1680	1.25	10.1
	16	17	Q 1681	1.30	10.7
	17	18	Q 1682	0.97	11.4
	18	19	Q 1683	3.58	12.1
	19	20	Q 1684	0.86	12.7
	20	21	Q 1686	0.75	13.4
	21	22	Q 1687	0.57	14.1
	22	23	Q 1688	0.76	14.7
	23	24	Q 1689	1.31	15.4
	24	25	Q 1690	0.82	16.1
	25	26	Q 1691	0.99	16.8
	26	27	Q 1692	2.29	17.4
	27	28	Q 1693	1.85	18.1
	28	29	Q 1694	1.20	18.8
17AKRC008	39	40	Q 1761	1.78	26.1
	40	41	Q 1763	2.19	26.8
	41	42	Q 1764	1.53	27.5
	42	43	Q 1765	1.85	28.1
	43	44	Q 1766	1.54	28.8
	44	45	Q 1767	2.05	29.5
	45	46	Q 1768	1.81	30.2
	46	47	Q 1769	1.12	30.8
	47	48	Q 1770	0.87	31.5
	48	49	Q 1771	0.46	32.2
	49	50	Q 1772	0.47	32.8
	50	51	Q 1773	0.13	33.5
	51	52	Q 1774	1.73	34.2
	52	53	Q 1775	2.03	34.8
	53	54	Q 1776	1.14	35.5
	54	55	Q 1777	0.74	36.2
17AKRC009	6	7	Q 1807	0.60	4.0
	7	8	Q 1808	0.37	4.7
	8	9	Q 1809	0.82	5.4
	9	10	Q 1810	1.09	6.0
17AKRC010	20	21	Q 1876	1.06	13.4
	21	22	Q 1877	0.79	14.1
	22	23	Q 1878	0.49	14.7
	23	24	Q 1879	0.50	15.4
17AKRC011	18	19	Q 1941	0.79	12.1
	19	20	Q 1942	2.73	12.7
	20	21	Q 1944	0.66	13.4
	21	22	Q 1945	0.70	14.1
17AKRC012	22	23	Q 1984	0.98	14.7
	23	24	Q 1985	1.01	15.4
	24	25	Q 1986	0.70	16.1
	25	26	Q 1987	7.11	16.8
	26	27	Q 1988	5.16	17.4
	27	28	Q 1989	4.03	18.1
	28	29	Q 1990	5.20	18.8
	29	30	Q 1991	4.88	19.4
	30	31	Q 1992	4.25	20.1
	31	32	Q 1993	7.80	20.8
	32	33	Q 1994	3.74	21.4
	33	34	Q 1995	0.51	22.1
17AKRC013	9	10	Q 1124	0.55	6.0
	10	11	Q 1125	2.43	6.7
	11	12	Q 1126	1.74	7.4
	12	13	Q 1127	0.95	8.0
	13	14	Q 1128	1.87	8.7
	14	15	Q 1129	0.75	9.4
	15	16	Q 1130	0.80	10.1
	16	17	Q 1131	0.80	10.7
17AKRC014	33	34	Q 1202	0.79	22.1
	34	35	Q 1203	2.27	22.8
	35	36	Q 1204	6.22	23.5
	36	37	Q 1205	1.40	24.1
17AKRC015	7	8	Q 1254	1.24	4.7
	8	9	Q 1255	2.42	5.4
	9	10	Q 1256	3.56	6.0
	10	11	Q 1257	1.04	6.7
	11	12	Q 1258	0.72	7.4
	12	13	Q 1259	0.67	8.0
	13	14	Q 1260	0.43	8.7
	14	15	Q 1261	0.70	9.4
	15	16	Q 1262	1.09	10.1
	16	17	Q 1263	0.38	10.7
	17	18	Q 1264	2.20	11.4
	18	19	Q 1265	2.01	12.1
	19	20	Q 1266	0.60	12.7
17AKRC016	46	47	S 1154	1.71	30.8
	47	48	S 1155	1.19	31.5
	48	49	S 1156	1.86	32.2
	49	50	S 1157	2.88	32.8
17AKRC017	1	2	S 1160	0.53	0.7
	2	3	S 1161	1.18	1.3
	3	4	S 1162	1.72	2.0
	4	5	S 1163	1.52	2.7
	5	6	S 1164	1.71	3.4
	6	7	S 1165	2.00	4.0
	7	8	S 1166	1.39	4.7
	8	9	S 1167	0.73	5.4
	9	10	S 1168	1.19	6.0
	10	11	S 1169	1.61	6.7
	11	12	S 1170	1.82	7.4
	12	13	S 1171	2.04	8.0
	13	14	S 1172	3.04	8.7
	14	15	S 1173	2.54	9.4
	15	16	S 1174	5.05	10.1
	16	17	S 1175	3.66	10.7
	17	18	S 1176	1.37	11.4
	18	19	S 1177	1.44	12.1
	19	20	S 1178	1.51	12.7
	20	21	S 1180	12.40	13.4
	21	22	S 1181	6.92	14.1
	22	23	S 1182	0.75	14.7
	23	24	S 1183	0.61	15.4
	24	25	S 1184	0.25	16.1
	25	26	S 1185	0.28	16.8
	26	27	S 1186	0.56	17.4
	27	28	S 1187	0.34	18.1
	28	29	S 1188	2.65	18.8
	29	30	S 1189	4.58	19.4
	30	31	S 1190	1.13	20.1
	31	32	S 1191	0.63	20.8
17AKRC018	41	42	S 1246	2.78	27.5
	42	43	S 1247	4.93	28.1
	43	44	S 1248	4.56	28.8
	44	45	S 1249	2.55	29.5
	45	46	S 1250	1.41	30.2
	46	47	S 1251	0.95	30.8
	47	48	S 1252	0.45	31.5
	48	49	S 1253	0.11	32.2
	49	50	S 1254	0.06	32.8
	50	51	S 1255	0.49	33.5
	51	52	S 1256	5.97	34.2
	52	53	S 1257	4.36	34.8
	53	54	S 1258	3.52	35.5
	54	55	S 1259	0.46	36.2
	55	56	S 1260	1.08	36.9
	56	57	S 1261	1.59	37.5
	57	58	S 1262	1.23	38.2
	58	59	S 1263	1.78	38.9
	59	60	S 1264	1.56	39.5
	60	61	S 1266	1.23	40.2
	61	62	S 1267	0.39	40.9
	62	63	S 1268	0.67	41.5
	63	64	S 1269	2.05	42.2
	64	65	S 1270	3.92	42.9
	65	66	S 1271	4.64	43.6
	66	67	S 1272	6.77	44.2
	67	68	S 1273	4.24	44.9
	68	69	S 1274	1.07	45.6
	69	70	S 1275	1.12	46.2
	70	71	S 1276	0.66	46.9
17AKRC019	21	22	S 1300	3.43	14.1
	22	23	S 1301	5.96	14.7
	23	24	S 1302	4.09	15.4
	24	25	S 1303	4.24	16.1
	25	26	S 1304	5.32	16.8
	26	27	S 1305	0.65	17.4
	27	28	S 1306	0.61	18.1
17AKRC020	31	32	S 1398	0.72	20.8
	32	33	S 1399	0.71	21.4
	33	34	S 1400	2.75	22.1
	34	35	S 1401	3.20	22.8
17AKRC021	15	16	S 1430	1.09	10.1
	16	17	S 1431	1.00	10.7
	17	18	S 1432	0.28	11.4
	18	19	S 1433	1.52	12.1
	19	20	S 1434	1.11	12.7
	20	21	S 1436	0.64	13.4
	21	22	S 1437	0.72	14.1
17AKRC025	14	15	S 1667	2.28	9.4
	15	16	S 1668	0.03	10.1
	16	17	S 1669	0.09	10.7
	17	18	S 1670	1.22	11.4
	18	19	S 1671	0.61	12.1

