GOLDSTONE RESOURCES LIMITED – Progress Report on Ghanaian Projects

GOLDSTONE RESOURCES LIMITED – Progress Report on Ghanaian Projects

GoldStone Resources (GRL), the AIM quoted company focused on gold in West Africa, announces the following update on the Company’s exploration projects in Ghana.

The Company has successfully completed an airborne electromagnetic survey (VTEM system) over the southern part of the Homase concession. GoldStone has also entered into an agreement with Minerex Drilling Contractors Limited to execute a 4,000 metre drilling programme which is due to commence on the Homase property in the next few weeks, subject to final agreement being reached with local communities regarding crop compensation.

The helicopter-supported VTEM survey was carried out by Geotech Airborne Limited and focused on the previously mined Homase pits area where AngloGold-Ashanti mined approximately 40,000 ounces of gold from two open pits.  The objective of the survey is to find extensions of the known ore body along strike to the north and below the presently known JORC compliant gold resource of 282,608 ounces.  The survey, which covered an area of 20 square kilometres at a line spacing of 100 metres, may also prove helpful in identifying untested parallel gold-bearing structures in the area.  The final results of the survey are expected to be made available to the Company within the next three weeks.  A more comprehensive follow-up survey of the same type will be carried out if the results of the current survey identify promising drill targets.

The drilling programme will be guided by historical exploration results for the area and the results of the VTEM survey and will include the drilling of approximately twenty boreholes to an average depth of 200 metres.  It is expected that the drilling programme will be executed over a period of three months.  The drilling method will be a mix of reverse circulation and diamond drilling.  The objective of the drilling programme is to test possible depth extensions of the Homase ore body, test various regional targets and confirm some of the historical exploration results. 

Manso Amenfi
A regional desktop study and geological mapping programme on the Manso Amenfi project will commence shortly followed by the selection of target areas for a detailed soil sampling programme. 

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