 

 

 

Figure 1. 2017 RC Pit Definition Drill Holes to the UTM (Universal Transverse Mercator) Co-ordinate System on the Akrokerri Licence

 

http://www.rns-pdf.londonstockexchange.com/rns/9895V_-2017-11-8.pdf

 

 

Information in this announcement has been complied and reviewed by Klaus Kappenschneider, an independent geologist with 30 years experience in gold mining, exploration and resource estimation. Klaus is a member of the Association of Professional Geoscientist of Ontario (APGO), is a Competent Person (JORC, SAMREC, PEMREC) and a Qualified Person (NI 43- 101) and accordingly, is a qualified person as required under the AIM Rules.

 

For further information, please contact:

 

GoldStone Resources Limited
Bill Trew / Emma Priestley	Tel: +44 (0)20 7830 9650
Strand Hanson Limited
Richard Tulloch / James Bellman	Tel: +44 (0)20 7409 3494
SI Capital Limited
Nick Emerson	Tel: +44 (0)1483 413 500

 

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").

 

- END -

 

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-Akrokerri project in south-western Ghana, which hosts an existing 602,000 oz gold JORC Code compliant resource at an average grade of 1.77g/t, along strike from the Obuasi Gold Mine, one of the World's major gold mines with a total historical and current resource in excess of 70 million ounces of gold.  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.